iWorld

Google parent Alphabet’s profit hit by EU fine

MUMBAI: Google’s parent Alphabet has reported a quarterly profit of USD 3.5 billion, with a massive fine by the European Commission biting into earnings.

The technology giant on Monday reported that revenue grew to $ 26 billion in the recently ended quarter, and that profit would have tallied nearly $ 6.3 billion if it weren't for a $ 2.74 billion anti-trust fine levied on search engine Google by the European Commission, according to an AFP report San Francisco.

Revenue was up 21 percent from the same quarter last year, according to earnings figures. "We're delivering strong growth with great underlying momentum, while continuing to make focused investments in new revenue streams," the AFP report quoted Alphabet chief financial officer Ruth Porat as saying.

Alphabet shares slid about 2.9 percent to 969.03 in after-market trades that followed release of the earnings figures.

Investors have been concerned about what the regulatory trouble in Europe means for Alphabet, which gets most of its money from Google advertising while investing in "other bets" such as self-driving cars. Alphabet took in $ 248 million in revenue and posted a narrower loss of $772 million in its "other bets" category in the recently ended quarter.

Meanwhile, Google and the EU are gearing up for a battle that could last years, with the Silicon Valley behemoth facing a relentless challenge to its ambition to expand beyond search results.

Brussels has already spent seven years targeting Google, fueled by a deep apprehension of the company's dominance of Internet search across Europe, where it commands about 90 percent of the market.

In a verdict that could redraw the online map worldwide, the EU's top antitrust sheriff Margrethe Vestager in June imposed a record fine on Google for illegally favoring its shopping service in search results, according to the AFP report.

The EU accuses Google of giving its multitude of services too much priority in search results to the detriment of other price comparison services. The decision -- if it survives an expected appeal process - could prove to be momentous for Google, as well as for competition law in general.

The EU is also examining Google's AdSense advertising service and its Android mobile phone software.

Latest Reads

http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/01/15/zee5_0.jpg?itok=fW0EZPct
ZEE5 maintains momentum with 56.3 mn MAU in third quarter

Media conglomerate Zee Entertainment Enterprises Limited (ZEEL) on Tuesday published its third quarter financial results with its OTT ZEE5 demonstrating continued growth.

iWorld Over The Top Services
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/01/15/amazon.jpg?itok=U2dl6g2r
Amazon Prime Video drops the full title track of upcoming Prime Original Series Four More Shots Please!

There’s a new anthem for friendship and female bonding in town and Four More Shots Please! is the clarion call! Amazon Prime Video, today dropped the entire title track of Four More Shots Please! Releasing shortly after the no-holds-barred trailer, this title track reinforces the theme of the show...

iWorld Over The Top Services
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/01/15/zee5.jpg?itok=GhFSBX4Y
ZEE5 bridges boundaries to #ShareTheLove with Pakistan, Bangladesh

Three months after its soft launch across 190+ countries, digital entertainment platform ZEE5 is now zooming in on specific priority markets.

iWorld Over The Top Services
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/01/14/star.jpg?itok=LxpWFf1D
Star India's ambitious foray into content with Hotstar Specials

Star India, the nation’s storyteller and its most innovative content company across TV, Films & Sports, is ready with its next big leap in content on the back of its OTT, Hotstar.

iWorld Over The Top Services
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/01/14/netflix.jpg?itok=tAHRNC--
CRITICALLY ACCLAIMED FILM SONI TO RELEASE ON NETFLIX ON JANUARY 18, 2019

Ivan Ayr’s directorial debut, Soni, a crime drama chronicling the life of two policewomen is set to get its digital release on Netflix.

iWorld Over The Top Services
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/01/12/kk.jpg?itok=mAtfFw_Q
Hotstar pulls down Hardik Pandya, KL Rahul's 'Koffee with Karan' episode

MUMBAI: Koffee with Karan season 6’s latest episode, which featured Indian cricketers Hardik Pandya and KL Rahul was the most talked about episode on social media. The duo has not just been criticised on social media but has also displeased the Board of Cricket Control in India (BCCI) by making...

iWorld Over The Top Services
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/01/11/amazon.jpg?itok=47YebL44
Amazon.in announces Amazon Great Indian Sale

The ‘Amazon Great Indian Sale’ is back offering big savings from January 20 to 23, 2019! Prime members get 12 hours exclusive early access starting 12 noon on January 19, 2019.

iWorld Over The Top Services
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/01/11/key.gif?itok=GWfqfuYs
Amazon Prime Video unveils trailer of 'Four More Shots Please'

Amazon Prime Video is all ready to expand the Indian original content library at the beginning of the year only. Adding more spice to the existing library, the international OTT player is ready to launch a new series Four More Shots Please. The trailer of the 10-part series, which will start...

iWorld Over The Top Services
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/01/10/sid.jpg?itok=GmmD7Moi
Facebook appoints Siddharth Banerjee as director-global sales organisation

Siddharth Banerjee, the ex- Vodafone EVP marketing, has moved on from the organisation and has joined Facebook India as director—global sales organisation.

iWorld Social Media

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories