Google’s parent company Alphabet has announced. Its financial consequences For the fourth quarter of 2022 and the entire 2022 fiscal year. Revenues for the quarter came in at $76.048 billion, up from $75.325 billion in the same quarter of 2021. Revenues for fiscal year 2022 came in at $282.826 billion, up from $257.637 billion in 2022.
Just two weeks ago, Google announced that it would be laying off 12,000 employees. Today, Alphabet said severance payments and other items related to those layoffs will result in charges of between $1.9 billion and $2.3 billion. Most of these charges will be noted in the company’s first quarter 2023 earnings within three months. In addition, the company expects to take an additional $500 million charge to reduce its office space.
Alphabet’s operating income for the fourth quarter of 2022 was $18.160 billion, up from $21.885 billion for the same period in 2021. Operating income for 2022 was recorded at $74.842 billion, up from $78.714 billion a year ago. Net income for the fourth quarter was $13.624 billion, down from $20.642 billion a year ago. For the full year, net income was $59.972 billion, down from $76.033 billion a year ago.
One interesting change in these financial results is that DeepMind, Google’s AI subsidiary, will be recorded in Alphabet’s corporate expenses starting this year instead of a smaller portion of other bets. Google is pushing to develop more AI projects and features, thanks in part to the rise of ChatGPT.
