Alphabet shares tack on more than $100 each after reporting third-quarter earnings
Alphabet and Google CEO Sundar Pichai, said today, In terms of the specifics of the DOJ case and stuff, I’m confident we have approached everything with the view of making sure we create the best user experience. We look forward to making our case, but it’s definitely early days and we are still reviewing and understanding it all.” The executive also noted that “We had a strong quarter, consistent with the broader online environment. It’s also a testament to the deep investments we’ve made in AI and other technologies, to deliver services that people turn to for help, in moments big and small.” CFO Porat stated that “Total revenues of $46.2 billion in the third quarter reflect broad-based growth led by an increase in advertiser spend in Search and YouTube as well as continued strength in Google Cloud and Play. We remain focused on making the right investments to support long-term sustainable value.”
For the quarter, Alphabet revenue rose 14% to $46.17 billion. Net income rose to $11.25 billion, up 59.1% year-over-year. Earnings per share for Q3 jumped 16% from $10.12 to $16.40.
After gaining 3.05% or $46.08 in regular trading to $1,556.88 a share, investors latched on to the earnings report in a big way. In after- hours trading, Alphabet (GOOG) soared $101.12 (6.5%) to $1,658.00. For the year, Alphabet is up 16%. The company now is valued at $1.1 trillion having risen five-fold over the last ten years. Alphabet also added over 18,000 employees to its headcount with 132,121 people employed by the company compared to the 114,096 that Alphabet paid during Q3 last year.
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