7/18/2018, 8:24 PM (Source: TeleTrader)
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Alphabet warns of Android fine impact on Q2 results

Alphabet Inc. said on Wednesday that it would accrue the European Commission's €4.34 billion fine, equivalent to $5.07 billion as of June 30, in its earnings report for the second quarter. It noted the penalty is not tax deductible.

The charge will reduce net income by the full amount both according to generally accepted accounting principles and on an adjusted basis, the update revealed. A separate operating expense line will be added for the item on the income statement, according to the press release. The European Union's regulatory arm has found Google Llc, the main subsidiary of the technology powerhouse, infringed competition rules in conditions given to partners regarding the search engine and Android operating system.

The company's shares traded 0.46% in the green at $1,204.3 at 8:09 pm CET, nearly touching the $1,204.3 all-time intraday high, which was reached in the first minutes of the session.

Baha Breaking the News (BBN) / IT