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Photo by Jaap Arriens/NurPhoto via Getty Images

Google's stock was down 5% in after-hours trading Thursday after the company reported that it missed on earnings per share. Google says revenues were negatively impacted by tax regulation that went into affect last month.

Why it matters: Google's core business is still healthy, despite content concerns on its media platforms, increased scrutiny from European regulators, and commerce threats from Amazon. Its advertising business grew and drove revenues to beat expectations.

The company is trying to lessen its reliance on advertising by diversifying into new areas such as cloud computing, which brought in more than $1 billion in revenue for the quarter.

New face: Former Stanford University president John Hennessy was appointed as chairman of the board, replacing Eric Schmidt, who recently left the role.

By the numbers:

  • Earnings per share: $9.70 vs $9.98 expected by a Thomson Reuters estimate.
  • Revenue: $32.32 billion (a 24% increase from a year ago) vs $31.86 billion Thomson Reuters estimate.
  • Other bets: Alphabet-owned side projects (like Nest, Waymo and Verily) are not yet profitable, posting a $916 million operating loss on $409 million in revenue in the fourth quarter. But the loss narrowed over the year-ago quarter.
  • Cost per click: The key metric for Google properties decreased 16% year-over-year, meaning that its ads were clicked more often, bringing prices down for advertisers.
  • Cloud payoff: Google’s cloud business now generates more than $1 billion in sales per quarter, a notable milestone.

Correction: An earlier version of this post incorrectly stated that the company missed revenue expectations.

Go deeper

Ben Geman, author of Generate
1 hour ago - Energy & Environment

What to watch as infrastructure talks heat up

Illustration: Annelise Capossela/Axios

A mix of Beltway action and extreme weather events have brought the fault lines in infrastructure talks and their planetary stakes into sharper focus.

Catch up fast: Senate Democratic leaders pledged to seek big climate measures in a multitrillion-dollar, Democrats-only package that faces a very narrow political path.

Drought, record heat wave in West tied to climate change

People on Folsom Lake in Granite Bay, California, U.S., June 16, 2021. Photo: David Paul Morris/Bloomberg via Getty Images

The prolonged and widespread heat wave in the West, along with the region's increasingly severe drought, is a sign of how climate change has already tilted the odds in favor of such extremes, studies show.

Why it matters: The rapidly growing Southwest, in particular, is also the nation's fastest-warming region. The combination of heat and drought could lead to a repeat, or even eclipse, the severity of 2020's wildfire season in California and other states.

Kendall Baker, author of Sports
3 hours ago - Sports

The sports stock market

Note: Michael Jordan's card is for baseball; Data: Alt; Table: Andrew Witherspoon/Axios

Shohei Ohtani's trading card value has risen 781% since the start of 2021, the highest year-to-date return of any athlete on Alt, a sports card exchange that aims to bring more liquidity to alternative assets.

Why it matters: The trading card market is the closest thing we have to a stock market for sports.