(NASDAQ:GOOGL) revealed its fourth quarter earnings report shortly after the market closed.

Today is a surprising slip-up for the Google, which while it continues to print money and beat Wall Street's expectations on the revenue front, found itself tumbling after its fourth-quarter earnings came out.

The US firm's quarterly financial results also reported a 69% increase in operating income, rising to $2.1bn (£1.47bn) compared with $1.3bn (£910m) for the same period past year. The adjusted quarterly profit ended at $6.8 billion equal to $9.70 a share, but missed estimates for $10.00 per share on $7 billion in profit. Alphabet also said that the recently passed tax reform resulted in a one-time expense of $9.90 billion during its final quarter.

In a statement to the market announcing the result, CFO Ruth Porat said, "Our business is driving great growth, with 2017 revenues of $110.9 billion, up 23% year on year, and fourth quarter revenues of $32.3 billion, up 24% year on year".

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Google's cost-per-click, which is how much it makes off each advertising click, decreased 16 percent year over year and seven quarter over quarter.

The earnings showed a spike in traffic acquisition costs [TAC] as Google paid more to publishers in its Google Network Members' properties revenue segment. Google's Cloud business and its hardware revenue reached $4.69 billion, from $3.4 billion in Q4 of 2016.

In particular, Google's last quarters have been marked with the creeping shadow of increasing costs for its traffic acquisition as a percentage of Google's revenue, or TAC. The hardware category saw revenue of $4.69 billion, a 38% over a year ago. Alphabet Inc., formerly known as Google Inc., is headquartered in Mountain View, California. Alphabet had a net margin of 20.09% and a return on equity of 14.26%. equities research analysts expect that Alphabet Inc will post 32.36 EPS for the current fiscal year. The after hours GOOGL stock price, however, did take an initial dive before rallying toward its $1,181.50 close.

Google Cloud seems to be the jewel in the crown here, banking $1bn in sales for Q4 2017 alone.

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One analyst said he could look past the increase in spending and call the quarter good, as revenue from advertising is up significantly.

Alphabet's "other bets" category delivered revenue of US$409 million, up from US$262 million a year earlier.

Eric Schmidt, the former CEO of Google, will step down from his role as Executive Chairman on Alphabet's board ... Google's Other revenues were $4.7 billion.

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