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Where'd the Rest of Alphabet's Earnings Go?

The quarter came in light, very light.

Alphabet's (GOOGL) - Get Alphabet Inc. Class A Report fourth-quarter revenue was $26.06 billion vs. $25.2 billion expected. Alphabet's adjusted earnings in the fourth quarter was $9.36 a share compared Wall Street's estimate of $9.67 a share, primarily due to a higher tax rate.

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