Google s parent Alphabet beats expectations despite European Union fine

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Profit dipped 9.3 percent to $3.2 billion in the second quarter after accounting for the European Union fines, the company said.

Google has continued to give search ads more prominent space on mobile phones and bundle more of its ads products together, helping to fuel the brisk sales growth.

Shares of Google's parent company Alphabet jumped more than 5% in after-hours trading Monday, hitting a new record high, following the company's second-quarter earnings report that topped Wall Street's expectations.

Google is appealing the ruling, which found it abused its dominance in mobile software.

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Overall revenue came in at $32.7 billion for the quarter. Android Oreo 8.0 first arrived for the general public in August a year ago.

Despite the hefty penalty, the fine is less than 1% of the company's market capitalization, which is about $830 billion.

In March, the research firm eMarketer estimated that Google would capture about 37% of digital ad spending in the U.S. this year, down from nearly 39% in 2017.

Today, Google's advertising business alone is responsible for 86 percent of Alphabet's revenues. In all, it's the same trend: it costs more to drive traffic to Google's advertising, and the cost per click is going down. "They're using the packaged deal, with all their properties, with a much stronger sell", said Marco Rimini, chief development officer at WPP Plc's Mindshare media agency.

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Areas such as cloud computing and "other bets" have also added to Google's spending.

"We are analysing the decision and I think it's too early to comment or speculate beyond what we've already said, but we will always take a constructive approach", Google CEO Sundar Pichai said during the company's earnings call with analysts late on Monday.

"There was never a question about Google's dominance of a buoyant digital ads market", said analyst Richard Kramer of Arete Research. Alphabet's revenues rose 26 percent in Europe, Africa and the Middle East over the same period a year ago, though some of the increase was related to currency fluctuations.

"Google has to make sure their advertising clients are happy with the placement of their ads", he told Cheddar after the results.

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Following a reorganization of the company, theGoogleunit that includes the main search engine and YouTube video service still delivered the lion's share of revenues at $32.5 billion, with "other bets" driving $145 million in revenue.