Alphabet reports big fourth-quarter beat; stock pops

Google parent Alphabet reported better-than-expected fourth-quarter earnings and revenue. The shares popped in extended trading.

The company also announced a 20-for-1 stock split that will go into effect in July.

Here are the key numbers:

• Earnings per share (EPS): $30.69 vs $27.34 expected, according to Refinitiv
• Revenue: $75.33 billion vs $72.17 billion expected, according to Refinitiv
• YouTube advertising revenue: $8.63 billion vs. $8.87 billion expected, according to StreetAccount
• Google Cloud revenue: $5.54 billion vs $5.47 billion expected, according to StreetAccount
• Traffic acquisition costs (TAC): $13.43 billion vs. $12.84 billion expected, according to StreetAccount

Google’s advertising revenue came in at $61.24 billion for the quarter. That’s up from $46.20 billion the same time last year.

The company also beat on Wall Street’s expectations for its cloud unit, which reported revenue of $5.54 billion.

Revenue for Other Bets, which includes the company’s self-driving car unit Waymo and life sciences unit Verily, came in at $181 million — down slightly from a year ago.

Traffic Acquisition Costs (TAC), which is the metric used to describe what the company pays other websites to acquire traffic, came in higher than Wall Street expected at $13.43 billion.

This is breaking news. Please check back for updates.

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