Europe could fine Google up to 10% of annual global revenue, report says

Google could face fines of up to 10 percent of the company's annual global revenue for formal charges from European regulators, The Wall Street Journal reported on Monday.

Europe's competition regulator, the European Commission, is "intent" on changing Alphabet's business practices and levying "significant" fines, according to the Journal. Documents show the Commission intends to establish that Google and Alphabet have infringed EU antitrust rules, Journal reporter Natalia Drozdiak wrote.

The report comes after Reuters reported that regulators planned to order Google to stop paying financial incentives to smartphone-makers to pre-install Google Search exclusively on their devices. Separately, Google may have to rank rival shopping services the same as its own, Reuters reported.

Google told Reuters: "We look forward to showing the European Commission that we've designed the Android model in a way that's good for both competition and consumers, and supports innovation across the region."

CNBC has reached out for additional comment.

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