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googlelogoGoogle parent company Alphabet saw shares slightly rise after beating analyst expectations for its third quarter earnings report.

Alphabet, announced a year ago as a new holding company that includes Google, posted $22.5 billion in revenue, beating the $22 billion Wall Street expected, and up 20 percent year-over-year. The company also posted adjusted profit of $9.06 per share; analysts expected $8.63.

“Mobile search and video are powering our core advertising business and we’re excited about the progress of newer businesses in Google and Other Bets,” Alphabet CFO Ruth Porat said in a statement.

Shares were up 1 percent in after-hours trading; shares are up more than 13 percent in the past year.

The Google business (search, ads, maps, apps, cloud, Play, YouTube, Android, virtual reality, etc.) was responsible for $22.3 billion in operating income this past quarter and $6.8 billion in profits.

Alphabet’s category called “Other Bets” — which includes more risky projects like Google X, Calico, Life Sciences, and self-driving car development — posted revenue of $197 million on an operating loss of $865 million. That’s up from revenue of $141 million on an operating loss of $980 million a year ago.

Advertising is still Alphabet’s cash cow. Total advertising revenue was up 18 percent to $19.8 billion. Aggregate cost-per-click fell 11 percent, but aggregate paid clicks were up 33 percent from the year-ago quarter.

Alphabet added 3,378 employees during Q2 and now employs 69,953 people, up from 59,976 one year ago.

Google this month unveiled several new devices it plans to release in the coming months: the new Pixel smartphone, a virtual-reality headset and platform, voice-activated home speakers, a new WiFi manager and the latest Chromecast. This week it also debuted Jamboard, a 55-inch 4K digital whiteboard, and announced a big expansion for its delivery service, Google Express.

Alphabet’s market capitalization is now $550 billion; it is the second-most valuable company in the world behind Apple. It also today announced a Class C capital stock repurchase authorization of $7 billion.

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