Before the US stock market opened on Wednesday, Alphabet Inc-CL CThe A market rose by more than 7% before trading, and the performance in the fourth quarter and the whole year was excellent, exceeding market expectations.

According to the results released today by Alphabet Inc-CL C's parent company, Alphabet, according to US General Accounting Standards (GAAP), Alphabet's total revenue in the fourth quarter was 56.898 billion US dollars, up 23 percent from 46.075 billion US dollars in the same period last year, and its net profit was 15.227 billion US dollars, up 43 per cent from 10.671 billion US dollars in the same period last year.

Revenue for the whole year of 2020 was $182.527 billion, up 12% from the same period last year; net profit was $40.269 billion, up 17% from the same period last year; and diluted earnings per share was $58.61, up 19% from the same period last year.

In addition, Baya, an investment bank, raised its target price for Alphabet Inc-CL A to $2200 from $2000.