Bank of America Securities released a report that Alphabet (NASDAQ:GOOGL) net income in the fourth quarter of last year was $63.1 billion, less than market expectations of $63.6 billion; Among them, YouTube revenue was worse than expected, further slowing down from 2% year-on-year in the third quarter to 8% year-on-year in the fourth quarter, mainly due to the further decline in advertising expenditure. Quarterly GAAP operating income and earnings per share were $18.2 billion and $1.05, respectively, also below market expectations of $18.6 billion and $1.18. The bank mentioned that although the group’s revenue was under pressure, the lower than expected cost of R&D and sales and marketing in the quarter, coupled with layoffs and lower server depreciation, could generate higher gross margin and stable earnings per share. Bank of America Securities raised its target price on Alphabet to $125 from $119 and maintained its buy rating.