Mark Holder
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Mark Holder in Out Fox The $treet,

Alphabet - Big Losses On Big Bets

Alphabet (GOOG)(GOOGL) dropped 6% after hours in part due to the mounting losses of the Other Bets group. The Internet search giant missed EPS estimates by a wide margin as the Other Bets group loss $802 million for the quarter including SBC. The amount surged from the $633 million loss last Q1. Excluding SBC, the loss was still $657 million. The group saw revenues double though only from spending more.
The higher SBC contributed to the share count growing 10 million shares despite Alphabet repurchasing shares including spending $2.3 billion on buybacks during Q1 alone. In total, the Other Bets costs the company roughly $1 per share in earnings each quarter now. 

The stock isn't overly expensive so don't get too negative regardless of the results. At some point though, somebody needs to reign in spending and it apparently isn't going to be the CFO hired last year for this very task.
Disclosure: No position