Shares of Alphabet Soar 4% after First-Quarter Earnings Report
Shares of Google parent Alphabet Inc jumped by more than 4 percent in after-hours trading on Thursday after the company posted a surge in profit and revenue which were boosted by growth in its core advertising business.
Alphabet reported net income rose 29 percent to hit $5.43 billion, or $7.73 per share, up from $4.2 billion, or $6.02 per share, in the year-earlier period. The result was well above economists’ expectation for earnings per share of $7.38.
Revenue was reported to reach $24.7 billion in the first three-month period to March, up from $20.2 billion in the year-earlier period and above market forecast of $19.7 billion. Particularly, Google advertising revenues contributed $21.4 billion.
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