The parent company of Google, Alphabet reported fourth-quarter earnings that topped markets’ expectations.
In the past quarter, the company had an adjusted EPS of $22.30, higher than the $15.90 expected. Revenues also came in higher than estimates, at $56.90 billion. The market was looking for $53.13 billion in revenue.
YouTube ads were a strong point in the quarter, as the revenues generated grew 46% from the same time last year, reaching $6.89 billion.
Its cloud business lost $5.61 billion for the full year, while it went down $1.24 billion at a quarterly level.
Google, and Alphabet CEO Sundar Pichai expressed his confidence for the future, as the company will continue to invest and expand its businesses to increase profitability.
Following the news, Google stock price added more than 1%.