Alphabet stock slips despite revenue increase of 23% in 2018

The Google name is displayed outside the company's office in London Britain. Toby Melville Reuters  File

Revenue from its other properties raked in $27.022 billion.

"Capex is growing at a sizable clip and the primary driver continues to be investing in technical infrastructure to support growth", Alphabet Chief Financial Officer Ruth Porat said in an interview with Bloomberg TV.

Alphabet said its Q4 results slightly surpassed analyst expectations.

The company has authorized a plan to buy back an additional $12.5 billion worth of its shares, Porat said.

Porat said increased operating costs stemmed from licensing content for YouTube, expanded data center operations and Google's hardware business.

Analysts polled by FactSet were expecting earnings per share of $10.86, or a profit of $7.6 billion, on revenue of $38.9 billion.

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As a result, shares fell more than 3 percent in after-hours trading. Figures for the company year-over-year are up nearly across the board, with the notable exception of Google's traffic acquisition costs (TAC) and operating losses for Google's "Other bets" category.

Some investors remain frustrated that Alphabet isn't more aggressive in repurchasing its stock, given its earnings power and cash balance. Gross revenue was expected to rise 20 percent, to $39.98 billion.

Greene and incoming Google Cloud CEO Thomas Kurian, a longtime Oracle Corp.

The company reported net income of US$8.95 billion, or US$12.77 per Class A and B common share and Class C capital share, in the quarter ended December 31, compared with a loss of US$3.02 billion, or US$4.35 per share, a year earlier when it recorded a one-time tax charge of $9.9 billion. Revenues from its cloud business, hardware sales and Play, its music and media service, were $6.4bn. Excluding traffic acquisition costs, the revenue consensus was $31.3 billion, up 21 percent.

FILE PHOTO - The Google name is displayed outside the company's office in London, Britain November 1, 2018. Cloud bets are likely to start paying off in the coming years, said Wedbush Securities analyst Daniel Ives. Advertising directors speaking to CNBC have said some brands were moving 50 to 60 percent of their ad spending from Google to Amazon.

Yet, the biggest issue for Google right now might not be regulatory risks so much as its own ongoing effort to diversify its revenue streams amid competition from other large technology companies. However, those operations showed a $1.3 billion operating loss. This category includes the experimental X lab, the internet group Access, the LTE balloon Loon, drone delivery projects, self-driving cars, health science, etc. Among the more damaging of those was its work on a China-specific search engine which ultimately caused questions to be raised by the USA government.

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