February 2, 2018
Google’s parent company Alphabet has reported lower than expected profits in the last three months of 2017 after higher costs offset an increase in advertising sales.
Revenue for the three months ending December 31 was $32.3 billion (£22.6bn), a rise of 24% on the same period in 2016.
Overall, Alphabet reported a loss of $3 billion (£2.1bn) for the fourth quarter as it set aside $11 billion for taxes – an estimated $9.9 billion (£6.9bn) was for taxes on repatriated earnings.
Excluding the tax provision, Alphabet would have posted a profit of $6.8 billion (£4.7bn), falling short of the $7 billion analysts had predicted.
This article was posted: Friday, February 2, 2018 at 8:36 am