Alphabet shares soar despite hit to profit from Google’s European Union fine
24 July, 2018, 21:37 | Author: Sara Gill
The internet giant on Monday reported second-quarter profit of $3.2 billion even after accounting for the fine, imposed by the European Union earlier this month for abusing its market dominance On a per-share basis, the Mountain View, California-based company said it had net income of $4.54.
Shares of Google were up significantly after hours, rising 5 percent immediately after the numbers were released. At the heart of the European Union complaint is Google's reliance on bundling its own software into Android, which Europe's regulators say gives the company an unfair advantage.
Pichai said the company had opportunity to show ads on Google Home smart speakers and Google Maps and was slowly determining the best way to do so.
Google's results follow those of Microsoft, which reported a record quarter last Thursday, with a net income of $8.9 billion on revenues of $30.1 billion for the quarter ending June 30. Spending on Google Shopping search ads, which let marketers promote consumer products, increased 31 percent in the second quarter from a year earlier, according to data from digital marketing firm Merkle; those gains came even as Amazon revs up its own ads business. Google's advertising business grew 24 percent. Its effective tax rate reached 24 per cent, up from 19 per cent during the same period previous year. In the final minutes of trading on Monday, shares hit $1,211, a climb of 22 percent in the last 12 months.
Google will be able to effectively shrug off a $5 billion fine and still make close to $3 billion in a single quarter. Excluding the fine, the company would have had revenues of $32.6bn and a profit of $7.8bn.
Google is appealing the ruling, which found it abused its dominance in mobile software.
In a statement, Ruth Porat, chief financial officer of Alphabet and Google, said the company had delivered "another quarter of very strong performance". The company's other revenue bucket, which includes cloud, hardware and app sales, grew 37 percent to $4.4 billion in the second quarter.
Traffic acquisition costs, a key metric in Google's ad business, went up to 23% of ad revenue in the second quarter.
Alphabet's "other bets" saw a 49% jump in revenues from a year ago but they still lost money, with an operating loss of $732 million in the past quarter.
Having Donald Trump in the White House is looking increasingly like a liability for the Kremlin, rather than an asset. Graham said Trump was right to criticize previous administrations for their handling of Russian Federation .
In 2017, Apple responded to criticism by removing the pistol emoji and replacing it with a pictogram of a toy water gun . The new emoji will reportedly arrive shortly after the official release of iOs 12 , MacOS Mojave and watchOS 5.
Rumors about Samsung's foldable phones have been circulating for years, with the actual release date repeatedly pushed back. The first ever high-quality render of the Galaxy Note 9 has been leaked by none other than renowned tipster Evan Blass.
It's a particular embarrassment for Amazon , on the shopping holiday it created that has become one of its busiest days. Almost every device Amazon makes is now available at a deep discount, and you'll find every single one of them below.
The report said the US planned to send cases to the Demilitarized Zone and that North Korea would place the remains in them. A UNC official said he had no information to confirm the report, though preparations had been made for Sunday's talks.
Additionally, Leonard would be ineligible for a supermax contract if he signs with a new team as a free agent next summer. Leonard and Popovich reportedly met in San Diego days later to determine if the two sides could fix the relationship.
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He claimed the Russians also attempted to hack into the Republican National Committee, "but we had much better defenses". A probe over allegations of Russian meddling in the 2016 US presidential election has clouded Trump's presidency.
But critics said it only reiterated previous commitments and failed to lay out a timeline for denuclearisation. Last month's summit was the first ever meting between leaders of the United States and North Korea .
Several Opposition parties, led by the Telugu Desam Party, had moved the no-confidence motion against the Bharatiya Janata Party. The Bharatiya Janata Party won the vote 325-126, but Modi's speech was undermined by tiresome subjects and protesting MPs.
But at the other end of the Twitter scale was former CIA Director John Brennan, calling it " nothing short of treasonous ". Referring to the Skripal case, Mr Putin said: "We would like to get at least some sort of a document, evidence about it".
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