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Record EU fine to cut Alphabet Q2 profit by USD 2.74 bln

Monday 3 July 2017 | 13:57 CET | News
Google parent Alphabet has announced that the record EUR 2.42 billion fine from the European Commission for abusing its dominant position in the search market will hit its second quarter net profit by the full amount (2.74 billion in US dollars) because the penalty isn't tax deductible. "We will report a separate operating expense line for the USD 2.74 billion charge on the income statement," said the company in a statement from chief accountant Amie Thuener. The fine was imposed by the EC last week for violating EU competition law following a seven-year investigation into Google's search

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Categories: Internet
Companies: Alphabet / European Commission / Google
Countries: World
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