- Associated Press - Monday, July 23, 2018

MOUNTAIN VIEW, Calif. (AP) — Shares in Google parent Alphabet jumped in after-hours trading Monday as the company’s second-quarter results exceeded Wall Street forecasts after taking into account a $5 billion charge levied by European regulators.

The company reported second-quarter profit of $3.2 billion. When excluding the fine, earnings came to $11.75 per share, which topped the average estimate of $9.45 per share by analysts surveyed by Zacks Investment Research.

Europe’s Competition Commission accused Google of unfairly forcing handset makers to take its Chrome, Search and Play Store apps when using its free Android mobile system. Google has said it will appeal.

The internet search leader posted revenue of $32.66 billion in the period, up 26 percent, driven by ad revenue from mobile searches. After subtracting Alphabet’s advertising commissions, revenue was $26.24 billion, also exceeding Street forecasts of $25.64 billion.

Shares rose 4 percent in extended trading after the release of the earnings report.

Through the close of regular-session trading Monday, Alphabet shares had risen 15 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 5 percent.


Parts of the story were created by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GOOGL at https://www.zacks.com/ap/GOOGL

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