Alphabet profits hit by record European Union fine

Google promises 11 Daydream VR phones by the end of the year

Alphabet profits hit by record European Union fine

Alphabet Inc. handily beat quarterly earnings forecasts today despite taking an expected multibillion-dollar hit from an antitrust fine, but investors appear more anxious about future challenges for the Internet giant.

European Union officials penalised the internet giant €2.4bn (£2.1bn) at the end of June over claims it was squeezing out competition for comparison shopping websites by putting ads for its own Google Shopping service at the top of search results. Others, including General Motors Co., Coca-Cola Co. and Lyft Inc., had returned to the site after Google improved technology to screen videos, among other moves.

He joined Google in 2004 and helped lead the development of key consumer products which are now used by over a billion people.

The important number for publishers was advertising, and again Google showed that its power, recording $22.672 billion in advertising in Q2, an 18.4 percent increase in ad revenue versus a year ago. The advertising business built around Google, Android, and YouTube continues to account for the vast majority of the revenue and all the profit. This is mainly to keep investors onside by illustrating the size and margin of these operations once extracurricular activities were stripped out.

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Despite the positive overall results, Alphabet noted that costs were rising faster than sales and warned that expenses would remain high as more searches shifted to mobile devices. During the same quarter in the prior year, the company earned $7.50 EPS. Revenue was up 21 percent to $26.01 billion.

Beyond advertising, it's hard to tell if other businesses are moving the needle yet. In particular, the company has plowed money into its cloud-computing business, which Porat said was one of the fastest-growing divisions.

Alphabet's second-quarter profit dropped to $3.52 billion or $5.01 per share from $4.88 billion or $7.00 per share previous year.

The company, which also owns YouTube, said that it recorded a growth regarding revenue generation when the income was compared to that of the second quarter revenue in 2016.

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The SJC did not agree with the assertions of the DOJ and stated that the state police may only make arrests for criminal offenses. The justices ruled in a case involving court officers, the white-shirted men and women who provide security in courtrooms.

Google's earnings reports are very different than Amazon's, which reports later this week.

For the second quarter, the analyst projects gross revenue to hit a 21.2% year-over-year rise to $26.0 billion, with net revenues surging forward 21.3% year-over-year to $21.3 billion.

An RBC Capital Markets study last week indicated that cloud providers had eased off on near-constant price reductions in their services, which may help profits at Google and its rivals as well.

Other Bets revenues were $248 million.

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Those regulatory issues could be a "sentiment overhang for the next few quarters", according to a recent investor note Ross Sandler, an analyst with Barclays.

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