Tech giant Alphabet Inc GOOGGOOGL reported fourth-quarter financial results after the market close Tuesday.

Here are the key highlights.

What Happened: Alphabet announced fourth-quarter total revenue of $96.5 billion, up 12% year-over-year. The revenue total missed a Street consensus estimate of $96.6 billion, according to data from Benzinga Pro.

The company reported fourth-quarter earnings per share of $2.15, beating a Street consensus estimate of $2.12.

Alphabet said it saw "robust momentum across the business." Google Services revenues were up 10% year-over-year to $84.1 billion, with strong momentum for Google Search and YouTube ads, the company said.

Google Cloud revenue was up 30% year-over-year to $12 billion.

Revenue was broken down as follows in the fourth quarter, with the prior year’s total in parentheses:

• Google Search: $54 billion ($48 billion)
• YouTube ads: $10.5 billion ($9.2 billion)
• Google Network: $8 billion ($8.3 billion)
• Total Google Advertising: $72.5 billion ($65.5 billion)

The company's Google subscriptions, platforms and devices revenue was $11.6 billion compared to $10.8 billion in last year's fourth quarter.

Adding those items together makes up Google Services, which had revenue of $84.1 billion, up from $76.3 billion in last year's fourth quarter.

Google Cloud revenue was $12 billion compared to $9.2 billion in last year's fourth quarter.

Full fiscal year revenue was $350 billion, up 14% year-over-year.

Read Also: Alphabet Q4 Earnings Preview: AI, YouTube, DOJ Case Key Items To Watch

What's Next: Alphabet CEO Sundar Pichai said the fourth quarter was driven by 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," Pichai said.

Pichai said the company is seeing stronger customer demand for AI-powered Google Cloud and YouTube continues to be a leader in streaming watchtime.

"Together, Cloud and YouTube exited 2024 at an annual 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 business."

The company said it expects to have capital expenditures of $75 billion in 2025.

GOOGL Price Action: Alphabet stock is down 7% to $191.90 in after-hours trading versus a 52-week trading range of $130.66 to $207.05. Alphabet shares hit new all-time highs earlier in Tuesday's intraday trading session. Shares closed 2.6% higher at $206.38 on Tuesday.

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• Alphabet Q4 Earnings Preview: Bullish Trend Just Getting Started?

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