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| Alphabet profits rocked by EU fine | Alphabet profits rocked by EU fine |
| (35 minutes later) | |
| Profits at Alphabet, the parent company of search giant Google, have been hit by the record fine imposed by the European Commission last month. | Profits at Alphabet, the parent company of search giant Google, have been hit by the record fine imposed by the European Commission last month. |
| The firm said second quarter revenues were just over $26bn (£19bn), up 21% compared to the same period in 2016. | |
| But profits for the three months to the end of June were $3.5bn, more than 40% lower than they would have been without the fine. | But profits for the three months to the end of June were $3.5bn, more than 40% lower than they would have been without the fine. |
| Year-on-year profits were down by almost 30%. | Year-on-year profits were down by almost 30%. |
| Google was fined 2.42bn euros ($2.7bn; £2.1bn) by the European Commission last month after it ruled the company had abused its power by promoting its own shopping comparison service at the top of search results. | Google was fined 2.42bn euros ($2.7bn; £2.1bn) by the European Commission last month after it ruled the company had abused its power by promoting its own shopping comparison service at the top of search results. |
| The amount was the regulator's largest penalty to date against a company accused of distorting the market. | The amount was the regulator's largest penalty to date against a company accused of distorting the market. |
| Alphabet has already said it may challenge the fine. | Alphabet has already said it may challenge the fine. |
| The tech giant's shares, which had risen ahead of the firm's publication of its earnings, fell more than 2% in after-hours trading. | |
| Alphabet makes most of its money from advertising. It said revenues from advertisers on its own sites, such as YouTube and Gmail, and other sites together increased 18% year-on-year to $22.7bn. | |
| Its other revenues - which include money from things such as app purchases and its cloud services - jumped more than 40%. | |
| "We're delivering strong growth with great underlying momentum, while continuing to make focused investments in new revenue streams," said chief financial officer Ruth Porat. |