Google Parent Alphabet grows 6% after beating expectations for digital ad sales in the fourth quarter

Google’s parent alphabet rose 6% after posting strong fourth-quarter results that exceeded Wall Street’s expectations. Alphabet, the parent company of Google, rose 6% on Wednesday after the company posted strong profits during the holiday fiscal quarter and exceeded analysts’ expectations. Revenue for the fourth quarter reached $ 46.43 billion, up 23% year over year. Analysts forecast an average turnover of 44.14 billion US dollars. YouTube saw ad growth jump 47% year over year, generating revenue of $ 6.89 billion versus $ 6.22 billion. For the first time this quarter, the company reviewed its cloud business and revealed that the company had grossed $ 3.83 billion, which again beat estimates. Alphabet’s results demonstrate the strength of Google’s business model and its resilience in times of crisis, according to Christopher Rossbach, CIO of wealth management company J. Stern & Co. Ads, two key industries for Google search. This should accelerate ad revenue growth, ”he said.