Alphabet shares were down 3% in after-hours trading Monday, following news that the company missed on profits due to a massive European Union antitrust fine it faced in July.

Why it matters: While revenue and earnings per share beat Wall Street expectations (more below), the $2.7 billion antitrust charge caused profits to sink to $3.5 billion, withering down 27.7% from last years' $4.9 billion.

By the numbers:

  • Revenue jumped 21% year-over-year to $26.01 billion, slightly surpassing Wall Street analysts' expectations.
  • Earnings were $5.01 per share, which also beat projections of $4.44 per share.
  • Cost per click was up 23% year-over-year and "paid clicks" (basically paid Google ads) were up 52% year-over-year.
  • Revenue for "Other bets" (Google-owned side projects like Nest and Verily) increased 34% to $248 million.

Other big news:

  • Executives announced that Google CEO Sundar Pichai will join its board of directors.
  • Revenues from Alphabet's biggest business, Google, continued to steadily climb.

Go deeper

Fund managers start to board the stock bandwagon

Illustration: Aïda Amer/Axios

Asset managers at major U.S. investment firms are starting to get bullish with their clients, encouraging stock buying and trying not to get left behind right as the metrics on tech stocks rise back to highs not seen since the dot-com crash of 2000.

What's happening: Appetite for stocks is starting to return, but slowly as institutional money managers were overwhelmingly sitting on the sidelines in cash during April and May.

2 hours ago - World

China bans Cruz and Rubio over Xinjiang criticism

Photos: Graeme Jennings/Pool/Getty Images; Al Drago/Pool/Getty Images

China said Monday that it will ban entry to Sens. Marco Rubio (R-Fla.) and Ted Cruz (R-Texas) over their criticisms of human rights abuses in Xinjiang, the AP reports.

The big picture: The move seems to be retaliatory after the U.S. announced sanctions on four Chinese officials for human rights abuses against Uighur Muslims and other ethnic minorities in the region last week.

Roger Stone says he plans to campaign for Trump

Roger Stone appears yesterday outside his home in Fort Lauderdale. Photo: Johnny Louis/Getty Images

Roger Stone told Axios in a phone interview that he plans to write and speak for President Trump's re-election now that Stone "won't die in a squalid hellhole of corona-19 virus."

"I'm asthmatic," said Stone, 67. "Sending me to a prison where I could not be socially distanced ... would, I think, be a death sentence."