Company news in brief
Europe hits Google with record fine
European antitrust regulators fined Google a record 4.34 billion euro (US$5 billion) on Wednesday and ordered it to stop using its popular Android mobile operating system to block rivals, a ruling which the US tech company said it would appeal.
The penalty is nearly double the previous record of 2.4 billion euros which Google was ordered to pay last year after its online shopping search service was deemed to be unfair to competitors.
-Nampa/Reuters
Steinhoff extends lock-up early bid fee deadline
Steinhoff extended its “early bird fee” deadline for the second time on Wednesday for creditors to sign a three-year agreement to hold off their debt claims, as the scandal-hit South African retailer battles to stay afloat.
Steinhoff wants to restructure its roughly nine billion euros debt after disclosing holes in its balance sheet that wiped more than 90%off its market value and forced it into asset sales to fund working capital.
-Nampa/Reuters
Amazon.com's stock market value hits US$900 billion
Amazon.com’s stock market value reached US$900 billion on Wednesday for the first time, marking a major milestone in its 21-year trajectory as a publicly listed company and threatening to dislodge Apple as Wall Street’s most valuable jewel.
After Jeff Bezos founded the online book-selling company in his garage in 1994, Amazon survived the dot-com crisis and then expanded across the retail industry, altering how consumers buy products and setting off a Darwinian struggle among brick-and-mortar stores.
-Nampa/Reuters
IBM gets boost from new businesses
International Business Machines Corp on Wednesday reported second-quarter profit and revenue that topped analysts’ expectations as it benefited from growth in higher-margin businesses including cybersecurity and cloud computing.
Under Chief Executive Officer Ginni Rometty, IBM has been focusing on an array of new technologies ranging from artificial intelligence to cloud computing as it tries to offset weakness in its legacy business of selling hardware and software.
-Nampa/Reuters
EBay revenue misses
EBay Inc missed analysts’ estimates for second-quarter revenue on Wednesday, as its online ticket marketplace StubHub had a disappointing quarter, leading the e-commerce website to forecast underwhelming third-quarter results.
The company’s shares were down about 5% at US$36 after the bell.
EBay blamed fewer games in major US sporting events for lower ticket sales at StubHub. Even though StubHub revenue rose 4% to US$246 million, it was its slowest growth since the second quarter of 2017.
-Nampa/Reuters
European antitrust regulators fined Google a record 4.34 billion euro (US$5 billion) on Wednesday and ordered it to stop using its popular Android mobile operating system to block rivals, a ruling which the US tech company said it would appeal.
The penalty is nearly double the previous record of 2.4 billion euros which Google was ordered to pay last year after its online shopping search service was deemed to be unfair to competitors.
-Nampa/Reuters
Steinhoff extends lock-up early bid fee deadline
Steinhoff extended its “early bird fee” deadline for the second time on Wednesday for creditors to sign a three-year agreement to hold off their debt claims, as the scandal-hit South African retailer battles to stay afloat.
Steinhoff wants to restructure its roughly nine billion euros debt after disclosing holes in its balance sheet that wiped more than 90%off its market value and forced it into asset sales to fund working capital.
-Nampa/Reuters
Amazon.com's stock market value hits US$900 billion
Amazon.com’s stock market value reached US$900 billion on Wednesday for the first time, marking a major milestone in its 21-year trajectory as a publicly listed company and threatening to dislodge Apple as Wall Street’s most valuable jewel.
After Jeff Bezos founded the online book-selling company in his garage in 1994, Amazon survived the dot-com crisis and then expanded across the retail industry, altering how consumers buy products and setting off a Darwinian struggle among brick-and-mortar stores.
-Nampa/Reuters
IBM gets boost from new businesses
International Business Machines Corp on Wednesday reported second-quarter profit and revenue that topped analysts’ expectations as it benefited from growth in higher-margin businesses including cybersecurity and cloud computing.
Under Chief Executive Officer Ginni Rometty, IBM has been focusing on an array of new technologies ranging from artificial intelligence to cloud computing as it tries to offset weakness in its legacy business of selling hardware and software.
-Nampa/Reuters
EBay revenue misses
EBay Inc missed analysts’ estimates for second-quarter revenue on Wednesday, as its online ticket marketplace StubHub had a disappointing quarter, leading the e-commerce website to forecast underwhelming third-quarter results.
The company’s shares were down about 5% at US$36 after the bell.
EBay blamed fewer games in major US sporting events for lower ticket sales at StubHub. Even though StubHub revenue rose 4% to US$246 million, it was its slowest growth since the second quarter of 2017.
-Nampa/Reuters
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