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US IT giants post record sales in Oct.-Dec

02 February 2018

Excluding the tax provision - following the lead of other multinationals taking advantage of a favorable rate to repatriate earnings - Alphabet would have posted a profit of US$6.8 billion. Alphabet Inc (GOOGL) said that the tax reform bill resulted in a $9.9 billion additional tax expense in Q4 2017 for the one-time tax on overseas earnings to be repatriated. The company has recorded an increase of 23% in the sales in 2017, to the 2016's revenue that was around $90 billion.

For 2017, Alphabet notched a net income of $12.7 billion. Revenue rose 13 percent to $88.3 billion. Analysts had expected a rise of 41 percent, to $4.87 billion.

On a conference call with analysts, CEO Sundar Pichai called the cloud unit "a billion dollar per quarter business".

The traffic acquisition costs increased so much that Google actually earned less year over year from the members' properties segment.

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Aggregate clicks on Google ads also beat estimates, rising 43%. After deducting its traffic acquisition costs, Google's revenue alone was $25.87 billion. Bank of Stockton's holdings in Alphabet were worth $1,461,000 as of its most recent SEC filing.

All told, Google's advertising revenue climbed almost 22% year over year to $27.2 billion. Along with hardware, this also includes sales from the Play Store and Google's enterprise ventures.

In Alphabet's "moonshot" Other Bets category, which includes Waymo, Nest, Fiber, Alphabet's healthcare-driven initiatives and other speculative projects, the company posted revenue of $409 million, with operating losses increasing slightly to $916 million.

Separately, Alphabet also named John Hennessy, a board member since 2004, as the Internet giant's new chairman, replacing Eric Schmidt, who said in December he would step down from that role. There are usually clearly defined barriers between the two companies' ecosystems: Google repeatedly tried to enter the e-commerce market, but hasn't made meaningful progress against Amazon.

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Alphabet reported income of $7.66 billion, or $4.35 per share for the quarter, up from the $6.64 billion, or $7.56 per share during the same period of previous year.

While that's a drop in the bucket for Google parent company Alphabet, which raked in $32.3 billion in GAAP revenues for the quarter, it's a major landmark considering the company's broad focus.

During the earnings call, Alphabet confirmed that mobile search and YouTube remain the biggest contributors to revenue growth, with YouTube users now averaging an hour of viewing per day on mobile, and 1.5bn monthly viewers. Aside from keeping mum on the size of Google Cloud revenue, Alphabet has never broken out the financials of its YouTube streaming business either.

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US IT giants post record sales in Oct.-Dec