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Google’s parent Alphabet reports strong earnings

Google parent company Alphabet delivered a strong earnings report Monday, beating expectations on profits and revenue — but the company’s stock sank on skyrocketing spending on small-project development. The Mountain View, Calif., search giant reported earnings per share of $12.77, exceeding Wall Street’s forecast $10.82. Alphabet took in $39.3 billion in revenue, against analyst forecasts of $38.9 billion — representing a 23 percent year-over-year growth. Revenue from advertising, which is Alphabet’s bread and butter, remained steady, growing 20 percent year-over-year, to $32.6 billion. Alphabet’s traffic acquisition costs — such as the fee it pays Apple to be the default browser on the iPhone — clocked in at $7.4 bi ...