Shares of Alphabet (NASDAQ: GOOGL) fell in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2022. Earnings per share came in at $1.05, which missed TipRanks’ consensus estimate of $1.18 per share. Sales increased by 1% year-over-year, with revenue hitting $76.05 billion. This missed analysts’ expectations of $76.49 billion.
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Alphabet’s Cloud business segment saw major improvement. Google Cloud brought in $7.32 billion, up by 32% year-over-year. However, Google’s advertising arm saw its revenues decline by 3.5% year-over-year to $59.04 billion.
Google Services’ fourth quarter revenue of $67.84 billion was down 2% year-over-year, and the Google Network fell 8.9% year-over-year to $8.48 billion in revenues. Finally, YouTube advertising revenues dropped 7.7% year-over-year to $7.96 billion in the latest quarter.
Overall, Wall Street has a consensus price target of $122.50 on Alphabet stock, implying 13.6% upside potential, as indicated by the graphic above.
