Alphabet reported its Q2 2018 results, which showed that it was not handicapped by a record-breaking €4.3 billion ($5 billion) fine imposed by European antitrust regulators. Shares of Google’s parent company rallied on Monday, July 23, after the tech giant reported an increase in its revenue.
Google's net income fell short of Q2 last year largely because of the EU’s fine; however its sales growth helped it cope with the difficult situation. Alphabet’s total revenue came in at $32.7 billion, up 26% from the second quarter of 2017. The company’s net income stood at $3.2 billion, or $4.54 per share.
The European Commission fined Google for breaking antitrust laws of the European Union. The EC decided that Google required and made payments to manufacturers to pre-install its search engine and browser on their devices, thus creating a non-competitive environment.
Google was slapped with $5 billion fine and was given 90 days to stop what the EU said were "illegal practices" on contracts with manufacturers. Alphabet said it would appeal the ruling.