October 6, 2022

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Alphabet, the owner of Google, increased its sales by more than 30 percent in the fourth quarter

Alphabet, the owner of Google, increased its sales by more than 30 percent in the fourth quarter

The technology giant Alphabet presented, on Tuesday evening, the results of the fourth quarter of 2021.

The company’s sales increased by more than 30 percent, to close at 75.3 billion dollars, compared to 665.2 billion Norwegian kroner. That means a stronger-than-expected result, with analysts forecasting $72.19 billion in revenue up front.

In the last quarter of the previous year, revenue was $56.9 billion.

Operating profit increased 29% to $21.8 billion in the same period. EPS was $30.69 compared to forecast of $27.64.

In the aftermarket trade, Alphabet’s share is up nearly seven percent.

The company’s revenue on Youtube was $8.63 billion, and revenue from Google Cloud was $5.54 billion.

20 shares for one stock split

The tech-heavy Nasdaq, which includes Alphabet and several other technology companies, had its worst month in January since March 2020. Alphabet’s share has fallen nearly ten percent since its November peak.

Alphabet’s board of directors also announced Tuesday a 20-for-1 stock split in the company’s stock, apparently from the press release. This applies to A shares, B shares and C shares.

This stock split will not change the company’s total market value, but it will automatically lower the price of each share. The division of shares is subject to shareholder approval. If approved, the split will take place in July, apparently.

Many companies have done this in the past, including Apple and Tesla.

Cases brought against the company

Measured by market capitalization, Alphabet is one of the largest companies in the world. However, the tech giant has never paid a dividend to its shareholders. After several years of strong earnings growth, the company has been able to build a very good cash position. In the first quarter, it was up to NOK 240 billion.

Over the past year, Alphabet’s share has risen more than 40 percent.

This summer, three US states, plus the District of Columbia, sued Alphabet for possible abuse of market power on the Google Play app platform.

The lawsuit was the fourth in a series of lawsuits filed by US federal and state authorities in the past year, according to The Wall Street Journal. (Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.