Google Sets Aside $500 Million for Justice Investigation, Reduces Profit

Google set aside $500 million related to the possible resolution of a Justice Department investigation of its advertising, resulting in lower first-quarter net income. Net income was $1.798 billion, or $5.51 a share, in the period, Google said in a filing with the Securities and Exchange Commission. That’s lower than the $2.298 billion, or $7.04 a share, it reported on April 14. The Department of Justice is investigating the use of Google advertising by “certain advertisers,” Google said in the filing.