Alphabet delivers big earnings beat in third quarter

Inside Google's X lab

MOUNTAIN VIEW, Calif. -- Alphabet Inc. (GOOGL) on Thursday reported third-quarter profit of $6.73 billion.

That comes out to $9.57 per share for the Mountain View, California-based company.

The results topped Wall Street expectations. The average estimate of 17 analysts surveyed by Zacks Investment Research was for earnings of $8.43 per share.

The internet search and advertising giant posted revenue of $27.77 billion in the period. After subtracting Alphabet's advertising commissions, revenue was $22.27 billion, also surpassing Street forecasts. Eleven analysts surveyed by Zacks expected $21.94 billion.

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Alphabet shares have climbed 25 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 14 percent. In the final minutes of trading on Thursday, shares hit $991.42, an increase of 21 percent in the last 12 months.