Alphabet Inc Shares Surge On Earnings, Revenue Beats

Posted May 03, 2017

A raft of U.S. tech giants reported their first quarter numbers on Thursday, with Google's parent company Alphabet seeing an impressive 28% rise in profits compared with the same period past year.

Pichai, received a salary of U.S. $650,000 past year, slightly less than the United States $652,500 he earned in 2015. Certain advertisers have curtailed their spending until they are convinced Google can prevent their brands from appearing next to extremist clips promoting hate and violence.

The internet company's revenue rose 22% on the same period previous year to 24.7 billion dollars (£19.1bn), a figure that was also more than four billion dollars higher than analysts predicted.

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Shares were up 4 percent in after-hours trading; shares are up more than 20 percent in the past year.

Shares in Alphabet, parent of Google, rocketed to an all-time high Friday of $916.65 after reporting first quarter earnings. Google ad revenues rose to $21.4 billion, while other Google revenues rose to $3.1 billion.

In a conference call with analysts to discuss the results, Google CEO Sundar Pichai said mobile continues to drive momentum behind the company's advertising business.

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At least seven analysts hiked their price targets on Alphabet, including those at Jefferies, RBC Capital, Instinet-Nomura, Stifel, Cowen & Co., UBS and BMO Capital Markets.

Google has come to dominate the online advertising market along with Facebook Inc.

Alphabet's category called "Other Bets" - which includes more risky projects like Google X, Nest, Life Sciences unit Verily, self-driving unit Waymo, and more - posted revenue of $244 million on an operating loss of $855 million. Numerous world's largest companies announced they would pause ads on the platform until the company made changes.

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Alphabet CEO Larry Page released a letter last night defending the two-year-old Alphabet structure, which he said had achieved its objective of giving investors greater visibility into Google's performance while empowering entrepreneurs in other parts of the company. That saw his total compensation rise from $100.6 million to $199.35 million - not bad for your second year on the job.