Google profit slumps after European Commission’s $5 billion fine

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Profit at Google parent company Alphabet sank in the three months through June as the Internet search giant absorbed a $5 billion fine for violations of the European Union’s anti-competition rules.

Net income dropped 9.3 percent to $3.2 billion, the Mountain View, Calif.-based company said in a statement. Revenue climbed 26 percent to $32.7 billion, and profit would have increased 32 percent without the fine, which Alphabet is appealing.

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