Earnings of Google parent Alphabet top Wall Street expectations

Google's attempt to settle its antitrust case in Europe was too little and too late

Google-parent Alphabet announced surging profits, shrugging off the impact of a $5 billion fine by the European Union.

TAC, an important metric in Google's ad business, crept up to 23% of ad revenue in Q2, up slightly from the 22% reported during the same period past year. Alphabet's share price rose over 6% in after hours trading as investors shrugged off the long-term impact of the European Union fine.

The European Commission fined Google for monopoly with its Android operating system, accusing it of violating the EU competition rules.

First Warning Forecast: Isolated severe storms possible this evening
Tuesday , southwest onshore wind will again create breezy conditions throughout the day, especially along the coast. Storms will develop in the Gulf of Mexico and move onto the coast, becoming more numerous as they spread inland.

In a call with analysts to discuss Alphabet's latest earnings, CEO Sundar Pichai emphasized the company's growing use of artificial intelligence to improve Google's news delivery, mapping and photo features. Even including the record fine, the company generated $3.2 billion in net income during the second quarter.

Business Insider has contacted Google for comment. The company had revenues of $32.7 billion for the quarter, which is up 26% year-over-year - extremely impressive for a company of this size. Its effective tax rate reached 24 per cent, up from 19 per cent during the same period past year. The pace is accelerating: it only took ~1 month to add the last million miles, vs. 2 mos from 6 million to 7 million miles and 16 months from 1 million to 2 million miles.

"Google abused its market dominance as a search engine by promoting its own comparison shopping service in its search results, and demoting those of competitors", Commissioner Margrethe Vestager said at the time of the fine. "I'm confident that we can find a way to make sure Android is available at scale to users everywhere", he said. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $9.45 per share.

Israel passes Jewish nation-state law, strips Arabic of official language status
Media reports said a clause downgrades Arabic from an "official language" to one with "special status". Adalah, a legal centre for Arabs living in Israel, called the law "illegitimate" and "colonial".

While second-quarter sales jumped, so did costs for the technology giant.

The reason for the surge was better than expected profits in Google's ad business, which continues to dominate. The others: Apple (valued at $940 billion) and Amazon ($880 billion).

"Alphabet also breaks out the revenues and losses for its 'Other Bets, ' like healthcare company Verily, internet service provider Fiber, and self-driving vehicle company Waymo".

EPL: Chelsea confirm Conte's sack, lists what Italian did at Stamford Bridge
Italy midfielder Jorginho has become Chelsea's first signing since Maurizio Sarri was hired as manager of the Premier League club. Nearly two months later Chelsea are looking for a 13th permanent boss of Roman Abramovich's ownership, which began in June 2003.

Alphabet's "other bets", investments in less established ventures like Calico, Fiber, Nest, Verily, and Waymo, posted an operating loss of $732m, about $100m more than the year-ago quarter, on revenue of $145m.

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