Alphabet's money-losing moonshots take shine off Google's ad business

SAN FRANCISCO -- Google parent Alphabet reported first-quarter earnings that fell short of analyst expectations as growing losses from the tech giant's investments in speculative businesses, from self-driving cars to speedy Internet access, overshadowed Google's booming advertising business. Class A shares of Alphabet (GOOGL) fell 6% after hours to 732. They've rallied 44% in the past 12 months. "Alphabet has made it pretty clear they weren't going to stop their investments in other areas, and they spent a little bit more than some people may have liked," said BGC Financial analyst Colin Gillis. "You don't necessarily like to see costs and losses growing faster than revenue, but that's where Alphabet's future is going to be." Chief Financial Officer Ruth Porat, who joined the company last May in a hire investors hoped would curb spending, assured investors that Alphabet is "thoughtfully pursuing big bets."