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EU fine

54

Google challenges record $5 billion EU fine in Android antitrust case

Back in July, the European Commission handed out its largest fine ever — 4.34 billion euros ($5 billion) to Google over antitrust charges. The Commission asserted that Google abused Android's market dominance, using it to hinder competition. Google's CEO Sundar Pichai immediately responded that Android has "created more choice for everyone, not less," and promised to appeal. Several months later, the formal challenge is now submitted.

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Alphabet posts huge 25% increase in revenue, investors shrug off impact of EU fine

Alphabet's second-quarter results were just released to investors, and although revenues are up 25% compared to Q2 2017, reaching $32.65 billion—comparing favorably to last quarter's results, too—it isn't all good news. Taking into account the effects of the recent $5 billion antitrust fine by the EU, net income is actually down significantly to ~$3.2 billion, a loss of 9.3% compared to Google's fine-extrapolated numbers for Q1 2017. That doesn't seem to have investors too worried, though, as the pre-fine numbers beat expectations by a large margin, driving up Alphabet's stock price in after-hours trading by 5%.

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