Alphabet Reports Second-quarter Earnings Beat

Shares of Alphabet Inc. were falling 2% after hours Monday after the company reported second-quarter earnings. Alphabet reported net income of $3.5 billion, or $5.01 per share, up from $4.9 billion, or $7 per share, in the year-earlier period, all on a GAAP basis. The FactSet GAAP consensus was for earnings per share of $4.44. Alphabet's earnings include the impact of a $2.7 billion fine levied by the European Commission. Revenue was $26 billion, up from $21.5 billion in the year-earlier period. The FactSet consensus for total revenue was $25.6 billion. Shares of Alphabet have gained 14% in the past three months, compared with the S&P 500 , which has gained 4%.