Alphabet earnings fall short of Wall Street forecasts

Alphabet on Monday reported third-quarter earnings of $7.07 billion.

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.

Categories: Business, US & World News

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