NEW YORK (TheStreet) -- Alphabet (GOOGL) - Get Report shares are skyrocketing 10.9% to $745 in after-hours trading on Thursday after the company reported its third quarter fiscal 2015 earnings results that exceeded analysts' estimates.
The company's earnings for the recent quarter came in at $7.35 cents a share and revenue was $18.68 billion.
Analysts had expected the Mountain View, CA-based company to earn $7.21 a share on revenue of $18.54 billion.
In the same period the year before, the company earned $6.35 a share on revenue of $13.17 billion.
A rise in mobile search revenue boosted its top line, Alphabet said.
"Our Q3 results show the strength of Google's business, particularly in mobile search," CFO Ruth Porat stated. "With six products now having more than 1 billion users globally, we're excited about the opportunities ahead of Google, and across Alphabet."
This comes after the multinational conglomerate announced in August that it will restructure its business. As of October 2, Google became Alphabet. The new structure was created so that each separate business could have more freedom on its own, CNNMoney reports.
This quarterly report is Alphabet's last time reporting without separating its businesses, since it wasn't until the beginning of October that Alphabet officially existed. Instead, January will be Alphabet's first segmented earnings.
Alphabet also said that its board of directors authorized the company to repurchase around $5 billion of shares, beginning in the fourth quarter of 2015.
Separately, TheStreet Ratings team rates ALPHABET INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
We rate ALPHABET INC (GOOGL) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, solid stock price performance and increase in net income. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity.
You can view the full analysis from the report here: GOOGL