Google’s Parent, Alphabet Inc Missed First Quarter Revenue Targets Forecasted by Analysts
Google might be helping people with their quick search online but now it is searching for the next big thing for itself. Google's parent company Mountain View, California based Alphabet, is working hard with several projects starting from thermostats connected to Wi-Fi and nanoparticles for detecting cancer but could not generate the expected amount of profit in the first quarter. On Thursday it announced the quarterly results but spending more money on building traffic for its mobile advertising services might have cut on its profits. It was also hit by the strong dollar.
The earnings report on Thursday pulled shares of the company six percent down during the late hours trading.
Consolidated revenue of Alphabet increased to $20.26 billion compared to $17.26 billion last year but still fell little short of the analysts' expectations of $20.37 billion. The company's earnings per share was $7.50, excluding certain items which did not keep in line with analysts' forecast of $7.97. This year, Alphabet's overall shares have remained flat. Last year, the company announced restructuring plans which separated many of the divisions into smaller and quasi-independent companies.
Ruth Porat, Alphabet's CFO, said "We're thoughtfully pursuing big bets." She added the company is also "building exciting new technologies, in Google and our Other Bets, that position us well for long-term growth."
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