Google Earnings Hit by European Fine

Google Earnings Hit by European Fine

Android has around 80 percent of the world's market share of smartphones, thanks to Google's model of letting companies use it free but packaging its own services in the heart of the system.

Finally, Google's "other revenues" segment - which includes the Play Store, hardware sales and a variety of other consumer-focused products - grew again, up 37 percent year-over-year to $4.4 billion in revenue.

In the same quarter a year ago, Alphabet reported per-share earnings of $8.90, which excluded a $2.7 billion charge for another European fine.

Traffic acquisition costs, an important metric in Google's ad business, crept up to 23% of ad revenue in Q2, up slightly from the 22% reported during the same period previous year.

Shares in Alphabet jumped 4.5 percent in after-hours trade, which could mark a new record for the internet giant if confirmed when markets open Tuesday. Google is appealing the ruling. Alphabet would have hit nearly $7.9 billion in profits this past quarter, up from the $6.9 billion it earned in Q2 2017 and the $4.9 it made in Q2 2016.

The strong results added to investor optimism around Google, whose stock has surged more than 17% in the past three months even as regulators in Europe have cracked down on the company's business practices.

I gave up ‘nothing’ in Russia summit
Mr Trump later made clear he supported the USA intelligence community's findings about Russian meddling. Trump said US-Russia relations had "never been worse" than before they met, but that had now changed.

Authorities search for missing University of Iowa student
Her aunt, Kim Calderwood said it was not at all like the young woman she described as "very responsible and conscientious". Anyone with information on Mollie's whereabouts is urged to contact the Poweshiek County Sheriff's Office at 641-623-5679.

Pennsylvania Woman Wounded by Windswept Umbrella on Ocean City Beach
Paramedics had to cut off the end of the umbrella in order to remove it from the woman's chest, officials said. Last week, another woman was impaled in the ankle by a wind-driven beach umbrella on the New Jersey shore.

A new privacy law enacted by the European Union in May led the company to revise user privacy disclosures and clamp down on how it shares data with advertising customers. Google plans to contest the ruling.

A logo is pictured at Google's European Engineering Center in Zurich, Switzerland July 19, 2018.

Still, Alphabet's outlook remains tempered by cost concerns, Canaccord Genuity analyst Michael Graham said in a report this month. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $9.45 per share. Government pressure to improve moderation of user-created content has forced Google to hire more analysts. That means Google is still spending over half a billion dollars keeping its former Moonshots afloat.

Amazon's encroachment into advertising has threatened Google's lucrative deals with media companies and advertisers.

Google said little about the fine, which regulators said is for anticompetitive behavior with its Android mobile operating system, in its earnings release.

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