Google parent Alphabet profit surges on mobile, video ads

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Google parent Alphabet Inc bested analysts' estimates for third-quarter profit and revenue on Thursday as the search company showed it has honed its core business for the mobile era and is closing in on the next wave of computing. Propelled by strong advertising on mobile devices and video site YouTube, Alphabet's net income climbed 27 percent to $5.06 billion. Google is competing fiercely with social network Facebook Inc for dominance in the fast-growing mobile advertising market.

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