Google parent beats fourth quarter forecasts for revenue and profit

Alphabet Inc beat Wall Street estimates for fourth-quarter revenue and profit on Monday, as advertisers spent more on its Google search and YouTube services during the busy holiday shopping period.

The company reported net income of $8.95 billion (€7.8 billion), or $12.77 per Class A and B common share and Class C capital share, in the quarter ended December 31st, compared with a loss of $3.02 billion, or $4.35 per share, a year earlier when it recorded a one-time tax charge of $9.9 billion.

Revenue jumped 21.5 percent to $39.28 billion. Analysts on average had expected revenue of $38.93 billion and earnings of $10.87 per share, according to IBES data from Refinitiv.

Alphabet is the parent company of internet search giant Google. - Reuters