Alphabet Inc. beat Wall Street earnings and revenue estimates for the fourth quarter, but the company’s stock fell about 2.9% in after-hours trading Monday and was down as much in premarket trade Tuesday.
The search giant 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. Adjusted for the tax costs, Alphabet logged earnings of $9.70 a share.
