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