Google shares soar to record high, despite record high EU fine

By StocksFOXBusiness

EU fines Google $5B

FBN’s Adam Shapiro on the European Union fining Google a record $5 billion for breaking antitrust laws.

Call it a day of records for Google parent Alphabet. After being hit with a record $5 billion antitrust fine by the European Union, shares of the giant search engine soared Wednesday to a record.

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European regulators say Google unfairly favored its own services by forcing smartphone makers to pre-install Android apps. Google will appeal.

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GOOGLALPHABET INC.1,147.24+0.50+0.04%

The magnitude of the $5 billion fine wasn’t a complete surprise, and was well telegraphed to the market, according to analyst Brian White of Monness, Crespi, Hardt. Investors seem to agree, shrugging off news of the fine and bidding up shares to $1,844 in afternoon trading.

That puts the company's market capitalization at slightly more than $893 billion.