Alphabet (GOOG) reports big revenue gains but EU fine takes a bite from earnings and income

Google parent Alphabet announced second-quarter results. Both revenues and earnings per share beat Wall Street consensus estimates. However, the recent EU antitrust fine of $2.7 billion took a toll on net income and earnings.

The company reported just over $26 billion in total revenues (up 21 percent), with Google contributing all but $248 million of that amount. Advertising generated $22.7 billion in quarterly revenue. Once again mobile search and YouTube were the big contributors to growth. Alphabet CFO Ruth Porat spoke during the earnings call several times about a “secular shift” to mobile search.

Google reported that it had just over 75,600 employees at the end of the quarter. New hires were “mostly engineers and product managers.”

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