Alphabet’s mobile ad revenue surges; shares jump
Reuters) – Alphabet Inc (GOOGL.O) on Thursday reported stronger-than-expected advertising sales and higher operating margins, driving shares up in after-hours trading as investors brushed off concerns about higher costs for acquiring mobile customers.The companys shares were up nearly 3 percent at $1,020 after the bell. They have gained 25 percent this year.Third-quarter revenue for Alphabet, the parent company of Google, jumped 24 percent to $27.8 billion, above the average analysts estimate of $27.2 billion.Profit of $6.7 billion, or $9.57 per share, was well ahead of Wall Street estimates.Alphabet, along with much of the tech sector, has enjoyed torrid growth in recent years as advertising moves from traditional media to the internet and consumers flock to an ever-expanding array of digital devices.
