Alphabet (Google): Dragged down by EU fine.
(CercleFinance.com) - Although in terms of current figures, it has reported better-than-expected results, shares in Alphabet, Google's parent company, are seeing red.
The Californian internet giant's accounts are in fact bearing the brunt of the fine imposed by the European Commission.
In electronic trading earlier, which is indicative of the trends at Wall Street opening, Alphabet's Class A share lost more than 2.5% to return to 970 dollars.
However, strong growth continued on into the 2nd quarter of 2017: Alphabet's revenue is up 21% to 26 billion dollars, and even 23% at constant exchange rates.
However, operating profits fell by 30.8% to 4.1 billion dollars and net profits fell by 27.8% to 3.5 billion (5.01 dollars per share).
This is down to the fine of an equivalent of 2.7 billion dollars imposed on the group by the European Commission over antitrust abuses with its shopping comparison service. Without taking account of this one-off, these figures would be 6.9 billion dollars, 6.3 billion dollars and 8.90 dollars per share respectively.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The Californian internet giant's accounts are in fact bearing the brunt of the fine imposed by the European Commission.
In electronic trading earlier, which is indicative of the trends at Wall Street opening, Alphabet's Class A share lost more than 2.5% to return to 970 dollars.
However, strong growth continued on into the 2nd quarter of 2017: Alphabet's revenue is up 21% to 26 billion dollars, and even 23% at constant exchange rates.
However, operating profits fell by 30.8% to 4.1 billion dollars and net profits fell by 27.8% to 3.5 billion (5.01 dollars per share).
This is down to the fine of an equivalent of 2.7 billion dollars imposed on the group by the European Commission over antitrust abuses with its shopping comparison service. Without taking account of this one-off, these figures would be 6.9 billion dollars, 6.3 billion dollars and 8.90 dollars per share respectively.
Copyright (c) 2017 CercleFinance.com. All rights reserved.