Ron Burgundy Posted October 23, 2015 Share Posted October 23, 2015 By Deborah Todd and Steve Trousdale SAN FRANCISCO (Reuters) - Alphabet Inc, the new holding company for Google, introduced its first share buyback and beat Wall Street's profit forecast on Thursday, helped by solid progress in mobile and video advertising, sending the stock to its highest-ever level in after-hours trading. Revenue and profit well above analysts' average forecasts, along with the unexpected buyback, was welcomed by Wall Street, which is now betting on further growth. "They've got the right program to continue to grow at a solid pace and be dominant in those spaces." The results come at a pivotal time for the company as it navigates the transition from desktop to mobile, where ads are generally less profitable, while facing growing competition from rivals like Facebook Inc. At the same time, it is moving into a new corporate structure that will put more visibility on parts of Alphabet such as its secretive research arm, Google X. Next quarter will be the first in which it reports results under that structure. View the full article Quote Link to comment Share on other sites More sharing options...
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