MOUNTAIN VIEW, Calif. (AP) _ Alphabet Inc. (GOOGL) on Monday reported first-quarter profit of $6.66 billion.
The Mountain View, California-based company said it had profit of $9.50 per share. Earnings, adjusted for non-recurring costs, were $11.90 per share.
The results beat Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $10.57 per share.
The internet search leader posted revenue of $36.34 billion in the period. After subtracting Alphabet's advertising commissions, revenue was $29.48 billion, which did not meet Street forecasts. Eleven analysts surveyed by Zacks expected $29.99 billion.
Alphabet shares have increased 24% since the beginning of the year, while the Standard & Poor's 500 index has climbed 17%. In the final minutes of trading on Monday, shares hit $1,295.06, a climb of 26% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GOOGL at https://www.zacks.com/ap/GOOGL
Automated Insights, source Associated Press News