Alphabet reports fourth-quarter earnings after Tuesday's closing bell. Investors will be focused on cloud momentum and AI traction, with shares of the Google and YouTube parent company holding fast near the record levels achieved last week.

(Reuters) -Alphabet missed Wall Street estimates for quarterly revenue on Tuesday, in a sign the Google parent was taking a hit from increased competition in the digital advertising market and a slowdown in its cloud computing business.

Excluding traffic acquisition costs, that figure was $81.6bn, missing Wall Street estimates in a Bloomberg poll of $82.8bn. Net income rose 28 per cent to $26.5bn. Alphabet shares dropped more than 6 per cent in after-hours trading.