According to the company, though that's a drop in the bucket, growth is definitely going in the right direction.
The cost-per-click on Google ads was down 26% from the year-ago quarter.
However, profits for the quarter were £2.7bn, more than 40% lower than they would have been without the fine.
Alphabet shares have been trading at a 25.5 P/E, above its 15.6% long-term growth rate for a PEG (P/E to growth) ratio of 1.6, pricey but not dangerously expensive.
Alphabet makes the majority of its money from advertising.
This article summarizes Google earnings for the second quarter of the company's fiscal year.
However, the growth of Google's advertising revenue declined during the quarter due to Google paying a large sum to its partner companies in ensuring that more traffic is being brought to Google's search engine.
Furthermore, another reason for having an undesirable effect on the report was a whopping fine of $2.74 billion, that was charged European Union on Google, for antitrust violations.
Shares of Alphabet were down 3% in after hours trading Monday following the earnings results.
Alphabet, the owner of Google and YouTube, said it made $3.5 billion in net income on sales of $26 billion.
Net profit came in at $3.5 billion for the three months under review.
"We've been talking about our bigger investment areas within Google and you can see the momentum here reflecting contributions from our newer revenue streams", CFO Ruth Porat said during a conference call with investors on Monday. (Google) and its Internet products, such as Access, Calico, CapitalG, GV, Nest, Verily, Waymo and X. The Business's segments include Google and Other Bets.
"2Q TAC was ~6% (~$290mm) higher than expected driven by the strength of mobile search and GOOGL's programmatic business", they added.
Moreover, Google CEO, Sundar Pichai, was included on the board of the Alphabet.
Google scored three times as many large deals for its cloud service in the second quarter as it did in the same period past year, according to Google CEO Sundar Pichai.
In October 2015, Alphabet was created as the parent holding company of Google and its affiliated businesses.
But the real question mark, say analysts, is what this may mean for Google's business ahead in Europe and indeed, in the United States, and whether the group is expecting any more fines coming down the track.