Google (GOOGL) Fined $1 Billion Under EU Digital Markets Act

The European Commission has fined Google 890 million euros (US$1 billion) for allegedly favoring its own services over third-party providers in search results. This penalty marks Google's first under the EU's Digital Markets Act, which aims to regulate Big Tech practices. Following the announcement, Alphabet's shares fell approximately 4% in premarket trading. The Commission has ordered Google to ensure fair treatment for third-party services and to allow app developers to promote offers beyond the Google Play Store. This regulatory action will impact how Google operates in Europe, potentially affecting investor sentiment and market valuation.