Alphabet posts strong revenue growth, higher taxes hit earnings

Google parent Alphabet Inc posted fourth-quarter profit below analysts' estimates on Thursday, hurt by a higher tax rate, but analysts cheered the company's progress in diversifying its business beyond advertising. While advertising still accounts for the lion's share of Google's revenue, rising 17.4 percent to $22.4 billion in the quarter, Alphabet Chief Financial Officer Ruth Porat underscored that the company is broadening its business – pointing to growth in hardware, app sales and the cloud business. The company's other revenue, which captures such businesses, climbed 62 percent to $3.4 billion.

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Alphabet posts strong revenue growth, higher taxes hit earnings