Alphabet profit sinks 27.7 percent

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Alphabet profit sinks 27.7 percent

Alphabet reported a 27.7 percent drop in quarterly profit as the company recorded a previously announced charge related to a record US$2.7 billion fine imposed on its Google unit by the European Union.

The company's net income fell to US$3.52 billion, or US$5.01 per Class A and B share and Class C capital stock, in the second quarter ended June 30 from $4.88 billion, or $7 per share, a year earlier.

Analysts had expected earnings of US$4.46 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported results were comparable.

The company changed the method it reports earnings in the first quarter, focusing on Generally Accepted Accounting Principles (GAAP) earnings instead of non-GAAP results.

Consolidated revenue rose to US$26.01 billion from US$21.50 billion.

EU antitrust regulators last month hit Google with a record 2.4-billion-euro (US$2.7 billion) fine for favouring its own shopping service, taking a tough line in the first of three probes of its dominance in searches and smartphone operating systems.

 

 

 

 

 

(Reporting by Rishika Sadam in Bengaluru; Editing by Sriraj Kalluvila)

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