Google’s parent Alphabet results hit by rising traffic costs, strong dollar

Google's parent Alphabet Inc missed Wall Street targets for first-quarter profit and revenue on Thursday as it spent more money to build traffic for its mobile advertising services. The results, which were also hit by the strong dollar, drove shares of the Web search company down 6 percent in late trading Thursday. Alphabet's consolidated revenue rose to $20.26 billion from $17.26 billion, slightly below the $20.37 billion analyst consensus, according to Thomson Reuters I/B/E/S. Non-GAAP earnings per share of $7.50, excluding one-time items, missed analysts' expectations of $7.97.

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