Danny Crichton on how valuable it is to be a monopolist even after being fined $5-billion by the European Union for monopoly abuse.
The acrimonious feud with the EU has become such a constant financial concern for the company that it now includes a “European Commission fines” line item in its consolidated statements of income.
It’s a line item in the budget.
Yet, one can’t help but stand back in awe at a company whose results show the complete lack of teeth of existing antitrust law, whether here in America or anywhere else globally.
Revenue grew by almost $7-billion and quarterly profits topped $3-billion after the EU fine. Antitrust and monopoly abuse just don’t mean what they used to mean.