Alphabet profit hit by EU fine on Google

Alphabet profit hit by EU fine on GoogleGoogle parent Alphabet on Monday saw shares slide as the market reacted to a massive fine by the European Commission and word that success in mobile, cloud and YouTube is coming with higher costs. Alphabet reported a quarterly profit of $ 3.5 billion, in a sharp decline from a year ago, with a $ 2.74 billion antitrust fine in Europe biting into earnings. The technology giant reported that revenue grew to $ 26 billion in the recently ended quarter, and that profit would have tallied nearly $ 6.3 billion if it were not for the fine levied on search engine Google by the European Commission.

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