SAN JOSE, Calif. _ Google's parent firm Alphabet beat analysts' expectations for revenue but missed on profit for the fourth quarter of 2016.
And the firm's "other bets," also known as "moonshots" and including the self-driving car project and internet-delivery balloons, lost $1.1 billion.
Alphabet reported revenue of $26.1 billion, far outstripping Wall Street expectations of $20.6 billion.
"Our growth in the fourth quarter was exceptional _ with revenues up 22 percent year on year," said Alphabet chief financial officer Ruth Porat. "This performance was led by mobile search and YouTube."
The firm reported $5.3 billion in profit, slightly below analysts' prediction of $5.4 billion, but up from the $4.9 billion from the fourth quarter of 2015.
Cutting into profit was a 46 percent year-over-year increase in fourth-quarter capital spending, which hit $3.1 billion as Google
Quarterly earnings per share didn't quite meet Wall Street's $7.67 target, coming in at $7.56.
For 2016 as a whole, Alphabet brought in $90.3 billion in revenue, a 20 percent leap from $75 billion in 2015, surpassing analysts' expectation of $72.9 billion. Earnings per share for the year were $27.85, up from 2015's $22.84.
