MOUNTAIN VIEW, Calif. (AP) _ Alphabet Inc. (GOOGL) on Tuesday reported first-quarter net income of $17.93 billion.

The Mountain View, California-based company said it had net income of $26.29 per share.

The results beat Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of $15.66 per share.

The internet search leader posted revenue of $55.31 billion in the period. After subtracting Alphabet's advertising commissions, revenue was $45.6 billion, also exceeding Street forecasts. Twelve analysts surveyed by Zacks expected $42.46 billion.

Alphabet shares have increased 31% since the beginning of the year, while the S&P's 500 index has increased 12%. In the final minutes of trading on Tuesday, shares hit $2,293.70, an increase of 80% 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

Copyright by Automated Insights, Inc. All rights reserved., source Associated Press News