Alphabet's earnings soar to $9.4B: 5 things to know

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Google's parent company Alphabet posted financial results for the first quarter ended March 31, 2018, recording a 26 percent  increase in revenues year-over-year to $31.1 billion.

Here are five things to know.

1. Alphabet posted $7 billion in operating income, with a 22 percent operating margin. In the same period in 2017, Alphabet posted $6.6 billion in operating income with a 27 percent operating margin.

2. New accounting standards that changed the way companies report equity security investments as well as adjusted tax rates affected Alphabet's financials, according to a statement in the report. The company faced an 11 percent tax rate, compared to a 20 percent tax rate in 2016.

3. Google drove $26.6 billion in ad sales, in addition to $4.4 billion other revenues — including those from Nest, which it acquired in the first quarter — for a total Google segment revenue of $31 billion.

4. The company's other "bets," which refer to its subsidiaries including Verily, Waymo and X, recorded  $150 million in revenues.

5. Net income for the first quarter was $9.4 billion, up from $5.4 billion one year prior, and diluted earnings per share for the first quarter was $13.33, up from $7.73 one year prior.

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JPMorgan, Wells Fargo, other big banks haul in $2.5B+ in tax savings

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