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Alphabet's profit soars 29% on strong ad sales

Shares of the company rose 2.8% to $916.80 after the bell on Thursday

Reuters  |  Bengaluru/San Francisco 

Google parent Alphabet Inc posted a surge in profit and revenue on Thursday as its core advertising business continued to grow at an extraordinary rate and problems such as an advertiser boycott of YouTube had little impact. Alphabet's profit beat Wall Street estimates and rose 29 per cent to $5.43 billion, a growth rate that analysts called exceptional for a company so large. "For a company of Google's size to post the growth that it has is just a testament to the quality and usefulness of the products they make," said Colin Gillis, an analyst with BGC ...

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First Published: Fri, April 28 2017. 04:44 IST