Alphabet (NADDAQ:GOOG,GOOGL) announced fourth quarter results on February 1st, for the first time breaking out both core Google’s results and its “Moonshot” business as separate businesses. In toto, the company reported 18% year-on-year growth in revenues to $21.2 billion, in line with our expectation. On a constant-currency basis, revenues grew 24%. Google segment revenues for the year totaled $74.5 billion and were up 13.5% over the prior year. Core Google is solidly profitable, sustaining and operating margin of 31.3%. In contrast, Alphabet’s many venture businesses generated revenues of $48 million and operating losses of $3.6 billion.

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