By Paresh Dave and Nivedita Balu
(Reuters) -Alphabet Inc and its Google unit on Tuesday reported higher than expected fourth-quarter sales as the search giant’s internet advertising and cloud computing businesses benefited over the holiday season from the growing surge in online shopping.
Alphabet’s overall quarterly sales jumped to $75.3 billion, above the average estimate of $72 billion among financial analysts tracked by Refinitiv. Total Google revenue was $74.9 billion, above estimates of $71.652 billion.
Shares of Alphabet rose 4.5% during after-hours trading to $2,875.
The company’s third-straight quarter of record sales reflects the growth of ad-laden Google services such as internet search, email and YouTube video streaming, since the pandemic made hybrid work https://www.reuters.com/business/corporate-america-revamps-back-to-office-plans-omicron-threat-2022-01-11 and e-commerce https://www.reuters.com/world/us/us-holiday-sales-endure-supply-chain-omicron-snags-hit-887-bln-nrf-2022-01-14 customary across much of the world.
Google generates more revenue from internet ads than any other company.
Google had said that during the third quarter it lost some sales because companies running low on product trimmed marketing and new iPhone privacy measures curtailed its ability to track users online.
The company also announced on Tuesday a 20-for-one stock split that would come in July if approved by shareholders.
(Reporting by Nivedita Balu in Bengaluru and Paresh Dave in Oakland, Calif.Editing by Anil D’Silva and Matthew Lewis)
