:Google parent Alphabet Inc beat fourth-quarter sales expectations on Tuesday as the search giant's internet advertising, cloud computing and hardware businesses benefited from holiday shopping, sending shares up more than 7per cent in after-hours trading.
Shares of Alphabet rose 7per cent during after-hours trading to $2,948. The company also announced a 20-for-one stock split, in which shareholders as of July 1 this year will receive a dividend of 19 additional shares. Shareholders must approve the split. In the fourth quarter, advertising revenue rose 32.5per cent to $61.2 billion, compared with the average estimate of $57.1 billion. Top rival Meta Platforms Inc, owner of Facebook, reports financial results on Wednesday.Others including Amazon.com Inc and ByteDance's TikTok have been taking small pieces of Google's share of the global advertising market.
Alphabet's quarterly profit was $20.6 billion or $30.69 per share, beating expectations of $27.56 per share and marking a fourth-straight quarter of record profit. Alphabet's profit benefits from unrealized gains from its investments in startups, and the company also got a $2 billion boost last year from extending the useful life of its servers and networking gear.
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