Google records $3b loss in Q4


Google parent company Alphabet has disclosed that its shares slid 2.4 percent to $1,139.05 after trading.

The California tech giant, however, recorded a quarterly loss of $3 billion as it set aside $11 billion for taxes on its overseas profits adding that revenues in the last three months of 2017 rose 24 percent compared to $32.3 billion a year ago.

The Google segment accounted for $31.9 billion in revenue and delivered an operating profit of $8.8 billion, saying that Google is expected to make a higher growth for the company in the coming months.

According to the chief financial officer Ruth Porat “Our business is driving great growth, with 2017 revenues of $110.9 billion, up 23 percent year on year, and fourth quarter revenues of $32.3 billion, up 24 percent year on year,”. ‘Sic’

She reiterates “Our full year operating income growth continues to underscore our core strength, and on top of this, we continue to make substantial investments for the long-term in exciting new businesses.” ‘Sic’

She added that Alphabet’s “other bets” category delivered revenue of $409 million, up from $262 million a year earlier. The loss from those projects narrowed to $916 million from $1.1 billion. ‘Sic’

She maintained that Google will take advantage of a favorable rate to repatriate earnings stating that Alphabet is expected to post a profit of $6.8 billion excluding the tax provision.



Please enter your comment!
Please enter your name here