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Alphabet Q2 profits dinged after hefty EU fine

Google’s parent company, Alphabet Inc., reported its second-quarter earnings today. The company’s revenue was $26.01 billion for the quarter, up from $21.5 billion last year. However, profits took a hit due to a record $2.74 billion fine the company had to pay European antitrust regulators. Quarterly net income was $3.52 billion, compared to $4.88 billion last year.

Other interesting tidbits from today’s report: Users are clicking on advertisements more. The company reported a 52% gain in the number of paid clicks over last year. However, the cost of those clicks (what an advertiser will pay for them) has dropped 23% from last year. Alphabet employed 75,606 people at the end of the quarter, up from 66,575 last year. Earlier today Alphabet announced it had added Sundar Pichai to its board.

EP