Alphabet third-quarter profit misses estimates, hit by aggressive spending by the Google unit on marketing and hardware development $GOOG For more breaking business news, follow ReutersBiz
FILE PHOTO: A man walks through light rain in front of the Hey Google booth under construction at the Las Vegas Convention Center in preparation for the 2018 CES in Las Vegas, Nevada, U.S. January 8, 2018. REUTERS/Steve Marcus/
- Alphabet Inc fell short of analysts’ estimates for third-quarter profit on Monday, hit by aggressive spending by its Google unit on marketing and hardware development. The company reported a net income of $7.07 billion, or $10.12 per Class A and B common share and Class C capital share, in the three months ended Sept. 30, from $9.19 billion, or $13.06 per share, a year earlier.Analysts on average had expected revenue of $40.33 billion and earnings of $12.44 per share, according to IBES data from Refinitiv.
Reporting by Munsif Vengattil in Bengaluru and Paresh Dave in San Francisco; Editing by Sriraj Kalluvila
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