Investing.com - Asian shares were mixed on Tuesday after heavyweight tech stock Google reported after U.S. hours.
Japan's benchmark Nikkei 225 index reversed earlier gains to trade flat, while the S&P/ASX 200 rose 0.92% Hong Kong's Hang Seng Index inched 0.01% higher an the Shanghai Composite declined 0.14%.
Google’s parent company, Alphabet (NASDAQ:NASDAQ:GOOGL) reported a 27.7% drop in quarterly profit, following the $2.74 billion regulatory fine levied by the European Union.
Alphabet reported net income of $3.52 billion, or $5.01 per share on $26.01 billion in revenue, compared to net income of $4.88 billion or earnings of $4.49 per share on $21.5 billion in revenue a year ago.
Analysts were expecting Alphabet to report earnings of $4.49 per share on revenue of $25.6 billion.
Despite earnings that topped expectations on both the bottom and top line, shares of Alphabet slipped more than 2% in after hours trade, as the tech giant recognised a non-deductible $2.74 billion European Union fine in its results, lowering profit.
Investors appeared to keep their powder dry ahead of what is expected to be one of the busiest weeks in the corporate earnings calendar, with 180 S&P 500 companies slated to deliver quarterly performance.
On the economic front, investors had to contend with a mixed bag of reports as manufacturing and services data topped expectations while US housing data continued to show weakness.
Markit's manufacturing and services flash surveys both showed the U.S. beating expectations.
In a separate report, the National Association of Realtors said Monday, sales of second-hand homes slid in June to the lowest level since February as tight supply and high prices weighed on housing activity despite strong demand.
Sales of previously-owned homes fell 1.8% in June from the previous month, to an annualized pace of 5.52m units.
The trio of reports come ahead of the Federal Reserve's policy decision on Wednesday amid expectations that the U.S. central bank will keep its benchmark rate unchanged.