Google picks up a $2.72 billion fine by the EU for abuse of power

Google picks up a $2.72 billion fine by the EU for abuse of power
The EU has been investigating Google for some time now, in connection with its Google Shopping service. According to the European Commission, Big G has abused its power as the leading search engine, in order to promote Google Shopping over its competitors in the price-comparison market.

The investigation concluded today, and the Commission has fined Google €2.42 billion ($2.72 billion), after it found Google guilty of breaching EU antitrust rules. The tech giant must end the practice of unfairly promoting its service over others via its search engine within 90 days, or it will face a penalty of up to 5% of the average daily worldwide turnover of its parent, Alphabet. Needless to say, that's a lot of money.

According to regulators, Google's illegal practices have resulted in some of its competitors losing up to 92% of their traffic. The official press release claims that some competitors managed to recover a portion of their lost traffic, “but never in full.”

source: Europa via Engadget
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