Alphabet Inc., Google's parent company, on Tuesday reported its 2024 fourth-quarter revenues at 96.5 billion U.S. dollars, up 12 percent from the same period of 2023.

Google Services revenues increased 10 percent to 84.1 billion dollars, reflecting the strong momentum across Google Search & other and YouTube ads, according to the company's financial report.

Google Cloud revenues increased 30 percent to 12.0 billion dollars led by growth in Google Cloud Platform (GCP) across core GCP products, AI Infrastructure, and Generative AI Solutions, the company said.

Its total operating income increased 31 percent and operating margin expanded by 5 percentage points to 32 percent. Net income increased 28 percent to 26.5 billion dollars and EPS increased 31 percent to 2.15 dollars.

The company generated about 350.02 billion dollars in revenue during the fiscal year, representing a growth of 14 percent. Its yearly net income was 100.12 billion dollars, up from 73.80 billion dollars in 2023.

"Q4 was a strong quarter driven by our leadership in AI and momentum across the business. We are building, testing, and launching products and models faster than ever, and making significant progress in compute and driving efficiencies," said Sundar Pichai, CEO of Alphabet and Google.

"Cloud and YouTube exited 2024 at an annual revenue run rate of $110 billion. Our results show the power of our differentiated full-stack approach to AI innovation and the continued strength of our core businesses. We are confident about the opportunities ahead, and to accelerate our progress, we expect to invest approximately $75 billion in capital expenditures in 2025," he added.