Google sees 2014 revenues hit $66bn

Google has seen its revenues for the fourth quarter of 2014 increase by 15% year-on-year.

Google has seen its revenues for the fourth quarter of 2014 increase by 15% year-on-year.

Its gross total revenue for Q4 hit $18.1bn, which was also up 10% compared to the previous quarter.

Meanwhile its full 2014 results up to December 31 were also impressive, with revenues hitting $66bn up 19% compared to 2013.

In a transcript of the earnings call posted on the Seeking Alpha financial website,  Patrick Pichette Chief, financial officer and senior vice president said the Google network business – which consists of its AdSense – grew by 6% with revenue reaching $3.7bn over the last year.

Q4 was a busy one for technology giant, with the company completing its sale of Motorola to Lenovo in October, as well as announcing that it would stop selling its Google Glass technology this month until it decides how to reposition this part of its business.

In the last quarter Google also launched its newest version of Android called Lollipop, as well as refreshing its line of Nexus mobile devices.

Looking to the future, Pichette said while the vast majority of Google resources will continue to be invested in its core products, the company will continue to invest in other “promising ideas” including self driving cars and Loon – which is the idea that balloons floating in the stratosphere will provide internet connectivity to rural parts of the world.

"We use the same disciplined approach to these new areas that we used for investing in our earlier bets like Android or Chrome or Display," he said.

Google Cloud and Google Wallet

But the latest set of financial results did not reveal much about the company’s enterprise plans, briefly skating over the fact that its cloud platform “continues to make good progress,” with a few new products announced in Q4, while the company has been working with PwC on moving its business to the cloud with Google for Work applications.

Meanwhile, Omid Kordestani interim chief business officer, and special advisor to the CEO said Google intends to continue its mobile wallet functionality, by building a fully functional payment system that is “beyond tap and pay.” Google users can already use Gmail and the Wallet App to send money to friends, but Google said it is getting closer to releasing a broader option to involve NFC enabled devices. This week, rumours circulated that Google is in talks to buy the mobile payments company Softcard.

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