Alphabet reports big fourth-quarter beat; stock pops

Google parent Alphabet reported better-than-expected fourth-quarter earnings and revenue. The shares popped more than 6% in extended trading.

The company also announced a 20-for-1 stock split that will go into effect in July.

Here are the key numbers:

Earnings per share (EPS): $30.69 vs $27.34 expected, according to RefinitivRevenue: $75.33 billion vs $72.17 billion expected, according to RefinitivYouTube advertising revenue: $8.63 billion vs. $8.87 billion expected, according to StreetAccountGoogle Cloud revenue: $5.54 billion vs $5.47 billion expected, according to StreetAccountTraffic acquisition costs (TAC): $13.43 billion vs. $12.84 billion expected, according to StreetAccount

Alphabet reported revenue growth of 32%, proving again that it was able to withstand the pressures from the pandemic and inflation. The results follow a year of outperformance. The stock surged 65% last year, beating all other Big Tech companies and more than tripling gains in the S&P 500.

Google's advertising revenue came in at $61.24 billion for the quarter, up 33% from $46.2 billion in the same period a year earlier.

The company's cloud unit also beat estimates, with revenue rising 45% to $5.54 billion. The unit's operating loss came in at $890 million during the quarter, which narrowed from the $1.14 billion loss it incurred a year ago. However it expanded from third quarter, when the unit lost $644 million.

Revenue for Other Bets, which includes the company's self-driving car unit Waymo and life sciences unit Verily, came in at $181 million — down slightly from a year ago.

Traffic Acquisition Costs (TAC), which is the metric used to describe what the company pays other websites to acquire traffic, came in higher than Wall Street expected at $13.43 billion.

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