Google Parent Alphabet Q3 Profit Rises - Update

(RTTNews) - Alphabet Inc. (GOOG, GOOGL), the parent company of Google, Thursday reported an increase in profit for the third quarter, driven largely revenue growth in search and advertising.

Alphabet's third-quarter profit rose to $6.73 billion or $9.57 per share from $5.06 billion or $7.25 per share last year.

On average, 34 analysts polled by Thomson Reuters estimated earnings of $8.33 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the quarter grew 24 percent to $27.77 billion from $22.45 billion last year. Analysts had a consensus revenue estimate of $27.20 billion for the quarter.

The company said aggregate paid clicks increased 47 percent year-over-year and 6 percent from last quarter. Paid clicks on Google websites jumped 55 from last year and 7 percent from previous quarter. Meanwhile, aggregate cost-per-click dropped 18 percent from a year ago.

Google ad revenues rose to $24.07 billion from $19.82 billion last year.

"We had a terrific quarter, with revenues up 24% year on year, reflecting strength across Google and Other Bets," said Ruth Porat, CFO of Alphabet. "Our momentum is a result of investments over many years in fantastic people, products and partnerships."

GOOG closed Thursday's trading at $972.56, down $0.77 or 0.08% on the Nasdaq. The stock, however, gained $41.53 or 4.27% in the after hours trading.