Alphabet earnings beat expectations

Alphabet (GOOGL), the parent company of Google, is out with third-quarter earnings after the market close on Thursday and it’s a beat.

Alphabet topped expectations on the bottom line while just beating estimates on the top line. In after hours trade, shares of the company were higher, but little-changed.

Here are the key numbers (estimates via Bloomberg):

• Adjusted earnings per share: $9.06 ($8.61 expected)

• Revenue ex-TAC: $18.27 billion ($18.23 billion expected)

• Cost-per-click: -11% (-4.8% year-over-year expected)

• Paid clicks: +33% (+26% year-over-year expected)

The company also announced that its board authorized a $7 billion share repurchase plan.

In the third quarter, “Other Bets” revenue totaled $197 million, up from $141 million in the same quarter last year. Operating losses in the segment totaled $865 million in the quarter, less than the $980 million recorded last year.

Investors pay close attention to the company’s Other Bets revenue, or businesses that are basically outside the company’s core Google ad display revenue business, which powers much of its financial success. The Other Bets segment is effectively the reason for why Google developed the Alphabet umbrella structure.

“We had a great third quarter, with 20% revenue growth year on year, and 23% on a constant currency basis. Mobile search and video are powering our core advertising business and we’re excited about the progress of newer businesses in Google and Other Bets,” said Ruth Porat, CFO of Alphabet.

Earlier this week, Alphabet was in the headlines after the company said it would halt operations and lay off staff in its Google Fiber program, which was focused on bringing high-speed internet to major metro areas including Atlanta, Austin, and Charlotte.

In the second quarter, Alphabet reported adjusted earnings per share of $8.42 on revenue $21.5 billion. Other Bets revenue in Q2 totaled $185 million with an operating loss of $859 million.

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Myles Udland is a writer at Yahoo Finance.