Alphabet shares surge as Google profit beats street

SAN FRANCISCO: Shares of newly formed parent company Alphabet leapt after Google earnings shined on riding hot trends in mobile search and streaming video.Alphabet credited money from advertising in search results on mobile devices and from video advertising at YouTube with powering a 45 percent jump in profit to $3.98 billion on revenue that was up 13 percent to $18.67 billion in the recently ended quarter.Alphabet shares shot up more than 10 percent to $723 in after-market trades on the figures, which highlighted also how Google managed to keep a rein on expenses.“They have been a money machine,” Silicon Valley analyst Rob Enderle of Enderle Group said of Google.“They basically control the ad infrastructure. So if anybody is making money, Google is making money.”Alphabet chief financial officer Ruth Porat said…


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