Tech

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

Key Points
  • 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 CEO Sundar Pichai speaks onstage during the annual Google I/O developers conference in Mountain View, California, May 8, 2018.
Stephen Lam | Reuters

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

VIDEO2:0202:02
Google announces new game streaming service called Stadia