Google 'respectfully' Disagrees With EU's $2.7 Billion Fine And Will Consider An Appeal

Shares of Google parent Alphabet Inc. slid 1.2% in premarket trade Tuesday, after the internet giant was slapped with a $2.7 billion fine by the European Union's antitrust regulators regarding its comparison shopping service. In response, Alphabet General Counsel Kent Walker said in an emailed statement to MarketWatch: "We respectfully disagree with the conclusions announced today. We will review the Commission's decision in detail as we consider an appeal, and we look forward to continuing to make our case." He said when people shop online, they want to find the products quickly and easily, and advertisers want to promote those same products, and that's why Google shows shopping ads to connect users with advertisers. Alphabet's stock has run up 23% year to date through Monday, while the Nasdaq 100 has rallied 19% and the S&P 500 has gained 8.9%. Alphabet had $92.4 billion in cash, cash equivalents and marketable securities as of March 31, according to recent filings.