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image: Bloomberg News

Alphabet stock falls despite beating on earnings and revenue

February 5, 2019

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.

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