Google’s parent company, Alphabet, has posted annual revenues of $111bn for 2017, up 23 per cent year-on-year, new unaudited figures show.

The company’s fourth quarter performance was its highest ever revenue quarter at $32bn, with Google advertising income making up $27bn (84 per cent).

It made a year-on-year increase of 43 per cent for aggregate-per-click advertising.

Cost-per-click revenues were down 14 per cent year-on- year, a trend that Alphabet attributed to the shift to mobile, where the majority of advertising money is spent.

Ruth Porat, chief finance officer of Alphabet said: “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.”

Press Gazette’s Duopoly campaign has raised concerns that Google and Facebook are undermining the news industry by taking most digital advertising.

By 2020 Google and Facebook are expected to take 71 per cent of all the money spent in the UK on digital advertising, according to a report by analysts OC&C.

Social media companies were urged last December to accelerate efforts to tackle hate crime after facing tough questions from MPs over their handling of online abuse.