Business
Google parent Alphabet posts profit drop

Google parent Alphabet posts profit drop

Apr 30, 2019

California (USA) April 30: Google's parent company, Alphabet, reported on Monday a sharp decrease in profit for the January-March quarter, with a hefty anti-trust fine imposed by the European Union.
Alphabet says overall revenue rose 17 percent from a year ago to 36.3 billion dollars. This was thanks to brisk advertising business on Google's Internet search platform, and growth in cloud services.
Net profit dropped to 6.6 billion dollars, down 29 percent from the same period last year. This was due to an expected charge of 1.7 billion dollars for the EU antitrust fine imposed in March. The EU said Google abused market dominance and stifled competition in the online advertising sector.
Source: NHK World