Alphabet profit up

Google parent Alphabet reported that its profit in the final three months of last year climbed on growth in mobile search and video-sharing service YouTube, reports AFP.
For earnings purposes, Alphabet separates operations such as self-driving cars and Nest smart thermostats into an "Other Bets" category, which nearly doubled revenue to $262 million in the quarter but still posted a loss of nearly $1.1 billion.
Its main operating unit remains Google and advertising remained the money-making engine for the company. The California-based technology giant said its net income rose eight percent to $5.3 billion, which fell short of Wall Street expectations despite better-than-expected revenue. Alphabet revenue in the quarter topped $26 billion, up 22 percent from the same period a year earlier.
Its shares slipped more than two percent to $838 in after-market trade that followed release of the earnings figures.
"Our growth in the fourth quarter was exceptional," Alphabet chief financial officer Ruth Porat said in the earnings release, crediting mobile search and YouTube with driving the performance.

 

Alphabet profit up

Google parent Alphabet reported that its profit in the final three months of last year climbed on growth in mobile search and video-sharing service YouTube, reports AFP. For earnings purposes, Alphabet separates operations such as self-driving cars and Nest smart thermostats into an Other Bets category, which nearly doubled revenue to $262 million in the quarter but still posted a loss of nearly $1.1 billion. Its main operating unit remains Google and advertising remained the money-making engine for the company. The California-based technology giant said its net income rose eight percent to $5.3 billion, which fell short of Wall Street expectations despite better-than-expected revenue. Alphabet revenue in the quarter topped $26 billion, up 22 percent from the same period a year earlier. Its shares slipped more than two percent to $838 in after-market trade that followed release of the earnings figures. Our growth in the fourth quarter was exceptional, Alphabet chief financial officer Ruth Porat said in the earnings release, crediting mobile search and YouTube with driving the performance.