Big Tech keeps rolling, with Google parent company Alphabet reporting a net income of $20.6 billion on revenues of $75.3 billion for the most recent quarter. Those figures represent gains of 35 percent and 32 percent, respectively.

“Our deep investment in AI technologies continues to drive extraordinary and helpful experiences for people and businesses, across our most important products,” Alphabet and Google CEO Sundar Pichai said. “Q4 saw ongoing strong growth in our advertising business, which helped millions of businesses thrive and find new customers, a quarterly sales record for our Pixel phones despite supply constraints, and our Cloud business continuing to grow strongly.”

From a financial performance perspective, Alphabet has one terrific business and two decent businesses. As always, Google’s revenues from advertising in the quarter dominated: They were up 17 percent to $61.2 billion and represented over 81 percent of Alphabet’s total revenues.

Google’s second-biggest business, Google other, which includes hardware, the Play Store, and other non-advertising revenues, delivered $8.1 billion in revenues. And Google Cloud delivered another $5.5 billion.