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Alphabet misses Street 1Q forecasts

MOUNTAIN VIEW, Calif. – MOUNTAIN VIEW, Calif. (AP) _ Alphabet Inc. (GOOGL) on Thursday reported first-quarter profit of $4.21 billion.

On a per-share basis, the Mountain View, California-based company said it had net income of $6.02. Earnings, adjusted for stock option expense, were $7.50 per share.

The results missed Wall Street expectations. The average estimate of 17 analysts surveyed by Zacks Investment Research was for earnings of $7.90 per share.

The Internet search leader posted revenue of $20.26 billion in the period. After subtracting Alphabet’s advertising commissions, revenue was $16.47 billion, which also did not meet Street forecasts. Thirteen analysts surveyed by Zacks expected $16.51 billion.

Alphabet shares have climbed slightly since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 2 per cent. In the final minutes of trading on Thursday, shares hit $779.83, a rise of 44 per cent in the last 12 months.

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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 http://www.zacks.com/ap/GOOGL

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Keywords: Alphabet, Earnings Report, Priority Earnings