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  1. Alphabet Inc profit slumps on record $2.7 billion fine by European Union

Alphabet Inc profit slumps on record $2.7 billion fine by European Union

Alphabet Inc reported a 27.7 percent drop in quarterly profit as the company recorded a previously announced charge related to a record $2.7 billion fine imposed on its Google unit by the EU.

By: | New Delhi | Updated: July 25, 2017 3:55 AM
Alphabet Inc, Alphabet, Google, google parent company, EU fines Google, EU fine alphabet, Sundar Pichai, Google GAAP earnings It was not immediately clear if the reported results were comparable. (Image: Reuters)

Alphabet Inc reported a 27.7 percent drop in quarterly profit as the company recorded a previously announced charge related to a record $2.7 billion fine imposed on its Google unit by the EU. The company’s net income fell to $3.52 billion, or $5.01 per Class A and B share and Class C capital stock, in the second quarter ended June 30 from $4.88 billion, or $7 per share, a year earlier.

Analysts had expected earnings of $4.46 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported results were comparable. The company changed the method it reports earnings in the first quarter, focusing on Generally Accepted Accounting Principles (GAAP) earnings instead of non-GAAP results. Consolidated revenue rose to $26.01 billion from $21.50 billion.

EU antitrust regulators last month hit Google with a record 2.4-billion-euro ($2.7 billion) fine for favoring its own shopping service, taking a tough line in the first of three probes of its dominance in searches and smartphone operating systems.

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