Alphabet profits decline after EU’s anti-trust fine
The profits of the second quarter of the year for Google parent company Alphabet drop in the wake of an anti-trust fine by the European Union.
In a report on Monday, the American multinational conglomerate released its results for the second quarter of 2017.
The results showed $3.52 billion in profits, a decline from the $4.88 billion for the same period in 2016.
Google was given a record $2.7 billion fine by the EU last month for abusing its position as a search engine to advance its own products.
“Google's strategy for its comparison shopping service wasn't just about attracting customers by making its product better than those of its rivals,” said Margrethe Vestager, the EU’s commissioner of competition, in June. “Instead, Google abused its market dominance as a search engine by promoting its own comparison shopping service in its search results, and demoting those of competitors.”
Several investigations have been launched into the matter, with a focus on Google’s Android operating system as well.
The US Federal Trade Commission concluded in 2013 that Google had not violated antitrust law in its search practices, putting an end to a similar case in the United States.
In 2009, US chipmaker Intel was fined 1.06 billion Euros, marking the highest fine by then.
By the end of this year, two other open investigations into the internet search giant’s activities are to bear fruit and a new record fine is said to be on the way.
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