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Google's net business turnover jumped 22% in the third quarter, thanks to the strong performance of its mobile search business, but the results were below Wall Street's expectations and the stock plunge after a trading session Thursday.
Shares of parent company, Alphabet, fell 4% after completion of the normal trading session, up more than 4% in advance on earnings.
The operating profit margin of the Internet company was reduced by rising costs in the quarter ended September 30, but a lower tax rate and an increase of $ 1.4 billion " Other income "from equity investments allowed Alphabet to post a larger than expected net income.
This is what Alphabet reported:
Q3 turnover: $ 27.2 billion, up 22% year-on-year, but far from the $ 27.33 billion expected by analysts.
Q3 EPS (GAAP): $ 13.06, compared to analysts' expectations of $ 10.45
Operating margin: 25%, down from 28% in the quarter of last year
Cost of acquisition of the traffic: 23% of advertising revenue, identical to the previous year.
Other revenues (includes Cloud and Play companies): $ 4.6 billion, up 29% from the previous year
employees: 94,372, an increase of more than 5,000 employees compared to its latest report published in late July
At a teleconference, Ruth Porat, Google's chief financial officer, said that the third quarter's business advertising revenue growth was "driven by mobile research with a significant contribution from YouTube, followed by computer search ".
The "other bets" Alphabet, its various subsidiaries focused on ambitious projects such as autonomous cars and health technologies, recorded a loss of $ 727 million operating, against 650 million dollars for the same period of the previous year.
We will cover Google's results when they cross the wire. Click Refresh or click here to get the latest.
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