Weak iPhone sales pull down Apple shares despite revenue boost October 29, 2020 Apple’s announcement today that iPhone sales were weaker than expected sent shares down four per cent even as the tech company’s revenue and profit did better than Wall Street expected thanks to booming Mac and AirPods sales. Investors expected lower revenue from the Cupertino company’s bestselling product after delays left loyal fans clasping wallets shut [...]
Amazon quarterly sales near $100bn amid online shopping boom October 29, 2020 Amazon has continued its bumper year of trading, posting quarterly sales of nearly $100bn (£77.4bn) as the pandemic sparked a surge in demand for online shopping. The ecommerce giant said net sales had increased 37 per cent year on year to hit $96.1bn in the three months to the end of September. Net profit hit [...]
Facebook revenue jumps as pandemic drives up traffic October 29, 2020 Facebook today posted better-than-expected revenue for the third quarter as higher user numbers during the coronavirus pandemic helped drive up revenue. The social media platform posted revenue of $21.5bn (£16.6bn) in the three-month period, up from $17.7bn last year. Net income rose from $6.1bn to $7.8bn. The bulk of the revenue was generated by advertising [...]
Google parent Alphabet returns to growth as advertisers flock back October 29, 2020 Google parent company Alphabet reported a return to growth in the third quarter as advertisers flocked back in their droves after a coronavirus-induced slump. The tech giant, which also owns Amazon, reported revenue of $46.2bn (£35.7bn) in the three months to the end of September, up 14 per cent on the same period last year. [...]
EU to ban tech firms from promoting their own services in new crackdown October 29, 2020 Tech giants will be banned from unfairly promoting their own services and will have to do more to crack down on harmful content under new rules being prepared by the EU. Competition chief Margrethe Vestager today proposed a raft of tough new laws and promised greater powers for enforcement bodies in a bid to tackle [...]
Tech earnings: What to look out for in a bumper day of Silicon Valley results October 29, 2020 All eyes will be on Silicon Valley tonight as the tech giants prepare to unveil their earnings for the third quarter. Google owner Alphabet, Amazon, Apple, Facebook and Twitter are all set to update investors on their trading during a turbulent period dominated by the coronavirus crisis. Earnings season for the so-called FAANG companies kicked [...]
WPP client wins help revenue decline slow October 29, 2020 Ad giant WPP reported another fall in sales in the third quarter but the pace of decline slowed from the previous quarter. The British owner of the Ogilvy, Grey and GroupM agencies said its like-for-like sales had dropped by 5.5 per cent to £2.97bn, compared with a 11.5 per cent drop in the previous quarter. [...]
Tech bosses blasted by US politicians over content moderation October 28, 2020 The bosses of Facebook, Twitter and Google faced attacks from US Senators this afternoon during a fiery hearing over how tech firms moderate content on their platforms. The tech chiefs were grilled by a US Senate committee for more than three and a half hours over Section 230 of the Communications Decency Act, which protects [...]
Facebook sued over Cambridge Analytica data scandal October 28, 2020 Facebook is being sued over its misuse of data during the Cambridge Analytica breach, opening the social media firm up to further fines for its role in the scandal. A group action lawsuit representing 1m users in England and Wales was filed today to gain “redress and compensation for the persistent mass misuse of personal [...]
US election: Where do Trump and Biden stand on tech issues? October 28, 2020 The bosses of Facebook, Twitter and Google are this afternoon appearing in front of a US Senate committee to face questions over key issues of tech regulation. With tech titans facing increased scrutiny in their home country, the topic is likely to be a key policy issue in the run-up to the presidential election. So [...]