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MarketWatch First Take: The tax hit that made Google miss on earnings, and the big change that will keep it from happening again

Alphabet Inc. disappointed investors with its earnings report Thursday because of a charge related to taxes, but Google’s parent company will make an important change to its financial reporting that should prevent this particular pitfall in the future.

Alphabet GOOGL, -0.17%GOOG, -0.42% reported standard earnings of $7.56 a share Thursday, slightly lower than analyst projections of $7.63 a share, according to FactSet. However, the company’s adjusted profit suffered a much wider miss at $9.36 a share, nearly 30 cents a share lower than analysts’ expectations of $9.64, which was likely a big factor in an after-hours decline for Alphabet stock.

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