Google parent Alphabet hit by rising costs

Google delivered the vast majority of income for parent firm Alphabet as "other bets" saw rising revenues. [Photo: AFP]

Google parent Alphabet reported quarterly earnings beating Wall Street expectations on Monday, but shares slipped, with investors apparently focused on rising costs at the technology giant.

Alphabet reported a profit of $8.9 billion in the fourth quarter on revenue that was up 22 percent to $39.3 billion from the same period a year earlier.