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Alphabet profits hit by record EU fine

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By Euronews
Alphabet profits hit by record EU fine

Profits at Google’s parent company Alphabet have been hit following last month’s record fine imposed by the EU.

Despite strong growth in the second quarter with revenues of more than 22 billion euros, rising costs saw profits slump by nearly 30 percent.

The impact of the European Commission’s 2.4 billion euro penalty against tech giant Google also took its toll, making it the biggest decline in Alphabet’s net income since the end of 2008.

Search engine Google was ruled to have abused its power by unfairly promoting its own shopping comparison service.