Alphabet profit hit by EU fine on Google

Google parent Alphabet on Monday reported a quarterly profit of $3.5 billion, in a sharp decline from a year ago, with a massive fine by the European Commission biting into earnings. The technology giant reported that revenue grew to $26 billion in the recently ended quarter, and that profit would have tallied nearly $6.3 billion if it weren't for a $2.74 billion antitrust fine levied on search engine Google by the European Commission. The earnings for the quarter fell 28 percent from the same period last year. Google's parent company Alphabet says its quarterly profits took a hit because of a $2.74 billion anti-trust fine imposed by the European Union Alphabet announced separately that Google chief executive Sundar Pichai would join Alphabet's board of directors. Pichai is responsible for Google s product development and technology strategy, as well as the company s day-to-day-operations.