Google has reported at least 10% YoY revenue growth after increase in Pixel devices sale as well as increase in cloud and Youtube subscriptions this year.
Alphabet, the parent company of Google, recently released its Q4 and full year 2022 earnings report, showing revenue of $76 billion for Q4 2022 (a 1% increase from Q4 2021) and $283 billion for the fiscal year (a 10% increase). However, net income for Q4 2022 was $13.6 billion, a 33% decrease from Q4 2021 and full year net income dropped 21% from $76 billion in 2021 to $60 billion in 2022.
Alphabet’s CEO, Sundar Pichai, stated that the company is focused on restructuring its costs and creating sustainable growth in its businesses. Pichai highlighted strong performance in Cloud, YouTube subscriptions, and Pixel devices, with YouTube Music and Premium reaching 80 million subscribers. Despite this, Google recently laid off 12,000 employees due to slower growth.
The yearly earnings of Google were broken down, showing $67.8 billion in revenue from its Services category (which includes Search, YouTube, Maps, Chrome, Android, Google Play, and hardware). This was a $1.5 billion decrease compared to 2021. Advertising revenue also dropped by $2 billion, while research and development spending in 2022 increased by $1.5 billion from the previous year.