Google parent hit by higher costs, names new chairman


Google parent company Alphabet reported a quarterly loss to set aside funds to pay taxes on repatriated profits, and named a new chairman to replace outgoing Eric Schmidt.

Alphabet reported a loss of $3 billion for the fourth quarter as it set aside $11 billion for taxes. An estimated $9.9 billion was for taxes on repatriated earnings.

The California tech giant said revenues in the last three months of 2017 rose 24 percent from a year ago to $32.3 billion and cited "great growth" for the company.

The company used the earnings report to announce it had named board member and former Stanford University President John Hennessy as chairman, replacing Schmidt, who announced his departure in December.

Hennessy has been a board member since 2004 and lead independent director since April 2007. The Google segment accounted for $31.9 billion in revenue and delivered an operating profit of $8.8 billion.

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