NEWS
04/27/2017 12:52 EDT | Updated 04/30/2017 10:26 EDT

Alphabet tops Street 1Q forecasts

MOUNTAIN VIEW, Calif. (AP) _ Alphabet Inc. (GOOGL) on Thursday reported first-quarter earnings of $5.43 billion.

The Mountain View, California-based company said it had net income of $7.73 per share.

The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $7.48 per share.

The internet search leader posted revenue of $24.75 billion in the period. After subtracting Alphabet's advertising commissions, revenue was $20.12 billion, which also beat Street forecasts. Twelve analysts surveyed by Zacks expected $19.65 billion.

Alphabet shares have increased 12 per cent since the beginning of the year, while the Standard & Poor's 500 index has increased almost 7 per cent. In the final minutes of trading on Thursday, shares hit $891.44, a climb of 24 per cent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GOOGL at https://www.zacks.com/ap/GOOGL

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