Alphabet Inc., the parent company which owns all of Google and related products has reported a massive 22% increase in revenues. By doing that, the company has also beaten Wall Street expectation. But guess all of that is still not enough, as Alphabet’s stock continues to dip.

The search-to-everything company reported a humongous $39.3 billion in revenues, up 22 percent year-over-year with an EPS of $12.77. Despite those figures though, Alphabet stock dropped more than 3 percent in after-hours trading on Monday. Head scratching begins ? Well, here is the catch.

While the revenues have beaten Street expectations by a wide margin, they also include some $1.3 Billion in unrealised gain. According to Alphabet, this came through an “related to a non-marketable debt security.” The company has not disclosed further details on this. Quite crucially, had it not been for this unrealised gain, Alphabet would have missed analyst expectations.

Advertising revenues were up 20 percent YoY in Q4 to $32.6 billion. “Other” revenues (Cloud, hardware) were reported at $6.49 billion, up 31 percent year-over-year.

What has also worried investors down on the street is Alphabet’s continued investment in developing advanced tech, most notably Waymo and Google Fiber. Losses from these ‘other bets’ rose to as much as $1.3 Billion, a sharp increase both Y-o-Y and Q-o-Q. Alphabet Chief Financial Officer Ruth Porat told analysts that capital expenditures would moderate significantly this year, but the company would continue to invest in long-term bets on artificial intelligence services, consumer hardware and emerging markets.

The company reported $31.07 billion in total Q4 costs and expenses. This up by a sharp 26 percent from last year. Capital expenditures rose 64 percent compared to last year, up to $7.08 billion. Primary reasons behind these have been additional man power hiring in Alphabet’s cloud business, promotion and marketing of consumer hardware and most notably, acquisition of two new office buildings in Silicon Valley and New York City.

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