Alphabet third-quarter profit misses estimates


FILE PHOTO: A man walks through light rain in front of the Hey Google booth under construction at the Las Vegas Convention Center in preparation for the 2018 CES in Las Vegas

(Reuters) – Alphabet Inc fell short of analysts’ estimates for third-quarter profit on Monday, hit by aggressive spending by its Google unit on marketing and hardware development.

The company reported a net income of $7.07 billion, or $10.12 per Class A and B common share and Class C capital share, in the three months ended Sept. 30, from $9.19 billion, or $13.06 per share, a year earlier.

Revenue jumped 20% to $40.5 billion.

Analysts on average had expected revenue of $40.33 billion and earnings of $12.44 per share, according to IBES data from Refinitiv.

(Reporting by Munsif Vengattil in Bengaluru and Paresh Dave in San Francisco; Editing by Sriraj Kalluvila)

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