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Investing.com – Google’s parent company, Alphabet (NASDAQ:) on Monday reported third-quarter earnings that missed analysts’ expectations, despite an increase in advertising growth.
The firm reported per share (EPS) of $10.12 on revenue of $40.50 billion. Analysts polled by Investing.com forecast EPS of $12.28 on revenue of $40.3 billion. That compared to EPS of $13.06 on revenue of $33.74 billion in the same period a year earlier. The company had reported EPS of $14.21 on revenue of $38.94 billion in the previous quarter.
Advertising revenues, which forms a large chunk of Alphabet’s revenues, rose to $33.9m billion during the quarter, up from around $28.9 billion a year earlier. But advertising on Google’s own platforms, or Google (NASDAQ:) Properties revenues,
Meanwhile, Alphabet’s Other Bets category, which includes smart home brand Nest, reported a wider operating loss of $941 million for the quarter, compared with a loss of $727 million in the previous year.
“I am extremely pleased with the progress we made across the board in the third quarter, from our recent advancements in search and quantum computing to our strong revenue growth driven by mobile search, YouTube and Cloud,” said Sundar Pichai, Chief Executive Officer of Google. “We’re focused on providing the most helpful services to our users and partners, and we see many opportunities ahead.”
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar
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