Alphabet stock falls after earnings and revenue beat
Alphbaet Inc. shares fell more than 2% in the extended session Monday after the company beat Wall Street estimates for earnings and revenue. The company reported fourth-quarter net income of $8.95 billion, or $12.77 a share, compared with losses of $3.02 billion, or $4.35 a share, in the year-ago period. Changes to the U.S. tax code resulted in a $9.9 billion expense in the fourth quarter of 2017. Revenue rose to $39.28 billion from $32.32 billion in the year-ago period. Analysts surveyed by FactSet had estimated earnings of $10.86 a share on revenue of $38.9 billion. For the first quarter, analysts models earnings of $10.45 a share on sales of $37.2 billion. Alphabet stock has gained 2% in the past year, with the S&P 500 index falling 2%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.