WSJ: $GOOGL Loses Most of EU Appeal Fine

WSJ headline: Google Loses Most of Appeal of EU Android Decision

Sub-headline: An EU court largely sides with regulators’ decision that Google abused the dominance of Android

https://archive.ph/D7a8S

By Sam Schechner and Kim Mackrael
Updated Sept. 14, 2022 6:49 am ET

BRUSSELS— Alphabet Inc.’s Google lost most of its appeal to overturn the largest antitrust fine it has so far faced globally, a boost to the European Union’s campaign to rein in alleged anticompetitive conduct by big tech companies.

The EU’s General Court in Luxembourg on Wednesday largely upheld a 2018 decision by the EU competition regulator that fined Google $4.33 billion for abusing the market dominance of its Android operating system for mobile phones to promote and entrench its Google search engine and Chrome browser on mobile devices.

The ruling means Google will very likely continue applying some of the changes it has made since to comply with the EU’s 2018 decision, including offering users in the EU a choice screen of different search engines. The Android case was the biggest of three antitrust fines totaling more than $8 billion that the EU has levied against Google since 2017—and it focused on mobile phones, one of the company’s fastest growth areas.

Cost of doing business in the EU?

Just found out $GOOGL is sitting on $125 Billion cash and is planning a $75 Billion buyback. Could go as high as $100 Billion.

X-Post from Berky board:

https://discussion.fool.com/ot-googl-100b-buyback-next-year-3516…