MOUNTAIN VIEW, Calif. (AP)--Alphabet Inc. (GOOGL) on Monday reported fourth-quarter earnings of $4.92 billion.

On a per-share basis, the Mountain View, California-based company said it had net income of $7.06. Earnings, adjusted for stock option expense, came to $8.67 per share.

The results beat Wall Street expectations. The average estimate of 19 analysts surveyed by Zacks Investment Research was for earnings of $8.17 per share.

The Internet search leader posted revenue of $21.33 billion in the period. After subtracting Alphabet's advertising commissions, revenue was $17.27 billion, also topping Street forecasts. Sixteen analysts surveyed by Zacks expected $16.87 billion.

Alphabet shares have declined almost 1 percent since the beginning of the year, while the Standard & Poor's 500 index has declined 5 percent. In the final minutes of trading on Monday, shares hit $770.77, an increase of 43 percent in the last 12 months.

--Associated Press