EU Search Fine Cuts Into Google Profits
Alphabet, the parent company of Google, has reported $20.87 billion in revenue for the second quarter of 2017. Its earnings would have been $8.90 per share without the record-setting $2.7 billion fine imposed by the European Union's antitrust authority. With the fine, the company had net income of $3.52 billion or $5.01 per share.
Google's quarterly revenue was actually higher than Alphabet's. The company had $25.76 billion in sales, including $22.7 billion from advertising. The rest of the revenue comes from the company's cloud computing service, software and related products. The company touted its advances in machine learning as a one of its big successes for the quarter.