Google-parent Alphabet Beats First-quarter Earnings Expectations

Shares of Google-parent Alphabet Inc. climbed 3% late Thursday after the company beat first-quarter earnings expectations. It reported net income of $5.4 billion, or $7.73 per share, up from $4.2 billion, or $6.02 per share, in the year-earlier period. The FactSet consensus was for earnings per share of $7.38. Revenue was $24.7 billion, up from $20.2 billion in the year-earlier period and above the FactSet consensus of $19.7 billion. Google advertising revenues contributed $21.4 billion, while "other bets" revenues contributed $244 million. The company reported a 2% increase in aggregate paid clicks sequentially. Shares of Alphabet have gained 6% in the past month, compared to the S&P 500's gain of 2%.