The week at a glance: 22 July – results madness
Who says 38-degree heat isn’t the perfect temperature for analysing company results? For those who didn’t quite get round to reading the plethora of numbers, either because they were too busy sweating or because they were fretting about the make-up of Boris Johnson’s new cabinet, here is a run through of the top headlines of the week.
Starting with the US, where the tech giants (largely) continued the run of dominance which has worried regulators. Amazon’s (US: AMZN) interim numbers revealed that the company now has a 49% share of the online retail market in the US. Investors weren’t impressed that it had missed profit expectations owing to its increased investment in one-day delivery, but Kindle’s head of e-commerce Jon Reilly told the BBC that Amazon doesn’t care what Wall Street thinks – ominous for every other company in the retail sector.
Facebook’s (US: FB) expectation-beating numbers were slightly overshadowed by the news that the US Federal Trade Commission has launched a formal antitrust investigation following its record $5bn settlement with the same agency over privacy violations. Management also warned that the revenue slowdown would be more pronounced in the coming months. Alphabet (US: GOOGL) is also facing much tighter scrutiny, which is why is probably why management weren’t over-excited about the outlook, despite expectation beating second…
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