Google's record
For a company that was just hit with staggering $5 billion fine, Google and parent company Alphabet are as unbothered as ever.
Alphabet reported its second quarter earnings Monday, just days after the European Commission announced a record-setting $5 billion fine against Google for Android antitrust violations. Though the company's quarterly profits ultimately took a hit due to the fine, it still delivered better than expected results.
SEE ALSO:Google is working on software that could eventually replace AndroidThe company reported earnings of $11.75 per share, beating analysts' estimate of $9.66, according to The Wall Street Journal.With the massive EU fine factored in, Alphabet's per share profit declined to just $4.54.
But Wall Street wasn't bothered by the loss: The company's stock soared more than 5 percent to a record high in after-hours trading following its earnings report.
Tweet may have been deleted
The reason for the surge was better than expected profits in Google's ad business, which continues to dominate.
Meanwhile, on its quarterly earnings call, Google execs remained upbeat, despite the historic fine. CEO Sundar Pichai reiterated that the company plans to appeal the decision. At the heart of the EU complaint is Google's reliance on bundling its own software into Android, which Europe's regulators say gives the company an unfair advantage.
"I think overall it [Android] has created more choice for everyone, not less," Pichai said during the call, when asked about the EU decision. "We'll appeal the commission's decision... but we are also looking forward to finding a solution above all that preserves the enormous benefits to Android users. I'm confident that we can find a way to make sure that Android is available at scale to users everywhere."
Even if Google's unsuccessful in fighting the fine, $5 billion is hardly a major setback for the company, which reported total revenue of $32.7 billion this quarter alone. If, however, the ruling results in a major change to how Google implements its software -- namely, search -- in devices in Europe, that could have a negative impact on the company's bottom line.
But if those concerns are weighing on investors, you wouldn't know it from the market: Alphabet stock looks to be on track to open a record high Tuesday.
Featured Video For You
This tech designer turned a Gamecube into what?
相关文章
How to watch 'Kinds of Kindness': When is it streaming?
Table of ContentsTable of ContentsThe best streaming deals to watch 'Kinds of Kindness':BEST FOR NEW2024-09-23Google claims it awards gender
Google said it was "quite surprised" when the Department of Labor claimed last week that the tech gi2024-09-23- 美丽新疆,繁荣兵团!70余家兵团企业亮相第二十届文博会_南方+_南方plus5月23日至27日,第二十届中国深圳)国际文化产业博览交易会以下简称“文博会”)在广东深圳国际会展中心举行。70余家兵团企业2024-09-23
#StopHindiChauvinism has taken over Indian Twitter
India, a country of 1.3 billion people, has 22 official languages. Its most-spoken language (Hindi)2024-09-23Coach jailed for sexual exploitation of underage athlete
A coach for the national jump rope team was sentenced to five years in jail for his yearlong sexual2024-09-23Ronaldinho wishes Messi 'many moments of joy' after PSG move
SAO PAULO:Former Barcelona and Paris Saint-Germain midfielder Ronaldinho wished Lionel Messi "m2024-09-23
最新评论