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Google parent company Alphabet saw shares fall slightly after missing analyst expectations for its fourth quarter earnings report.

Alphabet, the holding company that includes Google, posted $26 billion in revenue, beating the $25.2 billion Wall Street expected, and up 22 percent year-over-year. The company also posted adjusted profit of $9.36 per share; analysts expected $9.64.

Shares were down 3 percent in after-hours trading; shares are up more than 14 percent in the past year.

“Our growth in the fourth quarter was exceptional — with revenues up 22% year on year and 24% on a constant currency basis,” Alphabet CFO Ruth Porat said in a statement. “This performance was led by mobile search and YouTube. We’re seeing great momentum in Google’s newer investment areas and ongoing strong progress in Other Bets.”

The Google business (search, ads, maps, apps, cloud, Play, YouTube, Android, virtual reality, etc.) was responsible for $25.8 billion in operating income this past quarter (up from $21.2 billion last year) and $7.9 billion in profits (up from $6.7 billion last year).

Alphabet’s category called “Other Bets” — which includes more risky projects like Google X, Calico, Life Sciences, and more — posted revenue of $262 million on an operating loss of $1.1 billion. That’s up from revenue of $150 million on an operating loss of $1.2 billion a year ago.

Advertising is still Alphabet’s cash cow. Total advertising revenue was up 17 percent to $22.4 billion. Aggregate cost-per-click fell 15 percent, but aggregate paid clicks were up 36 percent from the year-ago quarter.

Alphabet added 2,100 employees during Q2 and now employs 72,053 people, up from 61,814 one year ago.

Alphabet ended 2016 with $86.3 billion in cash, up from $73 billion a year ago.

It’s been a busy quarter for Google’s hardware team, as the company rolled out its voice assistant Google Home, Pixel smartphone, and Daydream View VR headset. Google didn’t break out hardware sales data in its earnings, however, the company’s “other revenues,” which do not include advertising, were up 62 percent year-over-year.

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