Google parent company falls short on 3rd quarter profit

Google parent company Alphabet reported mixed third-quarter results Monday that beat analyst expectations for revenue, but fell short on profits. The stock fell almost three per cent in after-hours trading.

The company reported a profit of $7.1 billion US, or $10.12 per share. Alphabet says quarterly revenue rose 20 per cent to $40.5 billion.

In its second quarter, Alphabet reported profit of $14.21 per share. 

Alphabet makes the majority of its money from selling targetted advertising across the web, apps and Google products including its search engine and video streaming site YouTube. Investors are also closely watching the growth of Google’s cloud computing business.

Google is the subject of multiple antitrust investigations in the U.S., along with other major tech companies. The probes have not affected its stock price.

Analysts were expecting the company to report profit of $8.7 billion on revenue of $40.3 billion.

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