Google parent Alphabet slips as revenue misses estimates

Alphabet, Google’s parent company, reported stronger quarterly earnings than expected but revenue that missed Wall Street’s view.

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The search giant on Thursday reported net income of $9.19 billion, or $13.06 a share, for the third quarter. That’s up from $6.73 billion, or $9.57 a share, in the same period a year earlier. Revenue climbed 21 percent to $33.74 billion.

Analysts polled by Refinitv had forecast per-share earnings of $10.42 on revenue of $34.04 billion.

Revenue growth slowed during the quarter, as Alphabet reported a 24 percent gain in the year-ago period. Ad revenue, the largest contributor to Alphabet’s top line, surged 20 percent to $28.95.

TickerSecurityLastChangeChange %
GOOGLALPHABET INC.1,288.97-25.98-1.98%

Traffic acquisition costs totaled $6.58 billion, up 16 percent.

Shares fell 4 percent in after-hours trading.