Alphabet’s Q2 profits take a big hit after record EU fine

Jul 25, 2017, 8:16 AM EDT
(Source: Open Grid Scheduler / Grid Engine/flickr)
(Source: Open Grid Scheduler / Grid Engine/flickr)

Alphabet, the parent company of search giant Google, posted a decline of 30 percent in its year-on-year profits, a figure that quantifies the impact of a record 2.42bn euros fine imposed on the group by the European Commission earlier this year.

Although the hefty penalty dented the profits, the company’s revenue spiked 21 percent in the last quarter compared to the same period in 2016, reflecting the true health of Alphabet, writes the BBC.

Earlier this year, the European Commission handed Alphabet its largest penalty holding the company guilty of distorting the market and abusing its internet search monopoly, notes The Telegraph.

TAGS: Google