Google parent Alphabet reports $22.45 billion in revenue for Q3, announces $7 billion buyback

It’s been one whole year since Google first reported earnings as Alphabet, its new-ish parent company.

Today, the umbrella company announced $22.45 billion in revenue (including traffic acquisition costs) and $9.06 earnings per share (non-GAAP) for its third 2016 quarter. Analysts had expected less: $22.05 billion in revenue and $8.64 earnings per share. Last year (Q3 2015), Google reported revenue of $18.7 billion in revenue and $7.35 earnings per share.

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When compared to last year, Alphabet’s “Other Bets” drove a bit more revenue and lost a bit less money during Q3 2016. The group — basically everything except Google (think: Nest, Fiber, etc) — saw revenues of $197 million (last year: $141 million), and losses of 865 million (last year: $980 million).

In its earnings announcement, Alphabet also announced it would repurchase up to $7.02 billion in stock.

In regular trading today, Alphabet stock closed down by about half a percent. After hours, the company was trading up by about one percent.

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This was a big quarter for Google. The company announced its first smartphone, the Pixel; bought Apigee for $625 million; reorganized its cloud services under the “Google Cloud” name; killed Project Ara; paused Fiber expansion; unveiled a digital whiteboard; and started rolling out its latest version of Android.