Google was slapped with another huge EU fine — and investors didn't bat an eye

  • The stock rose 2 percent by the end of trading adding nearly $17 billion to the company’s market value.
  • Google was fined one-tenth of that amount by the European Commission on Competition.
  • Alphabet’s gains on Wednesday add to a 1-percent jump Tuesday, after the company’s Google division announced its new video game streaming platform, Stadia.

Google was hit with another fine from EU antitrust regulators Wednesday, and investors didn’t bat an eye.

The stock rose 2 percent by the end of trading, outpacing Apple and Microsoft for the day and adding nearly $17 billion to the company’s market value.

Google was fined about one-tenth of that amount by the European Commission on Competition early Wednesday.

It’s the third EU fine for Google, following a $5.5 billion fine in July related to the company’s dominance in Android and a $2.7 billion fine in 2017 related to its online shopping feature. It seems any initial shock of an antitrust threat has worn off.

Alphabet’s gains on Wednesday add to a 1 percent jump Tuesday, after the company’s Google division announced its new video game streaming platform, Stadia. Stadia launches Google into a new revenue segment, and carries massive opportunity for YouTube with tie-in functions between the two services.

The stock is now up 17 percent so far in 2019 and is trading just 5 percent off 52-week highs.

WATCH:
Google announces new game streaming service called Stadia

Subscribe to CNBC on YouTube.

Source: Read Full Article