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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

31 mins ago - Technology

Facebook: Metaverse won't "move fast and break things"

Illustration: Aïda Amer/Axios

Facebook on Monday said it will invest $50 million over two years in global research and program partners to ensure its metaverse products "are developed responsibly."

Why it matters: "It's almost the opposite of that now long-abandoned slogan of 'move fast and break things,'" Facebook's VP of global affairs Nick Clegg told Axios in an interview at The Atlantic Festival Monday.

Ina Fried, author of Login
41 mins ago - Technology

Facebook presses "pause" on Instagram Kids

Illustration: Annelise Capossela/Axios

Facebook's announcement Monday that it was "pausing development" on Instagram Kids did little to slow a wave of criticism of the project ahead of a Senate hearing Thursday.

Yes, but: There's an argument to be made for building kids' versions of popular apps, even if their adult versions are causing real-world harms.

Ford's big plans to turbocharge the electric car industry in the U.S.

Illustration: Annelise Capossela/Axios

Ford Motor Company’s new $11 billion manufacturing plan, the biggest component of which will sit just outside Memphis, is part of a much bigger effort to put the U.S. at the center of the electric vehicle revolution, executive chairman Bill Ford says.

The big picture: Ford’s plans — for enormous facilities in both Tennessee and Kentucky, employing a combined 11,000 workers — are ambitious manufacturing efforts designed to minimize their environmental impact.

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