Google parent Alphabet slips 6% on low $20.26B revenue, $7.50 EPS

Welcome to Google’s second earnings as Alphabet (GOOG).

Today Alphabet reported $20.26 billion in revenue ($16.47 billion after traffic acquisition costs) and earnings of $7.50 per share for its first 2016 quarter. And Google, a subsidiary of Alphabet, was (again) responsible for more than 99 percent of the company’s total revenue — or $20.09 billion.

Analysts expected more from Alphabet — specifically, $20.38 billion in revenue ($16.57 billion after traffic acquisition costs) and earnings of $7.96 per share.

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Google morphed into Alphabet last year. Now, Alphabet’s activities fall into two categories: Google (search, ads, and stuff) and “Other Bets” (Fiber, Nest, and so on). Both sides of Alphabet are pretty vast; Google’s products range from YouTube to Android to Chromebooks, while Other Bets include balloon-powered Internet, a VC firm, and a thermostat company.

Alphabet revealed a few key details about its Other Bets last quarter, including a $3.6 billion operating loss on $448 million in revenue last year. Today, the company shared quarterly results for the business for the first time, revealing $166 million in revenue and an operating loss of $802 million for Q1 2016.

But the company (as expected) did not break down the losses or revenues for each business. That’s too bad, given the reported chaos at Nest and Verily, and the potential sale of Boston Dynamics, maker of (creepy) robots.

Meanwhile at Google, the European Commission (EC) is after the company “over anti-competitive practices relating to its Android operating system,” we wrote yesterday. Google quickly responded, essentially claiming that its practices are good for consumers, manufacturers, and app makers.