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Alphabet's still raking in the cash, despite EU's fineGoogle's parent company reports a healthy $26 billion in revenue, never mind that monumental $2.74 billion bill from European regulators.
Alphabet reports $26 billion in revenue. Earnings reports can be quite dull for a lot of companies. But Alphabet, on the other hand, is not like most. For the quarter ending June 30th, Alphabet's revenues were up 21% compared to the same time, last year. That $26 billion revenue figure builds in a $2.74 billion fine issued by the European commission. The commission found that Google was favoring its own shopping services in its search results over those of rivals. The fine is the biggest antitrust penalty EU has ever applied to a single company. The European Commission also said Google must change its practices or else they could face further penalty payments. The fine was accrued during Alphabets last fiscal quarter and the company may appeal the ruling. Alphabets chief financial officer Ruth Porax said we're still early in our analysis of the decision and next steps. Google's also facing another fine by the European commission over unfair practices revolving around Android. Some reports say that penalty could be the larger than the record setting $2.4 billion fine. For more information check out cnet.com. I'm Iyaz Akhtar and I'll see you online.