Strong ad sales boost Google parent Alphabet's 1Q earnings
MOUNTAIN VIEW, Calif. (AP) — Google parent Alphabet on Monday reported a jump in first-quarter net income on the back of strong digital ad sales and an accounting adjustment.
The Mountain View, California-based company's net income surged 73 percent to $9.4 billion, or $13.33 per share. Earnings, adjusted for non-recurring gains including those from the accounting change, were $9.93 per share.
The results beat Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $9.21 per share.
The internet search leader posted revenue of $31.15 billion in the period. After subtracting Alphabet's advertising commissions, revenue was $24.86 billion, also beating Street forecasts.