Google parent Alphabet beats expectations, shares jump

Google parent Alphabet beats expectations, shares jump

Read the email Google CEO Sundar Pichai sent employees about the YouTube shooting

Google’s (GOOG, GOOGL) parent company Alphabet reported its Q1 2018 financial results on Monday, posting earnings of $13.33 per share on $31.15 billion of revenue. Those numbers beat analyst expectations of $9.30 per share on $24.75 billion in revenue, respectively.

The company’s revenue reflects a 26% jump over last year’s levels, or 23% on a constant currency basis. Traffic acquisition costs were up to $6.3 billion in Q1 2018 versus $4.6 billion in Q1 2017.

Operating losses from Google’s Other Bets, which include business segments such as its health tech-focused Verily and Google Fiber, decreased from $703 million in Q1 2017 to $571 million in Q1 2018.

Google’s other revenues, which include its cloud division and hardware sales such as smartphones and the Nest line of home automation technologies, rose from $3.2 billion in Q1 2017 to $4.4 billion in Q1 2018.

Alphabet shares initially jumped 3% following the announcement, but are now flat.

Developing…

Email Daniel Howley at dhowley@yahoo-inc.com; follow him on Twitter at @DanielHowley.

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