MOUNTAIN VIEW, Calif. (AP) -- Alphabet Inc. (GOOGL) on Thursday reported third-quarter net income of $5.06 billion.

On a per-share basis, the Mountain View, California-based company said it had net income of $7.25. Earnings, adjusted for stock option expense, were $9.06 per share.

The results topped Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of $8.58 per share.

The Internet search leader posted revenue of $22.45 billion in the period. After subtracting Alphabet's advertising commissions, revenue was $18.27 billion, which also beat Street forecasts. Eleven analysts surveyed by Zacks expected $17.91 billion.

Alphabet shares have risen 5 percent since the beginning of the year, while the Standard & Poor's 500 index has risen slightly more than 4 percent. In the final minutes of trading on Thursday, shares hit $817.35, an increase of 12 percent in the last 12 months.

--Associated Press. 

Published on: Oct 27, 2016