Google Parent Company Shares Drop After Quarterly Earnings

03 February, 2018, 11:29 | Author: Sheri Evans

Microsoft Corp. also said yesterday that cloud revenues almost doubled. The diluted loss per share went to Dollars 4.35, from earnings the year before of 7.56. Heading into today's trading, Alphabet stock was up more than 12% year-to-date, and hit a record high on January 29.

The company's total traffic acquisition costs, a measure of how much money the company spends to attract users to its search engine, rose 33 percent in the fourth quarter to US$6.45 billion.

The tech juggernaut posted earnings of $9.70 per share during the period, missing the $9.98 per share that analysts polled by Thomson Reuters were calling for.

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Meanwhile Google shares sold off, falling 5.3% in after hours trading before investors halted the rot and bought back, realising a reported loss was due to the impact of the tax cuts and other changes in the US. Fisher Asset Management LLC raised its stake in Alphabet by 2.6% in the first quarter.

However, the big losses of about a billion dollars a quarter continue to come from its so-called "Other bets" such as the Nest home products unit, the Waymo self-driving vehicle company and other leading-edge initiatives.

Apple Inc (NASDAQ:APPL) posted a record quarterly profit that beat market forecasts as higher prices offset fewer iPhone sales. Alphabet raked in $32.3 billion in revenue in its fourth quarter, and just about $4.7 billion came from what Alphabet refers to as Google's "other revenues".

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This was boosted by a tax benefit of about $789mln under the new U.S. tax laws. Officials attribute the growth to the strong performances of ad and cloud service businesses. Farmers National Bank grew its holdings in Alphabet by 2.7% during the 1st quarter. However, Google's core ad business remains healthy, pulling in $27.27 billion in revenue and helping push Alphabet to a 24 percent year-over-year increase in sales.

Google parent company Alphabet on Thursday reported a quarterly loss to set aside funds to pay taxes on repatriated profits, and named a new chairman to replace outgoing Eric Schmidt.

Nevertheless, the the solid performance in cloud revenues of the three largest public cloud suppliers is indicative of a very healthy and rising demand for cloud infrastructure and cloud-based services, ranging from productivity tools in the form of software-as-a-service to developer tools and platforms. Google CEO Sundar Pichai didn't say Thursday whether video ad revenue took a hit during the quarter, but he said YouTube is taking a "comprehensive approach", including artificial intelligence, to ensure video meets a certain standard before ads are attached.

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