MOUNTAIN VIEW, Calif. (AP) _ Alphabet Inc. (GOOGL) on Tuesday reported first-quarter profit of $6.84 billion.
On a per-share basis, the Mountain View, California-based company said it had profit of $9.87.
The results missed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $10.40 per share.
The internet search leader posted revenue of $41.16 billion in the period. After subtracting Alphabet’s advertising commissions, revenue was $33.62 billion, which topped Street forecasts. Nine analysts surveyed by Zacks expected $32.59 billion.
Alphabet shares have fallen nearly 8% since the beginning of the year, while the Standard & Poor’s 500 index has decreased 11%. In the final minutes of trading on Tuesday, shares hit $1,233.17, a drop of almost 3% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GOOGL at https://www.zacks.com/ap/GOOGL
The Associated Press