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Despite delivering a Q4 earnings beat, Google parent company Alphabet’s stock is dropping. The company reported revenue of $39.3 billion, up 22 percent year-over-year with an EPS of $12.77. Alphabet stock dropped as much as 4 percent in after-hours trading.

“Other” revenues (Cloud, hardware) were reported at $6.49 billion, up 31 percent year-over-year. “Other Bets,” which includes ventures like the Waymo self-driving car group and health services effort Verily,  saw losses climb to $1.3 billion with revenue sitting at $154 million, short of Wall Street estimates.

A number that analysts were increasingly looking closely at, traffic acquisition costs, climbed to $7.4 billion in Q4 up 15 percent year-over-year.

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