Alphabet Says EU Antitrust Fine to Cut Profit by $2.74 Billion
- Fine will be reported in the second quarter, company says
- There’s no tax deduction, so profit to be hit by full amount
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Alphabet Inc. said late Friday that the European Commission’s recent antitrust fine will reduce second-quarter profit by about $2.74 billion.
The company plans to report the fine in a separate operating expense line on its income statement. It’s not tax deductible, so the charge will reduce Alphabet’s net income and earnings per share by the full $2.74 billion amount, it said in a statement.