Alphabet tops Street 2Q forecasts

AP News
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Posted: Jul 28, 2016 4:50 PM
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.

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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

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Keywords: Alphabet, Earnings Report, Priority Earnings