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Alphabet Inc on Monday reported that expenses from its Google search business grew more slowly in the second quarter while revenue rose more steeply than analysts had anticipated, boosting profit above Wall Street targets and pushing shares up 3.6 percent after hours.

Alphabet confirmed that it took a $5.1 billion charge to cover the cost of a record fine from the European Commission, which wiped out almost two thirds of its profit.

Alphabet earned $32.7bn in revenue in the three months to the end of June, up 26% from the same period past year. "As we have noted previously, we are happy to underwrite Google's investments as this should enable the company to sustain what should be greater-than-20% FX-neutral revenue growth over the longer term".

"Google reported a high-quality quarter in which the bulk of the top line outperformance vs. CS came from Websites (ongoing strength in mobile search, YouTube, as well as desktop search) followed by Network revenue (AdMob and programmatic)", the analyst Stephen Ju said.

Alphabet said its total revenue rose 26% to $32.7 billion in the second quarter. "There is regulatory risk, though we have yet to find evidence that regulations will adversely impact the usefulness of Google for consumers or advertisers".

Similarly, analysts don't expect European Union antitrust probes to force changes that significantly dent Google earnings. The company's stock took a slight hit after news of the fine broke last week, but it was trading at $1,211 per share at market close, up 7 percent over the past month. Alphabet has said it will appeal the order.

"One of the biggest opportunities for investment continues to be in our ads business", Porat told analysts on the earnings call.

Such a change could mean fewer people using Google's search engine on their phones, which would undercut an advertising business that is fueled by users clicking on ads in mobile search results. The company's other revenue bucket, which includes cloud, hardware and app sales, grew 37 percent to $4.4 billion in the second quarter.

"Alphabet also breaks out the revenues and losses for its 'Other Bets, ' like healthcare company Verily, internet service provider Fiber, and self-driving vehicle company Waymo".

In other parts of the Alphabet business, the ever-mysterious "other bets" segments pulled in $145 million, up 49 percent from a year ago - but losses have increased to $732 million (up 16 percent).