Alphabet Inc. (GOOGL) - Get Report shares were rising more than 3% after-hours on Thursday as the search giant beat both earnings and revenue expectations by a substantial margin. 

The company reported EPS of $9.57 versus the consensus analyst estimate of $8.33 on revenues of $27.77 billion, versus estimates of $21.94 billion.

"We had a terrific quarter, with revenues up 24% year on year, reflecting strength across Google and Other Bets," said Ruth Porat, Alphabet's CFO. "Our momentum is a result of investments over many years in fantastic people, products and partnerships."

Aggregate paid clicks increased by a healthy 47% in the quarter year-over-year, compared to 52% growth in the second quarter. Paid clicks on Google-owned sites increased 55%, vs. 61% growth in the second quarter. Meanwhile, traffic-acquisition costs (TAC) to partners equaled 23% of Google's revenues, up from 11% in the second quarter.

Google's "Other Bets" losses narrowed to $812 million for the quarter, compared to $861 million a year ago, with revenues coming in at $302 million, up from $197 million. 

Alphabet shares are up about 26% this year so far. 

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The company will hold an earnings call with investors starting at 4:30 p.m. ET.

Former Apple (AAPL) - Get Report CEO John Sculley is keen on Microsoft (MSFT) - Get Report

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