Alphabet earnings fall short of Wall Street forecasts
On a per-share basis, the Mountain View, California-based company said it had net income of $10.12.
The results fell short of Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $12.57 per share.
The internet search leader posted revenue of $40.5 billion in the period. After subtracting Alphabet’s advertising commissions, revenue was $33.01 billion, surpassing Street forecasts. Eleven analysts surveyed by Zacks expected $32.84 billion.
Alphabet shares have climbed 23% since the beginning of the year, while the Standard & Poor’s 500 index has risen 21%. In the final minutes of trading on Monday, shares hit $1,288.98, a rise of 19% in the last 12 months.