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SAN FRANCISCO: Google parent Alphabet on Monday reported that profit in the first three months of this year sagged under the weight of a hefty antitrust fine in the European Union. Alphabet said that profit in the first-quarter fell 29% to US$6.7 billion (RM28 billion) on revenue that climbed 17% to US$36.3 billion (RM105 billion). The earnings took a hit from a European Commission fine that amounted to US$1.7 billion (RM7 billion) at the end of March, according to the quarterly update. Google shares were down 7.2% to US$1,202.39 (RM5,000) in after-market trades that followed release of the earnings report. Though profits excluding the one-time costs were better than expected, revenue growth was below forecasts for the technology colossus which is the dominant internet search company and operator of the ubiquitous Android mobile operating system. Chief financial officer Ruth Porat said in the release the results showed “robust growth” led by mobile search, ad revenues from … [Read more...] about EU fine on Google weighs on parent Alphabet profits

SAN FRANCISCO -- Google parent Alphabet on Monday reported that profit in the first 3 months of this year sagged under the weight of a hefty antitrust fine in the European Union. Alphabet said that profit in the first-quarter fell 29 percent to $6.7 billion on revenue that climbed 17 percent to $36.3 billion. The earnings took a hit from a European Commission fine that amounted to $1.7 billion at the end of March, according to the quarterly update. Google shares were down 6.1 percent to $1,208.50 in after-market trades that followed release of the earnings report. Although profits excluding the one-time costs were better than expected, revenue growth was below forecasts for the technology colossus which is the dominant internet search company and operator of the ubiquitous Android mobile operating system. Chief financial officer Ruth Porat said in the release the results showed "robust growth" led by mobile search, ad revenues from YouTube videos and cloud computing. "We remain focused … [Read more...] about News EU fine on Google weighs on parent Alphabet profits

REUTERS: Alphabet Inc's Google failed to reap the benefits of a strong economy that bolstered rivals in the first quarter as the leading internet ad company faced increased competition in its search and hardware businesses and suffered from disruptive changes at YouTube.Shares of Alphabet dropped 7 percent after hours after closing up 1.5 percent at a record-high of US$1,296.20.Alphabet Chief Financial Officer Ruth Porat told analysts the company was experimenting with its ad products as users grow reliant on mobile devices and that it was seeing revenue volatility as a result. Sales of Google's Pixel phones also struggled amid intense competition in the premium smartphone market, she said.Major competitors for ad spending such as Facebook Inc, Snap Inc, Amazon.com Inc and Twitter Inc all reported last week quarterly revenue above or in line with analysts' expectations.Alphabet said its quarterly revenue rose 17 percent from a year ago to US$36.3 billion, compared with Wall … [Read more...] about Google parent struggles with mobile clicks, YouTube changes, shares down 7per cent

REUTERS: Alphabet Inc's Google failed to reap the benefits of a strong economy that bolstered rivals in the first quarter, leaving the search giant's revenue below Wall Street targets on Monday.Shares of Alphabet dropped more than 5 percent after hours after closing up 1.5 percent at a record-high of US$1,296.20.Major competitors for ad spending such as Facebook Inc, Snap Inc, Amazon.com Inc and Twitter Inc all reported last week quarterly revenue above or in line with analysts' expectations.Alphabet said its quarterly revenue rose 17 percent from a year ago to US$36.3 billion, compared with Wall Street’s average estimate of US$37.3 billion, according to IBES data from Refinitiv. Accounting for currency fluctuations, revenue rose 19 percent.The 17 percent rise was the slowest in three years and compared with 26 percent for the same quarter a year earlier. The company said paid clicks on its properties fell 9 percent compared with the previous quarter.Quarterly costs rose … [Read more...] about Google parent Alphabet’s revenue misses estimates, rises at slowest pace in three years

Business The U.S. Supreme Court on Monday asked the Trump administration to offer its views on whether it should hear Google's bid to end Oracle Corp's copyright infringement lawsuit involving the Android operating system that runs most of the world's smartphones. 29 Apr 2019 09:46PM Bookmark WASHINGTON: The U.S. Supreme Court on Monday asked the Trump administration to offer its views on whether it should hear Google's bid to end Oracle Corp's copyright infringement lawsuit involving the Android operating system that runs most of the world's smartphones.The justices are considering whether to take up Google's appeal of a lower court ruling reviving the lawsuit. Oracle has sought about US$9 billion in damages. A jury cleared Google in 2016, but the U.S. Court of Appeals for the Federal Circuit in Washington, which specializes in intellectual property disputes, overturned that decision in 2018, finding Google impermissibly used Oracle's software code in Android under U.S. … [Read more...] about US Supreme Court seeks Trump administration views on Google-Oracle copyright feud