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Stock Alert: Alphabet Inc. Adds 7% On Strong Quarterly Results

Shares of Google parent company Alphabet Inc. (GOOG) are trading more than 7% up Wednesday morning on better-than-expected fourth-quarter results.

Net income in the fourth quarter was $15.227 billion or $22.3 per share compared with $10.671 billion or $15.35 per share in the same a year ago. On average 20 analysts polled by Thomson Reuters expected the company to report earnings of $15.99 per share.

Revenue for the quarter jumped to $56.898 billion compared with $46.075 billion in the same quarter a year ago, helped by growth in cloud revenues.

Ruth Porat, CFO of Google and Alphabet, said: "Our strong fourth quarter performance, with revenues of $56.9 billion, was driven by Search and YouTube, as consumer and business activity recovered from earlier in the year. Google Cloud revenues were $13.1 billion for 2020, with significant ongoing momentum, and we remain focused on delivering value across the growth opportunities we see."

GOOG touched a new high of $2,093.18 this morning and currently trading at $2,068.79.

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