Alphabet, the company better known as "Google", saw its second quarter profits fall by almost one-third as a result of its record-breaking €2.4bn fine from the European Commission - although revenues nevertheless motored up by more than one-fifth.
The company posted revenues of $26bn, up 21 per cent compared to the same period last year, but net income of "only" $3.5bn, marking a 28 per cent year-on-year drop due largely to the fine.
That fine is the biggest antitrust fine handed out by the Commission to date, trumping the €1.06bn fine handed to Intel back in 2009.
Imposed last month, it followed a seven-year investigation into Google's Shopping service. The Commission concluded that the company "abused its market dominance as a search engine by giving an illegal advantage to another Google product, its comparison shopping service". This, it added, was to the "detriment of customers", stifling innovation in the online shopping market.
Nevertheless, Alphabet still surpassed analyst expectations, and with revenues for the quarter coming in at $26bn the company is on course to break the $100bn annual revenue mark this year.
"With revenues of $26bn, up 21 per cent versus the second quarter of 2016 and 23 per cent on a constant currency basis, we're delivering strong growth with great underlying momentum, while continuing to make focused investments in new revenue streams," said Ruth Porat, CFO of Alphabet.
Naturally, most of Alphabet's money came from sucking up advertising from every corner of the internet. The firm said that revenues from advertisers on its own sites, such as YouTube and Gmail, and other sites together increased 18 per cent, year-on-year, to $22.7bn.
However, Google has warned that its search business could face hurdles going forward, as the company's acquisition costs are likely to increase in the short term because of the shift to mobile-first advertising and the growing use of programmatic advertising. The amount of money Google makes per-click on ads was down by about 23 per cent from this time last year.
Alphabet's other revenues, which include money from things such as app purchases, cloud services and its Pixel smartphone line-up, jumped more than 40 per cent to $3.1bn .
Revenues from the firm's 'other bets', the term the company uses to describe its collection of 'moonshot projects', such as Nest and Verily, rose more than 34 per cent to $248m in the second quarter.
Alphabet also revealed during its earnings call on Monday that it employs around 9,000 more people this year compared to a year ago, with staff employed numbering 75,606 people by the end of June this year, up from 66,575 a year ago.
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