Shares of Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL) sank in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2023. Earnings per share came in at $1.64, which beat analysts’ consensus estimate of $1.59 per share.
Revenue climbed 13.5% to $86.31B, beating expectations by $1.04B, with Google Search and other income rising 12.7% to $48.02B and YouTube ads increasing 15.5% to $9.2B. Meanwhile, Google Network ads dipped to $8.297B from the previous $8.475B. However, Google Cloud grew 25.7% to $9.2B.
Are Google Shares a Good Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on GOOGL stock based on 16 Buys, five Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. After a 54% rally in its share price over the past year, the average GOOGL price target of $159.83 per share implies 5.06% upside potential.
