Google's record-breaking fine isn't hurting the company very much

Google's record-breaking fine isn't hurting the company very much

Alphabet investors seemingly shrugged off the European Union's $5 billion fine against the company, sending the stock up sharply after Alphabet announced earnings that far exceeded analyst expectations.

In the same quarter previous year, Alphabet reported earnings of $8.90 per share, excluding a $2.7 billion regulatory fine the European Union imposed on the tech giant.

Advertising revenue for the quarter rose almost 25 percent to $28.1 billion in the second quarter.

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Alphabet reported revenues of $26.24bn for the quarter, comfortably beating analysts' expectations, and made a profit of $2.8bn, down from a profit of $4.1bn for the same period a year ago after the fine. Analysts estimated $9.52 per share, according to research aggregated by Thomson Reuters. Pichai says the retailer "is migrating key areas of its business to the Google Cloud platform".

Alphabet's $32.66 billion in second-quarter revenue, 86 percent of which came from Google's advertising business, beat an average estimate of $32.17 billion. Android Oreo 8.0 first arrived for the general public in August a year ago. While Google has said it will appeal, it has until mid-October to adjust its behavior.

The quarterly growth rate of what the company pays ad partners, called traffic acquisition costs, fell for the first time in three years, which Atlantic Equities analyst James Cordwell described as the "most impressive" piece of the results.

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"There is more work to be done and I think it will become clearer as we go along", he said.

The monster quarter came despite a regulatory backlash in Europe, rising questions about Google's massive data collection and clashes with advertisers over inappropriate content on YouTube.

"I'm confident that we can find a way to make sure Android is available at scale to users everywhere", Google's chief executive, Sundar Pichai, told investors. Porat highlighted spending on sales and marketing for Google's cloud division, which is hosting its marquee conference later this week. Google has been given 90 days to change these business practices.

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And instead the president did not show the strength that an American president, I believe, should have shown at that moment. Meanwhile, the probe into the Russian meddling in the 2016 USA election is ongoing.

Reacting to another monster quarter from Google parent Alphabet Inc., a CNBC analyst wondered out loud if the tech giant has become more powerful than the USA government.

"We're investing for the long run", he said about the company's cloud business.

The stellar quarter sent Alphabet shares up 3.2 percent in after-hours trading - to a new 52-week high, at $1,244.

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