Google parent Alphabet had a record year in 2017, raking in more than $100 billion for the first time.
Alphabet brought in $32.3 billion in revenue in the last three months of 2017, pushing its total for the year to $110 billion. Google accounted for the lion’s share of its parent company’s earnings.
But the company also suffered some losses in the last quarter. Alphabet announced on Thursday that the company paid $9.9 billion as a result of last year’s tax-reform package, largely due to a one-time payment for shifting overseas assets to the U.S.
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Last year, Google was also hit with a record $3 billion antitrust fine from the European Union for favoring its own services in its search results.
The record earnings coincide with Google becoming the top corporate spender on lobbying in 2017, shelling out a company-record $18 million in federal advocacy efforts.
In its earnings report on Thursday, Alphabet also announced that it named John Hennessy, a former president of Stanford University, as its new chairman, replacing Eric Schmidt, who announced last year that he’d be stepping down. Hennessy is a veteran of the tech industry and has been a board member since 2004.