Alphabet (NASDAQ: GOOG, GOOGL) shares dropped nearly 4% at the end of the trading week, significantly underperforming the S&P 500’s 0.2% decline, following the European Union’s ruling that the company must pay a €4.1 billion ($4.7 billion) fine for limiting search engine competition through its Android system. Alphabet is currently appealing this fine, which stems from a 2018 decision.
Explain It To Me Like I’m 5:
Alphabet, the company that owns Google, lost money because they have to pay a big fine for not letting other search engines do their job well.
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