"Shares in Alphabet (GOOGL) were higher today despite the European Union slapping down a $3.47 billion antitrust fine over its digital advertising services. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. The fine flies in the face of President Donald Trump's repeated warnings to the EU not to target U.S. big tech."
"Google abused its dominant position in adtech harming publishers, advertisers, and consumers. This behaviour is illegal under EU antitrust rules," EU competition chief Teresa Ribera said. The EU has been probing Google over adtech since 2021 and in 2023 recommended the company sell part of its ad services to ensure fair competition. Google said the commission's decision was "wrong" and it would appeal."
Alphabet shares climbed even after the European Commission imposed a $3.47 billion antitrust fine related to its digital advertising services. EU regulators concluded that Google abused its dominant position in adtech, harming publishers, advertisers, and consumers, and recommended divestitures in 2023. Google called the decision wrong and said it will appeal, warning the changes would hurt European businesses. The fine follows other recent penalties: a US jury award of about $425 million over smartphone data collection and a 325 million euro fine from France for cookie violations. A US judge declined to order Chrome's sale in a separate case.
Read at TipRanks Financial
Unable to calculate read time
Collection
[
|
...
]