Feb 2, 2018

Tech giants report record profits

Amazon CEO Jeff Bezos. Photo: Jason Redmond / AFP / Getty Images

Amazon's quarterly profit has topped $1 billion for the first time: "TECH ROARS: APPLE BEST QTR IN HISTORY OF BIZ," Drudge writes.

The big picture: "Three of the biggest tech companies reported record quarterly financial results ... as they extended their dominance over swaths of the global economy," The Wall Street Journal writes in its lead story:

  • "Apple’s revenue rose 13% to $88.29 billion, fueled by its move to increase smartphone prices ... The company, whose profits topped $20 billion for the first time, is also increasingly benefiting from its services business, including App Store sales and music and payments services."
  • "Google parent Alphabet recorded its 32nd consecutive quarter of revenue growth of 20% or more, continuing a dominant run as it handles more than 90% of internet searches and owns the world’s most influential video site."
  • "Amazon — long known for prioritizing growth over earnings — delivered a profit exceeding $1 billion for the first time as its revenue jumped 38% to $60.5 billion."

The debates ahead, per The Journal:

  • "As the tech giants expand their clout across a widening band of commerce, they have increasingly drawn scrutiny from lawmakers and consumers over a range of issues, from their dominance of certain markets, to how they use their vast troves of consumer data, to the impact their products have on society."
  • "The extraordinary runup in their share prices has helped fuel popular awareness of the companies’ power."

Go deeper

Updated 45 mins ago - Politics & Policy

Updates: George Floyd protests nationwide

Police officers wearing riot gear push back demonstrators outside of the White House on Monday. Photo: Jose Luis Magana/AFP via Getty Images

Protests over the death of George Floyd and other police-related killings of black people continued for a seventh day across the U.S., with President Trump threatening on Monday to deploy the military if the unrest continues.

The latest: Seattle police declared a riot late Monday, tweeting: " Crowd has thrown rocks, bottles and fireworks at officers and is attempting to breach barricades one block from the East Precinct."

2 hours ago - Technology

Civil rights leaders blast Facebook after meeting with Zuckerberg

Screenshot of an image some Facebook employees used as part of their virtual walkout on Monday.

A trio of civil rights leaders issued a blistering statement Monday following a meeting with Facebook CEO Mark Zuckerberg and other top executives to discuss the social network's decision to leave up comments from President Trump they say amount to calls for violence and voter suppression.

Why it matters: While Twitter has flagged two of the president's Tweets, one for being potentially misleading about mail-in ballot procedures and another for glorifying violence, Facebook has left those and other posts up, with CEO Mark Zuckerberg saying he doesn't want to be the "arbiter of truth."

3 hours ago - Technology

Cisco, Sony postpone events amid continued protests

Screenshot: Axios (via YouTube)

Cisco said Monday night that it is postponing the online version of Cisco Live, its major customer event, amid the ongoing protests that have followed the killing of George Floyd.

Why it matters: Cisco joins Sony, Electronic Arts and Google in delaying tech events planned for this week.