Shares of Google parent company Alphabet are soaring on a strong inaugural earnings report.
In its first quarter breaking out separate financials for Google and "other bets," Alphabet reported that total fourth quarter revenue was up 18 percent year-over-year to $21.3 billion. Wall Street was expecting revenue of $20.8 billion.
Alphabet also reported quarterly adjusted earnings of $8.67 per share, beating the anticipated adjusted EPS of $8.10.
The strong performance sent the the company's stock surging nearly 10 percent during after-hours trading on the Nasdaq.
Google founders Larry Page and Sergey Brin announced the plan to reorganize as Alphabet in August last year. The move split Google's core businesses, including search, Android and YouTube, into a separate company from that of the longer-term projects such as the self-driving car coming out of the X lab. Sundar Pichai took over as CEO of Google while Page became CEO of Alphabet.
Alphabet shares closed Monday up less than one percent to $750.07.
More to come...
This article was first published by The Hollywood Reporter.