01/02/2018 22:47 GMT

Google Parent Company Sees Revenue Increase In Latest Financial Figures

Google parent company Alphabet reported a steady revenue increase for the last quarter as the company released its financial results.

Revenue for the three months ending December 31 was $32.3 billion (£22.6bn), a rise of 24% on the same period in 2016.

The technology giant also confirmed current board member John Hennessy has been named Alphabet chairman following the departure of Eric Schmidt in December.

The vast majority of Alphabet’s revenue continues to come from Google and its various business, most notably its advertising network, but the company’s so-called “other bets” saw revenues rise from $262 million (£183m) last year to $409 million (£286m) in the last quarter.

The other bets segment of Alphabet includes the self-driving car firm Waymo and smart thermostat company Nest.

Alphabet chief financial officer Ruth Porat said: “Our business is driving great growth, with 2017 revenues of $110.9 billion, up 23% year on year, and fourth quarter revenues of $32.3 billion, up 24% year on year.

“Our full year operating income growth continues to underscore our core strength, and on top of this, we continue to make substantial investments for the long-term in exciting new businesses.”