EU Fine Makes Dent In Earnings For Google's Parent
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2019-04-30 HKT 04:33
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Google-parent Alphabet on Monday reported that profit in the first three months of this year sagged under the weight of a hefty fine in the European Union.
Alphabet said that profit in the first-quarter fell 29 percent to US$6.7 billion on revenue that climbed 17 percent to US$36.3 billion.
The earnings took a hit from a European Commission fine that amounted to US$1.7 billion at the end of March, according to the quarterly update.
Google shares were down 5.6 percent to US$1,226.85 in after-market trades that followed release of the earnings report which showed weaker-than-anticipated revenues for the technology colossus. (AFP)
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