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Shares of Google parent company Alphabet dip 6% after earnings miss

googlelogoAlphabet missed analyst expectations for both earnings and profit in its quarterly earnings report posted today.

Alphabet, first announced in August as a new holding company that includes Google, posted earnings per share of $7.50 on revenue of $16.47 billion. Analytics expected $7.96 EPS and $16.57 billion in revenue, excluding payments to advertising partners.

Shares of Alphabet were down nearly six percent in after-hours trading on Thursday.

Alphabet beat expectations for both revenue and profit in its Q4 as it briefly passed Apple to become the world’s most valuable company. But the tech giant didn’t perform as well in Q1 of 2016.

Google business (search, ads, maps, apps, cloud, Play, YouTube, Android, virtual reality, etc.) was responsible for $20.1 billion in operating income this past quarter and $6.3 billion in profits.

Alphabet’s category called “Other Bets” — which includes more risky projects like Google X, Calico, Life Sciences, and self-driving car development — posted revenue of $166 million on an operating loss of $802 million. That’s up from revenue of $80 million on an operating loss of $633 million a year ago.

Alphabet now employs 64,115 people, which is up from 55,419 one year ago.

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