Alphabet Inc (GOOGL) Whiffs on Earnings, But Here's the Bright Side

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Alphabet's GAAP earnings per share rose to $7.56 from $7.06 in the year-ago quarter. GOOG reported $9.36 earnings per share for the quarter, missing the analyst consensus estimate by $-0.26.

That discrepancy between growth in quarterly revenue and quarterly profit, however, may give investors reason to be concerned about the long-term growth prospects of a company that has been so focused on search and advertising.

Outside of the core Google business are Alphabet's "Other Bets", the separate companies exploring ambitious new businesses, from self-driving cars to drones. The institutional investor owned 148,456 shares of the company's stock after selling 36,681 shares during the period.

A bright spot for Alphabet: Google's newer bets such as its Google Play, cloud computing and hardware businesses. With several new hardware products ramping into 2017 (Pixel, Google Home), revenue mix could pressure reported operating margin percentage but should contribute more profit dollars.

Cost of revenues for the quarter increased from $8.19 billion a year ago to $10.66 billion a year ago. Moreover, MSFT has also attained 81 cents in EPS estimate from the analysts at Earningswhispers.com.

Alphabet stock was down about 2% at $814.80 in after-hours trading on Thursday.

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Net revenue excluding TAC was expected to be $25.18 billion.

Google's famous "Other Bets" unit, which experiments with various technologies and business ideas, saw revenue rise to $262 million from $150 million.

Google Chief Executive Sundar Pichai said Google Cloud is gaining momentum fast, thanks to targeted efforts in machine learning, data analytics and security. In an effort to improve financial performance Alphabet has spun out its driverless auto project into a standalone company, Waymo.

That was just the first step in Google's ambition to become a hardware company and to bring order to the fragmented world of mobile devices using different versions of its Android software. Though aggregate cost-per-click fell, continuing a long (and industry-wide) trend of deterioration, with another 9% year-over-year decline, that dip continues to be more than offset by a sheer increase of volume.

Mobile ads now cost significantly less than desktop ads, but the strength of mobile ad sales for Google might signal an increase in prices there for marketers in the year ahead. Pichai said he sees this problem as "more of an opportunity than a challenge".

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