Google is facing probes in both Europe and the US
Google has disclosed in its quarterly report to the Securities and Exchange Commission (SEC) that it has earmarked $500m for potential costs in settling US Justice department’s probe into the company’s online advertising practices.
The company reported net income of $2.3bn, or $7.04 a share for the first quarter.
The search engine company reduced its net income to $1.8bn, or $5.51 per share for the first quarter after deducting the probe costs.
Google said in a filing with the SEC, "In May 2011, in connection with a potential resolution of an investigation by the United States Department of Justice into the use of Google advertising by certain advertisers, we accrued $500 million for the three month period ended March 31, 2011."
Google is facing probes in both Europe and the US. European regulators have started an investigation into whether Google unfairly manipulates its search results. The Texas attorney general also has been looking into antitrust complaints.