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Alphabet Tops Wall Street Estimates, Ad Revenue Continues to Climb

Shares of Google parent Alphabet getting a pop after reporting quarterly results which topped Wall Street forecasts.

Shares of Google parent Alphabet (GOOGL) - Get Report getting a pop after reporting quarterly results which topped Wall Street forecasts. It looks like Google is continuing to take ad revenue from traditional media budgets.
Here's a quick look at the numbers. Alphabet earned $9.06 a share, estimates had been for profits of $8.64 a share. On the revenue side, Alphabet brought in $22.45 billion, roughly in line with expectations.
Alphabet's core business which includes search, YouTube, Maps, Android, Google Apps had operating income of $6.8 billion, that's up a billion dollars from the same period a year ago. "Mobile search and video are powering our core advertising business and we're excited about the progress of newer businesses in Google and Other Bets," said CFO Ruth Porat. Alphabet's other bets segment, which includes Nest, Google Fiber, Calico, and other moonshot projects, posted an operating loss of $865 million, that's up slightly from the second quarter, but better than the close to billion dollars it lost in same period a year ago. TheStreet's Ruben Ramirez has details from Wall Street.

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