Strong iPhone sales power Apple past expectations July 30, 2020 Sales of Apple’s hallmark iPhone surpassed analyst expectations by $4bn in its fiscal third quarter, pushing the tech firm to report revenue gains in every product category and geography. With 60 per cent of its smartphone sales coming from international markets, the California-headquartered tech giant posted iPhone revenues of $26.42bn, leapfrogging analyst expectations of $22.37bn. [...]
Facebook smashes revenue expectations as more people login in lockdown July 30, 2020 Social media behemoth Facebook has smashed analyst expectations in the second quarter, beating predictions for advertising revenue, earnings per share and user numbers. Shares in the social network shot up 7.8 per cent in after hours trading. In total, revenue rose from $16.9bn last year to $18.7bn in the past three months, ahead of analyst [...]
Amazon blows past estimates in revenue and profit beat July 30, 2020 Amazon surprised investors as it beat analyst estimates for second-quarter revenue and profit by a long shot, sealing off a strong quarter for the e-commerce retailer. Amazon reported a net income of $5.2bn in the second quarter, or $10.30 per diluted share, doubling its profit from a year earlier of $2.6bn. Analysts had been expecting [...]
Markets live: FTSE 100 tumbles as US GDP blow hits Wall Street July 30, 2020 The FTSE 100 slumped below the 6,000 mark after data showed the US economy suffered its biggest contraction on record amid the coronavirus pandemic and banks’ second-half results disappointed investors. The UK’s blue-chip index slid 2.9 per cent to 5,951 points in afternoon trading. The FTSE 250, comprised of slightly smaller firms, fell 1.8 per [...]
The City View: Surrey cricket chief Richard Gould July 29, 2020 Subscribe to The City View Podcast: Apple / Google / Spotify / RSS Today Andy Silvester is joined by Richard Gould, chief executive of Surrey County Cricket Club. Richard talks about the business of sport, the trial events at the Kia Oval and the future of cricket as it looks to attract new audiences. Andy also looks at Barclays results and Jes [...]
Big Tech vs Congress live: Facebook, Google, Apple and Amazon face Washington grilling July 29, 2020 Welcome to City A.M.’s Big Tech vs Congress live blog. Please refresh this page for live updates. Big Tech faces its day of reckoning today as the world’s four biggest tech moguls appear before the US Congress in Washington to face a grilling over their companies’ size and power. Facebook’s Mark Zuckerberg, Amazon’s Jeff Bezos, [...]
Wiley apologises for ‘generalising’ Jewish people in antisemitic tweets July 29, 2020 Disgraced rapper Wiley has apologised for “generalising” Jewish people after a string of offensive tweets, but has refused to acknowledge his comments were antisemitic. The British rapper went on a two-day Twitter tirade starting on Friday, calling Jewish people “cowards and snakes”, asserting they controlled the justice system and compared the Jewish community to the [...]
Tiktok boss attacks Facebook as parent firm weighs $50bn takeover bid July 29, 2020 Tiktok’s chief executive Kevin Mayer has launched a stinging rebuttal against Facebook, accusing it of using patriotism as a way to unfairly target the short-form video app. In a blog post today, Mayer criticised Facebook for pushing for higher scrutiny on Tiktok’s Chinese origins. “At TikTok we welcome competition. We think fair competition makes all [...]
Zuckerberg defends Facebook: ‘Companies aren’t bad just because they’re big’ July 29, 2020 Facebook chief Mark Zuckerberg is set to tell Congress that “companies aren’t bad just because they are big,” as the world’s biggest social media company today faces a historic investigation into its size and power. Zuckerberg is expected to tell the US Congress that Facebook became successful “the American way, by starting out with nothing [...]
The City View: Patrick L Young on exchanges and the future of finance July 28, 2020 Subscribe to The City View Podcast: Apple / Google / Spotify / RSS In today’s bumper edition of The City View, Andy Silvester is joined by entrepreneur, author and former exchange boss Patrick L Young. Patrick takes us on a global tour of exchanges and the plumbing of the world’s financial system, touching on the remarkable technological achievements of the last two [...]