Alphabet shares fell in Thursday after-hours trade after the company reported earnings and revenue that fell short of analyst expectations.
The Google parent company said it saw adjusted first-quarter earnings of $7.50 per share on $20.26 billion in revenue. Analysts expected Alphabet to report earnings of about $7.97 a share on $20.37 billion in revenue, according to a consensus estimate from Thomson Reuters.
After those results were released, the company's class A shares fell by about 6 percent in after-hours trading, but then pared some of those losses.
The lower-than-expected quarterly results were potentially due to Alphabet's "other income" line, which was hurt by losses in foreign currency exchange and equity investments. Those figures came in lower than some analyst models predicted.
Despite missing Wall Street's expectations, Alphabet's adjusted earnings still rose nearly 16 percent from the comparable $6.47 per share during the same period last year, and its revenues also grew by double-digits percent.
"Our Q1 results represent a tremendous start to the year with 17 percent revenue growth year on year and 23 percent growth on a constant currency basis. We're thoughtfully pursuing big bets and building exciting new technologies, in Google and our Other Bets, that position us well for long term growth," Ruth Porat, CFO of Alphabet, said in the company's Thursday earnings release.