Google Parent Alphabet Beats Earnings Forecast

Alphabet Inc. gained slightly in late trading Thursday after the web giant reported better-than expected earnings and revenue. Google's parent company reported net income of $5.06 billion, or $7.25 a share on revenue of $22.45 billion. After adjustments for stock-based compensation and other effects, the company said profit was $9.06 a share, and revenue without traffic-acquisition costs was $18.27 billion. Analysts on average expected Alphabet to report adjusted profit of $8.62 cents a share with ex-TAC revenue of $18 billion. Alphabet shares initially jumped about 2.5% after the report hit, but then retreated to a smaller gain of less than 1%.