Alphabet reported net income of nearly $20.7 billion for the final quarter of 2023 on Tuesday evening, representing EPS up 56% to $1.64, with operating margin up three points to 27%.

The technology giant, parent company of search engine Google and YouTube platform, saw revenues rise 13% to $86.3 billion, driven in particular by nearly 26% growth for its Google Cloud division.

"We are pleased with the ongoing strength of the search business, as well as the growing contribution of YouTube and Cloud, all of which are already benefiting from our investments in AI and our innovations," comments CEO Sundar Pichai.

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