Alphabet, formerly Google, plans share buyback

Alphabet, formerly Google, plans share buyback Alphabet Inc., the recently created parent company of Google Inc., topped earnings estimates in the third quarter, grossing $18.7 billion in revenue, the company said Thursday. The headline figures showed nearly US$4 profit (up 45% year-on-year, though by 18% when calculated on the non-GAAP basis that tech companies believe gives a more accurate idea of the state of their businesses) from nearly $18.7 billion revenue (up 13%). Analysts were expecting $18.53 billion and $7.21 per share. Alphabet’s shares were up almost 10 per cent at $746.95 in premarket trading, far above the $713.33 record high set by Google – the company’s former name – in regular trading in July. Total advertising revenues worked out at $16.7pc, up 13pc on the previous year while other…

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