Alphabet profit sends shares up; overtakes Apple in value

By REUTERS
February 2, 2016 01:09

 
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Feb 1 - Alphabet Inc reported better-than-expected quarterly profit on Monday, sending shares of Google's parent soaring in after-hours trading and making it the most valuable U.S. company ahead of rival Apple Inc .

It was the first quarter the company provided information on what it calls 'Other Bets' such as self-driving cars, and the solid results eased investor concerns about the company's spending on ambitious projects.

"As long as the core business continues to operate well with accelerated revenue... investment in those businesses can continue," said Ronald Josey of JMP Securities.

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