Google’s parent company Alphabet has shared its financial report for Q4 2020, revealing mounting profits for the period. The company made a total revenue of $56.9 billion during the October – December period, which is a 23% increase compared to the previous year, where the company made $46.1 billion.
The report is similar to that of last quarter’s where Alphabet made $46.2 billion in revenue in the period, up from 2019’s $40.5 billion.
Ruth Porat, the chief financial officer at Alphabet credited YouTube and Google Search for the growing profits.
Driven by Search and YouTube, as consumer and business activity recovered from earlier in the year.
Out of the $56.9 billion figure, $52.9 billion came from Google services, and $3.8 billion was generated through Google Cloud. The rest came from Google’s Other Bets division and Alphabet made a total of $182.5 billion during the year.
In the fourth quarter, Google Search generated total revenue of $31.9 billion while YouTube ads made $6.9 billion. Live streaming and short videos were booming on the social network with nearly half a million channels live streaming and YouTube shorts getting half a billion daily views.
Alphabet saw a dip in performance during the second quarter of 2020 due to the pandemic, but the company appears to have bounced back now. Porat said:
We are very pleased with our exceptional fourth quarter performance after an unprecedented year.