Google’s parent Alphabet beats Wall Street forecasts on revenue and earnings
Google’s parent company Alphabet on Thursday reported $24.8 billion in revenue for the first quarter of 2017, a 22 percent jump from the same period last year, as the Mountain View tech giant beat Wall Street expectations.
The company recorded earnings per share of $7.73, also exceeding analysts’ expectation of $7.42.
Once again, the “other bets” portion of Google that contains experimental “moonshot” enterprises and more-established businesses including smart home unit Nest and Google Fiber, lost big, notching an $855 million loss against $244 million in revenue. The loss was larger than the $802 million lost in the year ago quarter, but revenue was higher than that period’s $166 million.
Revenues attributed to Google within Alphabet grew to $24.5 billion over $20.1 in the first quarter of 2016.
Check back on this developing story.