Alphabet quarterly profit misses estimates, shares fall

Google parent Alphabet Inc posted fourth-quarter profit below analysts' estimates on Thursday, increasing pressure on the company to deliver on new bets in hardware and cloud computing as its advertising business matures. While advertising still accounts for the lion's share of Google's revenue, rising 17.4 percent to $22.4 billion in the fourth quarter, Alphabet Chief Financial Officer Ruth Porat underscored that the company is diversifying its business, pointing to growth in hardware, app sales and the cloud business. "We see tremendous potential ahead for these businesses, as well as in the continued development of non-advertising revenue streams for YouTube," Porat said on a call with investors.

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