Alphabet Inc. (NASDAQ:GOOGL) swung to a loss after taking a $9.9 billion charge related to the new U.S. tax law, though its core advertising business continued its strong run even as criticism grows over how the company monitors its clout and content.
Continue Reading Below
The Google parent said the one-time tax hit caused a $3.02 billion loss in the fourth quarter. Revenue rose 24% to $32.32 billion from a year earlier.
Alphabet keeps most of its $101 billion cash pile overseas. The company didn't say when or if it would bring that cash to the U.S. after taking the one-time charge.
Separately, Alphabet said its board had appointed board member John Hennessy, the former president of Stanford University, as its chairman following the resignation of longtime Executive Chairman Eric Schmidt in December.