Alphabet tops Street 2Q forecasts

MOUNTAIN VIEW, Calif. (AP) " Alphabet Inc. (GOOGL) on Thursday reported second-quarter earnings of $4.88 billion.

The Mountain View, California-based company said it had profit of $7 per share. Earnings, adjusted for stock option expense, came to $8.42 per share.

The results surpassed Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $8.07 per share.

The Internet search leader posted revenue of $21.5 billion in the period. After subtracting Alphabet's advertising commissions, revenue was $17.52 billion, which also beat Street forecasts. Twelve analysts surveyed by Zacks expected $16.88 billion.

Alphabet shares have fallen slightly more than 1 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 6 percent. In the final minutes of trading on Thursday, shares hit $766.78, an increase of 16 percent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GOOGL at http://www.zacks.com/ap/GOOGL

_____

Keywords: Alphabet, Earnings Report, Priority Earnings

This story has been automatically published from the Associated Press wire which uses US spellings

Get the news delivered straight to your inbox

Receive the day’s news, sport and entertainment in our daily email newsletter

SIGN UP NOW

© Copyright 2016, NZME. Publishing Limited

Assembled by: (static) on production apcf04 at 26 Sep 2016 02:28:07 Processing Time: 709ms