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Alphabet drops after reporting lower Q2 profit on huge EU fine

GOOGL 2Q17 Results Reflect Impact of EC Fine, But Should Show Steady Growth:

While GOOGL continues to realize steady growth in its core advertising operations (Google sites +21.7% y/y), investors are slightly concerned about the potential longer-run impact of the EC investigation into whether GOOGL’s practices are anti-competitive. Note that 2Q17 EPS will reflect the cost of the $2.7bn fine (EPS impact -$3.90) the EC levied regarding Google Shopping, but there likely to be future costs as GOOGL now faces potential civil litigation along as yet undefined increased EC oversight. Note as well that the EC investigation of Android & AdSense is still ongoing, and uncertainty around timing & magnitude of the impact from the expected ruling remain an overhang. While Google Shopping is a relatively small portion of total sales (est. 3-4% of gross revenue), the fact more significant portions of GOOGL operations...


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