Google parent Alphabet slips as revenue misses estimates
Alphabet, Google’s parent company, reported stronger quarterly earnings than expected but revenue that missed Wall Street’s view.
The search giant on Thursday reported net income of $9.19 billion, or $13.06 a share, for the third quarter. That’s up from $6.73 billion, or $9.57 a share, in the same period a year earlier. Revenue climbed 21 percent to $33.74 billion.
Analysts polled by Refinitv had forecast per-share earnings of $10.42 on revenue of $34.04 billion.
Revenue growth slowed during the quarter, as Alphabet reported a 24 percent gain in the year-ago period. Ad revenue, the largest contributor to Alphabet’s top line, surged 20 percent to $28.95.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GOOGL | ALPHABET INC. | 167.63 | -8.35 | -4.74% |
Traffic acquisition costs totaled $6.58 billion, up 16 percent.
Shares fell 4 percent in after-hours trading.