Alphabet Q4 earnings: All the important numbers

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Sundar Pichai, chief executive officer of Google Inc., attends a news conference in New Delhi, India, on Wednesday, Jan. 4, 2017.

Alphabet appears to have spooked investors with its fourth-quarter earnings report Monday. The stock shed 3 percent immediately after the report and opened in negative territory Tuesday.

Shares were barely in the red in early trading, despite overall market gains.

The company beat Wall Street expectations on both earnings and revenue. The figures aren’t comparable to the fourth quarter of 2017, so it’s hard to judge growth. But a beat on the top and bottom lines would normally send a stock up, not down.

So here’s what shareholders might have seen that they didn’t like: