Google Gets Smacked with a $5 Billion Fine

Yet, many believe it isn't high enough.

By:
Stefon Walters

|

Thu Jul 19 2018 18:30:00 GMT+0000 (Coordinated Universal Time)

On Wednesday the European Union (EU) smacked Google with a $5 billion fine for breaking antitrust laws surrounding their Android software -- which currently powers about 80% of all smartphones in the world. That's a lot of damn smartphones.

It's alleged that Google was requiring phone makers to exclusively pre-install Google products -- like their Google Search app and Chrome browser -- on the devices they were manufacturing.

 

The EU says Google was paying companies like Samsung a large amount to do so, ensuring that the traffic on Android devices went straight to Google products. Which, if we're being honest, is kinda smart. Illegal, but smart nonetheless. Not only did this essentially stop other rival search engines from fairly competing, it stopped rival companies from being able to access data that comes along with increased traffic. Very monopoly-like.

Last year Google's parent company, Alphabet, made over $110 billion, with $12.6 billion of that being profit. Google's ad revenue accounted for just under 90% of Alphabet's total revenue, with the rest coming from other means such as the Google Play Store, Pixel phones, and their Google home devices.

Refinance Your Student Loans

In Case You Missed It

Debt-to-Income Ratio
Assets vs. Liabilities
Explaining Certificates of Deposit (CDs)
21.png
  • Fixed APR: 3.50% - 7.82%

  • Variable APR: 2.43% - 7.21%

  • Minimum credit score: Mid-600s

21.png
  • Fixed APR: 3.87% - 7.03%

  • Variable APR: 3.05% - 7.79%

  • Minimum Credit Score: Mid-to-High 600s

21.png
  • Fixed APR: 3.50% - 7.02%

  • Variable APR: 2.43% - 6.65%

  • Minimum Credit Score: Mid-600s

CONNECT WITH US
  • Finessin' Finances Twitter
  • Finessin' Finances Instagram
  • Finessin' Finances YouTube
  • Finessin' Finances Facebook