Shares of Alphabet are off about 3% in post market trading after the Google parent reported Q4 earnings that fell short of Wall Street expectations.

The search giant generated $5.33 billion in net income, up 8.3% vs the period last year, on revenues of $26.06 billion, up 22.2%. The top line number beat analyst forecasts for $25.23 billion.

But adjusted at $9.36 a share missed expectations for $9.64.

Even so, CFO Ruth Porat calls the Q4 growth “exceptional — with revenues up 22% year on year and 24% on a constant currency basis. This performance was led by mobile search and YouTube. We’re seeing great momentum in Google’s newer investment areas and ongoing strong progress in Other Bets.”

Although the number of paid clicks was up 36% vs last year’s Q4, the aggregate cost-per-click was down 15%.