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AP

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

1 hour ago - World

U.S. will give Russians written response to NATO demands, Blinken says

Blinken and Lavrov shake hands in Geneva. Photo: Russian Foreign Ministry / Handout/Anadolu Agency via Getty Images

Secretary of State Antony Blinken confirmed after a meeting with his Russian counterpart on Friday that the U.S. will provide written answers to Russia's security demands next week.

Why it matters: Russia claims to be waiting for "concrete answers" to its demands that NATO rule out further expansion and roll back its presence in eastern Europe before deciding its next steps on Ukraine. But the U.S. and NATO have called those proposals "non-starters," and Friday's meeting offered no breakthroughs, so it's unclear how written answers might change the equation.

More surprises await scientists at Antarctica's "Doomsday Glacier"

Cliffs along the edge of the Thwaites Ice Shelf in West Antarctica. Photo: James Yungel/NASA

Researchers like David Holland, an atmospheric scientist at New York University, are in a race to understand the fate of a massive glacier in West Antarctica that has earned a disquieting nickname: "The Doomsday Glacier."

Why it matters: Studies show the Thwaites Glacier (its official name) could already be on an irreversible course to melt during the next several decades to centuries, freeing up enough inland ice to raise global sea levels by at least several feet.

Updated 4 hours ago - Health

The case for Operation Warp Speed 2.0

Illustration: Annelise Capossela/Axios

Omicron's blitz around the world has underscored the need for a new arsenal of COVID vaccines and therapeutics, experts say — and that may require an effort akin to Operation Warp Speed 2.0.

Why it matters: The virus will continue to evolve, potentially in a way that further escapes vaccine protection, and the best way to prevent more global disruptions to everyday life is to have tools ready to combat whatever comes next.

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