Alphabet’s full 2023 fiscal net profit increased 23 per cent to $73.8 billion. AFP
Alphabet’s full 2023 fiscal net profit increased 23 per cent to $73.8 billion. AFP
Alphabet’s full 2023 fiscal net profit increased 23 per cent to $73.8 billion. AFP
Alphabet’s full 2023 fiscal net profit increased 23 per cent to $73.8 billion. AFP

Google parent Alphabet reports 52% surge in earnings on strong business


Alkesh Sharma
  • English
  • Arabic

Google’s parent company Alphabet reported a 51.8 per cent jump in its fourth-quarter net profit, fuelled by an increase in Search, YouTube and advertising businesses.

The world's largest provider of search and video advertisements reported a net profit of almost $20.7 billion, the company said. It was 5 per cent up on a quarterly basis.

The California company reported a 13 per cent annual surge in last quarter’s revenue to more than $86.3 billion, beating analysts’ estimates of $85.3 billion.

This was the second straight quarter with a double-digit increase in revenue after four consecutive quarters of single-digit growth.

Alphabet’s full 2023 fiscal net profit increased 23 per cent to $73.8 billion, while revenue soared 9 per cent to $307.4 billion during the 12-month period.

A healthy correction should make Google an interesting stock again, particularly due to the good numbers in the cloud business
Thomas Monteiro,
senior analyst at Investing.com

Despite better-than-expected quarterly earnings, the company's stock dropped more than 4.42 per cent in after-hours trading to $146.28 a share.

The company’s stock closed 1.16 per cent lower at $153.05 a share on Tuesday, giving Alphabet a market valuation of $1.90 trillion.

“We are pleased with the ongoing strength in Search and the growing contribution from YouTube and Cloud,” chief executive Sundar Pichai said.

“Each of these is already benefiting from our AI [artificial intelligence] investments and innovation. As we enter the Gemini era, the best is yet to come."

Google chief executive Sundar Pichai at the fourth World Internet Conference in Wuzhen, China. Reuters
Google chief executive Sundar Pichai at the fourth World Internet Conference in Wuzhen, China. Reuters

Alphabet earned more than 48.6 per cent of its fourth-quarter revenue, or nearly $42 billion, from the US market.

In Europe, the Middle East and Africa, the company earned more than $25 billion, or almost 29 per cent of its total sales.

Alphabet’s operating income soared 27 per cent on an annual basis in the fourth quarter to about $23.7 billion. Its earnings for each share increased 56 per cent yearly to $1.64.

Google services business – which includes advertisements, Android, Chrome, hardware, Maps, Search, Google Play and YouTube – accounted for nearly 88.4 per cent of the company’s total sales.

It added more than $76.3 billion to overall revenue, nearly 12.4 per cent more than the fourth quarter of 2022.

Google’s advertising revenue from Search, YouTube and other businesses increased 11 per cent to more than $65.5 billion in the fourth quarter. It missed analyst estimates of $65.9 billion, according to StreetAccount.

"Alphabet's disappointing ad revenue numbers suggest that corporations worldwide are still uncertain about the pace of interest rate cuts from global central banks, thus keeping some powder dry while waiting for more clues before opening up their wallets,” Thomas Monteiro, senior analyst at Investing.com, told The National.

“More than actual EPS, investors want to see improving margins and free cash flows … still, a healthy correction should make Google an interesting stock again, particularly due to the good numbers in the cloud business."

The total revenue from the cloud business grew an annual 25.6 per cent to nearly $9.2 billion in the December quarter, exceeding analysts’ expectation of $8.9 billion.

Google Cloud includes the company’s infrastructure and data analytics platforms, collaboration tools and other services for enterprise customers.

It generates revenue mainly from fees received for cloud platform services and workspace collaboration tools.

Alphabet’s cloud business, which has been bolstered by generative AI solutions during the past months, is facing a stiff competition from companies including Oracle, Amazon Web Services and Microsoft Azure.

Alphabet said its operating income in the cloud segment reached $864 million during the quarter. It improved from the fourth quarter of 2022, when the division’s loss was $186 million.

The company’s operating loss from other bets, or subsidiaries, reached about $863 million in the last quarter, from a loss of more than $1.2 billion in the same period for 2022.

Other bets are derived mainly through the sale of internet offerings, and licensing and research and development services.

Google's Pedal Park inside the company's new Bay View campus building in Mountain View, California. EPA
Google's Pedal Park inside the company's new Bay View campus building in Mountain View, California. EPA

This includes Alphabet’s X lab, self-driving unit Waymo and other non-Google companies.

Alphabet spent over $12.1 billion on research and development, nearly 14 per cent of its total sales in the fourth quarter. This was about 18 per cent more than the R&D expenditure for the same period in 2022.

YouTube added more than $9.2 billion to Alphabet’s revenue, increasing about 10.6 per cent annually.

Google’s total acquisition costs stood at $13.9 billion, up nearly 8.2 per cent on an annual basis, against analysts’ expectations of $14.1 billion.

TACs are payments that search companies make to affiliates and online companies for bringing traffic to their websites. It is a major expense for companies such as Google and Yahoo.

Alphabet’s total cash, cash equivalents and marketable securities reached more than $110.9 billion as of December, from $113.7 billion at the end of 2022.

Alphabet said that due to last year's workforce reductions, the company incurred severance and related charges amounting to $2.1 billion in 2023.

And Google's departure from certain offices led to charges of $1.2 billion for the quarter and $1.8 billion for the entire year.

  • Google founders Sergey Brin, left, and Larry Page at the company's HQ in Mountain View, California, in 2003. Getty Images
    Google founders Sergey Brin, left, and Larry Page at the company's HQ in Mountain View, California, in 2003. Getty Images
  • Employees working in the office, dubbed the 'Googleplex', in 2003. Getty Images
    Employees working in the office, dubbed the 'Googleplex', in 2003. Getty Images
  • Google's closing share price is displayed in Times Square, New York City, on the company's first day of public trading in August 2004. Getty Images
    Google's closing share price is displayed in Times Square, New York City, on the company's first day of public trading in August 2004. Getty Images
  • Sergey Brin and Larry Page at the opening of the Frankfurt book fair in 2004. Getty Images
    Sergey Brin and Larry Page at the opening of the Frankfurt book fair in 2004. Getty Images
  • An employee rides his new Google-branded bike in 2007 in London. Google improved its green credentials by offering all staff a free bike to ride to work. Getty Images
    An employee rides his new Google-branded bike in 2007 in London. Google improved its green credentials by offering all staff a free bike to ride to work. Getty Images
  • A Google Street View camera car makes its way through London in 2008, creating innovative mapping. Getty Images
    A Google Street View camera car makes its way through London in 2008, creating innovative mapping. Getty Images
  • Google launches the Street View Trike at Stonehenge in Wiltshire in 2009. The British public voted for the top 6 tourist attractions they wished to be photographed by the tricycle. Getty Images
    Google launches the Street View Trike at Stonehenge in Wiltshire in 2009. The British public voted for the top 6 tourist attractions they wished to be photographed by the tricycle. Getty Images
  • The official opening party of Berlin's Google offices in 2012. Getty Images
    The official opening party of Berlin's Google offices in 2012. Getty Images
  • Trying out the wearable tech 'Google Glass' in Berlin, 2014. Getty Images
    Trying out the wearable tech 'Google Glass' in Berlin, 2014. Getty Images
  • South Korean professional Go player Lee Se-dol, right, prepares for his match against Google's AI programme, AlphaGo, during the Google DeepMind challenge match in Seoul, 2016. Getty Images
    South Korean professional Go player Lee Se-dol, right, prepares for his match against Google's AI programme, AlphaGo, during the Google DeepMind challenge match in Seoul, 2016. Getty Images
  • The new Google Home Hub displayed at a Google hardware launch event in London in 2018. Getty Images
    The new Google Home Hub displayed at a Google hardware launch event in London in 2018. Getty Images
  • A Noogler hat, given to each new employee, displayed at the Google Search 20th Anniversary Event in San Francisco in 2018. AFP
    A Noogler hat, given to each new employee, displayed at the Google Search 20th Anniversary Event in San Francisco in 2018. AFP
  • From left, bosses Philipp Justus, Sundar Pichai and Annette Kroeber-Riel at the opening of the Berlin representation of Google Germany in 2019. Getty Images
    From left, bosses Philipp Justus, Sundar Pichai and Annette Kroeber-Riel at the opening of the Berlin representation of Google Germany in 2019. Getty Images
  • Ivy Goodall, 11, meets with her teacher and her classmates in Google Classroom for the first lessons of term while in Covid-19 lockdown from her home in Auckland, New Zealand, in 2020. Getty Images
    Ivy Goodall, 11, meets with her teacher and her classmates in Google Classroom for the first lessons of term while in Covid-19 lockdown from her home in Auckland, New Zealand, in 2020. Getty Images
  • A driver using Google Maps to navigate towards London in 2021. Getty Images
    A driver using Google Maps to navigate towards London in 2021. Getty Images
  • Dr Erik Lucero, lead engineer of Google Quantum AI, leads a media tour of campus in Goleta, California in 2022. AFP
    Dr Erik Lucero, lead engineer of Google Quantum AI, leads a media tour of campus in Goleta, California in 2022. AFP
  • Workers leave Google’s Bay View campus in Mountain View in 2022. AFP
    Workers leave Google’s Bay View campus in Mountain View in 2022. AFP
  • A man carries a Google Street View Trekker backpack in Berlin in 2023. Getty Images
    A man carries a Google Street View Trekker backpack in Berlin in 2023. Getty Images
  • The new Google Pixel Fold phone on display at an I/O developers' conference in Mountain View, 2023. AFP
    The new Google Pixel Fold phone on display at an I/O developers' conference in Mountain View, 2023. AFP
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Raha%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Kuwait%2FSaudi%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Tech%20Logistics%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2414%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Soor%20Capital%2C%20eWTP%20Arabia%20Capital%2C%20Aujan%20Enterprises%2C%20Nox%20Management%2C%20Cedar%20Mundi%20Ventures%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20166%3C%2Fp%3E%0A
Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

Mina Cup winners

Under 12 – Minerva Academy

Under 14 – Unam Pumas

Under 16 – Fursan Hispania

Under 18 – Madenat

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

What are the influencer academy modules?
  1. Mastery of audio-visual content creation. 
  2. Cinematography, shots and movement.
  3. All aspects of post-production.
  4. Emerging technologies and VFX with AI and CGI.
  5. Understanding of marketing objectives and audience engagement.
  6. Tourism industry knowledge.
  7. Professional ethics.
RESULT

Aston Villa 1
Samatta (41')
Manchester City 2
Aguero (20')
Rodri (30')

PROFILE OF INVYGO

Started: 2018

Founders: Eslam Hussein and Pulkit Ganjoo

Based: Dubai

Sector: Transport

Size: 9 employees

Investment: $1,275,000

Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri

The biog

Favourite films: Casablanca and Lawrence of Arabia

Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins

Favourite dish: Grilled fish

Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.

How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying

Cracks in the Wall

Ben White, Pluto Press 

RESULTS

6.30pm: Maiden (TB) Dh 82,500 (Dirt) 1.600m
Winner: Miller’s House, Richard Mullen (jockey), Satish Seemar (trainer).

7.05pm: Maiden (TB) Dh 82,500 (D) 2,000m
Winner: Kanood, Adrie de Vries, Fawzi Nass.

7.50pm: Handicap (TB) Dh 82,500 (D) 1,600m
Winner: Gervais, Sandro Paiva, Ali Rashid Al Raihe.

8.15pm: The Garhoud Sprint Listed (TB) Dh 132,500 (D) 1,200m
Winner: Important Mission, Royston Ffrench, Salem bin Ghadayer.

8.50pm: The Entisar Listed (TB) Dh 132,500 (D) 2,000m
Winner: Firnas, Xavier Ziani, Salem bin Ghadayer.

9.25pm: Conditions (TB) Dh 120,000 (D) 1,400m
Winner: Zhou Storm, Connor Beasley, Ali Rashid Al Raihe.

65
%3Cp%3E%3Cstrong%3EDirectors%3A%20%3C%2Fstrong%3EScott%20Beck%2C%20Bryan%20Woods%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EAdam%20Driver%2C%20Ariana%20Greenblatt%2C%20Chloe%20Coleman%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%3C%2Fp%3E%0A
if you go

The flights
The closest international airport to the TMB trail is Geneva (just over an hour’s drive from the French ski town of Chamonix where most people start and end the walk). Direct flights from the UAE to Geneva are available with Etihad and Emirates from about Dh2,790 including taxes.

The trek
The Tour du Mont Blanc takes about 10 to 14 days to complete if walked in its entirety, but by using the services of a tour operator such as Raw Travel, a shorter “highlights” version allows you to complete the best of the route in a week, from Dh6,750 per person. The trails are blocked by snow from about late October to early May. Most people walk in July and August, but be warned that trails are often uncomfortably busy at this time and it can be very hot. The prime months are June and September.

 

 

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

UK-EU trade at a glance

EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

Cutting red tape on import and export of food

'Hocus%20Pocus%202'
%3Cp%3EDirector%3A%20Anne%20Fletcher%3Cbr%3E%3Cbr%3EStars%3A%20Bette%20Midler%2C%20Sarah%20Jessica%20Parker%2C%20Kathy%20Najimy%3Cbr%3E%3Cbr%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
MATCH INFO

Newcastle United 3
Gayle (23'), Perez (59', 63')

Chelsea 0

Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
  • Option 2: 50% across three years
  • Option 3: 30% across five years 
UAE currency: the story behind the money in your pockets
Apple%20Mac%20through%20the%20years
%3Cp%3E1984%20-%20Apple%20unveiled%20the%20Macintosh%20on%20January%2024%3Cbr%3E1985%20-%20Steve%20Jobs%20departed%20from%20Apple%20and%20established%20NeXT%3Cbr%3E1986%20-%20Apple%20introduced%20the%20Macintosh%20Plus%2C%20featuring%20enhanced%20memory%3Cbr%3E1987%20-%20Apple%20launched%20the%20Macintosh%20II%2C%20equipped%20with%20colour%20capabilities%3Cbr%3E1989%20-%20The%20widely%20acclaimed%20Macintosh%20SE%2F30%20made%20its%20debut%3Cbr%3E1994%20-%20Apple%20presented%20the%20Power%20Macintosh%3Cbr%3E1996%20-%20The%20Macintosh%20System%20Software%20OS%20underwent%20a%20rebranding%20as%20Mac%20OS%3Cbr%3E2001%20-%20Apple%20introduced%20Mac%20OS%20X%2C%20marrying%20Unix%20stability%20with%20a%20user-friendly%20interface%3Cbr%3E2006%20-%20Apple%20adopted%20Intel%20processors%20in%20MacBook%20Pro%20laptops%3Cbr%3E2008%20-%20Apple%20introduced%20the%20MacBook%20Air%2C%20a%20lightweight%20laptop%3Cbr%3E2012%20-%20Apple%20launched%20the%20MacBook%20Pro%20with%20a%20retina%20display%3Cbr%3E2016%20-%20The%20Mac%20operating%20system%20underwent%20rebranding%20as%20macOS%3Cbr%3E2020%20-%20Apple%20introduced%20the%20M1%20chip%20for%20Macs%2C%20combining%20high%20performance%20and%20energy%20efficiency%3Cbr%3E2022%20-%20The%20M2%20chip%20was%20announced%3Cbr%3E2023%20-The%20M3%20line-up%20of%20chip%20was%20announced%20to%20improve%20performance%20and%20add%20new%20capabilities%20for%20Mac.%3C%2Fp%3E%0A
GIANT REVIEW

Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel

The specs
Engine: 2.0-litre turbo 4-cyl

Transmission: eight-speed auto

Power: 190bhp

Torque: 300Nm

Price: Dh169,900

On sale: now 

Updated: January 31, 2024, 11:58 AM