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Alphabet, even with record EU fine, remains a money machine

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Jeff Smith
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Alphabet, the parent of Google and one of the most powerful companies in the world, is fighting a big antitrust battle in Europe and other fronts.

Even so, it's still a cash cow.

Last month, the European Commission for the first time called Google's search engine a monopoly and fined the company $2.74 billion for favoring its shopping ads over those of competitors.

Google is expected to appeal the ruling, but in the meantime, it's taking the hit in its finances and set aside those funds for the fine.

Still, in the quarter ended June 31, Alphabet beat analyst estimates for sales and profit.

Analysts originally expected profit would be $8.25 per share, but cut that number almost in half to $4.49 to factor in the fine, according to Reuters estimates.

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Jeff Smith
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