Google parent Alphabet sees record highs despite EU fine

Google parent Alphabet shares have lifted on a stronger-than-expected earnings report for the past quarter, as the tech giant's results eased concerns over huge fines imposed by the European Union for antitrust actions.

Profit dipped 9.3 per cent to $3.2 billion in the second quarter after accounting for the EU fines, the company said.

Revenues meanwhile jumped 26 per cent from a year ago to $32.7 billion, better than most analysts expected.

Shares in Alphabet jumped 3.6 per cent to $1,254.12 in after-hours trade, which could mark a new record for the internet giant if confirmed when markets open later today.

"We delivered another quarter of very strong performance," chief financial officer Ruth Porat said.

"Our investments are driving great experiences for users, strong results for advertisers and new business opportunities for Google and Alphabet."
Daniel Ives of GBH Insights said in a research note that despite some regulatory concerns, "advertising and 'bread and butter' search revenues were healthy and a good barometer of potential strength heading into the rest of 2018/2019."
Google chief executive Sundar Pichai said that it was too soon to speculate on how Android may be affected by the ruling but said the company would take a "constructive approach."