Jul 21, 2020 - Economy & Business

Jeff Bezos hated ads — now Amazon is America's top advertiser

Illustration: Rebecca Zisser/Axios

Amazon spent nearly $7 billion on U.S. advertising in 2019, making it the top ad spender in the country, according to a new analysis from Kantar featured in AdAge.

Why it matters: It wasn't that long ago in 2009 that Jeff Bezos triumphantly declared that "Advertising is the price you pay for having an unremarkable product or service."

Now that the e-commerce giant is in the business of selling hundreds of its own products, from voice assistants to TV hardware, it has a different perspective.
Bezos recently conceded last year that he "changed his mind."

By the numbers: Total U.S. ad spending in 2019 (in millions):

Amazon: $6,879
Comcast Corp.: $6,142
AT&T: $5,484
Procter & Gamble: $4,281
Walt Disney Co.: $3,154
Alphabet (Google): $3,130
Verizon: $3,071
Charter Communications: $3,044
American Express: $2,990
General Motors Co.: $2,952

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Ina Fried

Jul 31, 2020 - Technology

Big Tech's take grows as economy tanks

Illustration: Sarah Grillo/Axios

While the rest of the U.S. economy was falling off a cliff, Big Tech saw its business soar.

The big picture: Thursday morning, government economists reported a 30% drop in GDP for the second quarter — the largest decline, by far, since the numbers have been reported.

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Ashley Gold

Jul 30, 2020 - Technology

Alphabet sees first-ever revenue decline

Illustration: Lazaro Gamio/Axios

Alphabet revenue dropped 2% from last year, the company announced in second-quarter earnings Thursday, beating Wall Street expectations a day after Google CEO Sundar Pichai appeared before the House Judiciary antitrust subcommittee to face allegations of anticompetitive behavior.

Yes, but: Despite beating expectations on revenue, the company still reported its first-ever decline, thanks to a reduction in the advertising growth rate thanks to the coronavirus pandemic. Stock rose slightly in after-hours trading.

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Courtenay Brown

29 mins ago - Economy & Business

A quandary for state unemployment agencies

Illustration: Aïda Amer/Axios

State agencies charged with paying unemployment benefits to jobless residents have their backs against the wall as they rush to parse President Trump's executive actions on coronavirus aid.

Why it matters: States are being asked to pitch in $100 per unemployed resident, but it’s a heavy lift for cash-strapped states that are still unclear about the details and may not opt-in at all. It leaves the states and jobless residents in a state of limbo.