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Alphabet profit falls in Q2 after USD 2.7 bln fine from EU

2017-07-24 23:15:00| Telecompaper Headlines

(Telecompaper) Alphabet, the parent company of Google, reported a drop in second-quarter net profit, hurt by the competition fine of USD 2.7 billion imposed on the company by the European Commission. In a rare occurrence for the company since it went public, net profit fell to USD 3.524 billion or USD 5.01 per share from USD 4.877 billion or USD 7.00 per share a year earlier. Excluding the fine, net profit was still up, at USD 6.260 billion, according to adjusted figures presented by Alphabet.

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