Alphabet profit hit by EU fine on Google

Google parent Alphabet on Monday saw shares slide as the market reacted to a massive fine by the European Commission and word that success in mobile, cloud and YouTube is coming with higher costs.Alphabet reported a quarterly profit of $3.5 billion, in a sharp decline from a year ago, with a $2.74 billion antitrust fine in Europe biting into earnings.The technology giant reported that revenue grew to $26 billion in the recently ended quarter, and that profit would have tallied nearly $6.3 billio