Google parent Alphabet announced third-quarter results. Both revenues and earnings per share beat Wall Street estimates.
The company reported roughly $27.8 billion in total revenues (up 24 percent), with Google contributing all but $302 million of that amount. Earnings per share were $9.57, which was about $1.24 higher than expected.
Advertising generated just over $24 billion in quarterly revenue. Operating income was about $7.8 billion. However, traffic acquisition costs (TAC) rose to $3.1 billion (vs. $2.6 billion a year ago). There are sure to be analyst questions about that item.
The revenue breakdown by segment:
Paid clicks on Google properties were up 6 percent year over year and aggregate cost per click (CPC) was up 1 percent. Here’s more detail:
Paid click growth was significant. However, CPCs were down (18 percent) from a year ago but up slightly (1 percent) from last quarter. Alphabet (GOOG) shares are up in after-hours trading.
The company says it now has more than 78,000 employees, compared with just under 70,000 a year ago. The earnings call webcast is happening now.
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