Market Watch

The Justice Department and eight states on Tuesday filed a lawsuit against Google over its digital advertising business, claiming the tech giant illegally monopolizes the market for online ads. It is the second antitrust suit federal authorities have brought against the company’s advertising empire, which has for years been under scrutiny over allegations of self-dealing and choking off competitors. "For 15 years, Google has pursued a course of anticompetitive conduct that has allowed it to halt the rise of rival technologies, manipulate auction mechanics, to insulate itself from competition, and force advertisers and publishers to use its tools," said Attorney General Merrick Garland at a press conference announcing the lawsuit. In its 155-page suit filed in the Eastern District of Virginia, authorities say Google made acquisitions to boost its advertising division that effectively forced advertisers and publishers to use its products, to the detriment of rival advertising firms. "One industry behemoth, Google, has corrupted legitimate competition in the ad tech industry by engaging in a systematic campaign to seize control of the wide swath of high-tech tools used by publishers, advertisers, and brokers, to facilitate digital advertising," prosecutors wrote in the suit on Tuesday. The Justice Department also says […]

Click here to view original web page at www.npr.org

Governor Greg Abbott today announced the statewide 2023 Governor’s Small Business Summit. Hosted throughout the state in 15 different cities, the Governor’s Small Business Summit aims to help Texas small business owners and aspiring entrepreneurs reach new heights by connecting them with the resources and information needed to start, strengthen, and grow a business. “Small businesses are the very heart of our mighty Texas economy,” said Governor Abbott. “More than 95 percent of Texas businesses are small, and they employ nearly half of all working Texans. From our big city centers to our smaller rural communities, the State of Texas is focused on developing an environment where entrepreneurs have the freedom to aspire, grow, and prosper. I look forward to continuing to work with small businesses in every region of the state to ensure they have the tools needed to succeed for an even brighter Texas of tomorrow.” The Governor’s Small Business summit offers a variety of sessions bringing together local, state, and federal resource partners to provide key insights on critical business topics. The Summit also provides participants the opportunity to network with other business owners and meet experts who will share timely, relevant, and actionable advice on […]

Click here to view original web page at gov.texas.gov

U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo NEW YORK, Jan 24 (Reuters) – The dollar edged lower against the euro on Tuesday after data showed euro zone business activity made a surprise return to modest growth in January, while U.S. business activity shrank for a seventh straight month. While U.S. business activity shrank in January, the downturn moderated across both the manufacturing and services sectors for the first time since September and business confidence strengthened as the new year began. "It just looks like another piece of data showing what the Fed has been preaching: the economy is resilient enough to take on more hikes," said Juan Perez, director of trading at Monex USA in Washington. Fed fund futures see only two more quarter-point rate hikes by the Fed to a peak of around 5% by June, before it starts cutting rates later in the year. The Federal Reserve itself has insisted it still has 75 bps of increases in the pipeline. Latest Updates "It is clear looking at PMIs that the Fed has prevented expansion, but the economy has not taken a hit like many thought," Perez said. […]

Click here to view original web page at www.reuters.com

Arlington’s Raytheon Technologies Corp. (NYSE: RTX) said Tuesday it is restructuring its four subsidiary companies into three business segments, citing a need to better align with customer needs. The move comes nearly three years after the blockbuster merger of Raytheon and United Technologies Corp. and seven months after the combined company said it was moving its headquarters from Waltham, Massachusetts, to Arlington. The goal of the reorganization is to refigure its current four units: Collins Aerospace, based in Charlotte, North Carolina; Pratt & Whitney, based in East Hartford, Connecticut; Raytheon Intelligence & Space (RIS), based in Arlington; and Raytheon Missiles & Defense (RMD), which is based in Tucson, Arizona. After the reorganization, the three business units will be Collins Aerospace, Pratt & Whitney and Raytheon. The plan is set to be implemented in the second half of the year. “We’re going to look to take the entire portfolio of RIS, Collins and RMD and move the pieces where they most appropriately align from a technology and a customer standpoint,” Raytheon CEO Gregory Hayes said on Tuesday’s earnings call. He highlighted the possibility of contracts related to Department of Defense’s Joint All-Domain Command and Control (JADC2) campaign to link communications […]

Click here to view original web page at www.bizjournals.com

GeekWire File Photo Microsoft’s revenue rose 2% to $52.7 billion in its second fiscal quarter, just missing Wall Street’s expectations, as profits dropped 7% to $17.4 billion, not counting a special charge related to its layoffs — providing a glimpse of the growing economic uncertainty that the company cited in announcing the cutbacks last week. The company reported strength in some of its products and services for businesses, led by a 22% increase in Microsoft Cloud revenue, to $27.1 billion. This category includes Microsoft Azure, Office 365 Commercial, the commercial portion of LinkedIn, and other cloud-related revenue. However, other parts of Microsoft’s business experienced significant declines. Windows revenue fell 27% to $4.8 billion, including a decline of 39% in revenue from versions of Windows licensed to computer manufacturers. Microsoft blamed factors including continued PC market weakness. Microsoft gaming revenue, including Xbox, declined 12% to $4.7 billion. The company cited fewer new games from its own studios, and lower monetization of games made by third-party developers. An unspecified increase in Xbox Game Pass subscriptions wasn’t enough to overcome those declines. Devices revenue, including Microsoft Surface tablets and computers, fell 37% to $1.4 billion. The company cited the struggling PC market […]

Click here to view original web page at www.geekwire.com

Nick Barclay / The Verge Another week, another round of layoffs. This time, it is Spotify . CEO Daniel Ek informed employees yesterday morning that the company would be cutting 6 percent of its workforce and said he took “full accountability for the moves that got us here today.” The most high-profile change is the departure of chief content and advertising officer Dawn Ostroff. And while no additional shows have been cut, advertising and business employees, particularly under Podsights and Chartable, were laid off nearly a year after Spotify acquired both companies. Plus (and I am fully aware of how incongruous this is, apologies), we have some more announcements for Hot Pod Summit. After years of podcast acquisitions, Spotify goes lean Spotify built itself into the biggest force in the podcast industry by sheer force of will (and capital), spending more than $1 billion acquiring studios, publishers, and advertising tech. It has also relied on veteran entertainment executive Dawn Ostroff for the last four years to oversee blockbuster deals that brought hits like Joe Rogan Experience , Call Her Daddy , and Batman Unburied exclusively to the platform. Now, as part of its companywide layoffs, Spotify is turning to […]

Click here to view original web page at www.theverge.com

BURLINGTON, Vt. (WCAX) – The Better Business Bureau is warning potential pot buyers that dispensary scams are on the rise. New York, Vermont and most other New England states have now legalized recreational marijuana, and that means dispensaries are popping up. But the BBB has some “buyer beware” warnings about those shops. In a new warning, the BBB urged customers to be extremely cautious if they are asked to pay via digital wallet apps like Cash App or Zelle, and if the dispensary starts tacking on extra fees they promise to refund later on. “Doing your research will help prevent you from getting scammed. Unfortunately, we’ve heard these happening through social media websites where they put up these glamorous ads they say they’re going to deliver to your house. People are sending $80-$100 via these apps, never getting the product or never hearing from the person again. And you’re on the money and we don’t want to see that happen to people,” said Paula Fleming of the Better Business Bureau. Watch the video to see our Cat Viglienzoni’s full conversation with Fleming. The BBB says in states where recreational marijuana is legal, you can find BBB-accredited dispensaries on their […]

Click here to view original web page at www.wcax.com

(CNN)Microsoft on Tuesday posted weaker-than-expected revenue and a double-digit percentage drop in profit for the final three months of last year amid broader economic uncertainty and reduced demand for personal computers and software. The tech giant reported revenue of $52.7 billion for the quarter, a modest 2% increase from the year prior but slightly less than analysts had expected. It reported net income of $16.4 billion, a 12% decline from the year prior. Microsoft confirms it’s investing billions in the creator of ChatGPT The earnings results come at a turbulent moment for Microsoft, and the tech industry as a whole . Microsoft said last week that it plans to lay off 10,000 employees as part of broader cost-cutting measures. In his explanation of the cuts, CEO Satya Nadella pointed to changing demand for digital services years into the pandemic as well as looming recession fears. Demand for personal computers, and the Microsoft operating systems that power them, has pulled back after experiencing a boom early in the pandemic. Consulting firm Gartner said earlier this month that worldwide PC shipments fell more than 28% in the fourth quarter of 2022 compared to the same period the prior year. This marked […]

Click here to view original web page at www.cnn.com

Bloomberg/Bloomberg via Getty Images Microsoft (NASDAQ: MSFT ) Chief Executive Satya Nadella wasted little time Tuesday in laying out the software titan’s new philosophy behind its push into artificial intelligence technology. Speaking on a conference call to discuss Microsoft’s ( MSFT ) fiscal second-quarter results, Nadella said the company’s emphasis on AI is based in large part on a "changing [business] environment" that is resulting from customers that are looking to optimize their own spending on technology "given the [ongoing] economic uncertainty." Nadella said the realities of the market have had an impact on Microsoft’s ( MSFT ) own priorities. "Maximum [business] value gets created during shifts in the market," Nadella said. "We are well positioned to capture the opportunities in AI used by customers like OpenAI." Nadella’s comments came one day after Microsoft ( MSFT ) confirmed it has made a "multiyear, multibillion dollar" investment in ChatGPT developer OpenAI. Microsoft ( MSFT ) didn’t disclose the exact amount of its investment, but various reports pegged it at $10B . Last week, Microsoft ( MSFT ) said it would begin integrate ChatGPT into its Azure cloud services offerings . On Tuesday, Nadella said Microsoft ( MSFT ) has already […]

Click here to view original web page at seekingalpha.com

Jan 24 (Reuters) – Microsoft Corp (MSFT.O) forecast cloud revenue for the current quarter at just below Wall Street expectations, dampening some enthusiasm for its beat on quarterly profit earlier on Tuesday. Shares initially rose sharply in after-hours trading but lost steam after the company’s cloud forecast. Microsoft said its third-quarter intelligent cloud revenue would be $21.7 billion to $22 billion, while analysts forecast $22.14 billion. In the second quarter, Microsoft’s cloud services business helped offset a slump in the personal computer market. Those results will likely allay fears of a meltdown in the tech industry which has laid off tens of thousands of employees this year in anticipation of an economic downturn. Microsoft said Azure cloud product revenue rose 31% in the quarter, in line with estimates compiled by Visible Alpha, while its broader Intelligent Cloud division posted revenue of $21.5 billion, versus a Wall Street consensus of $21.4 billion compiled by Refinitiv. Azure could get a boost from cloud spending from the growth of artificial intelligence. "There’s a variety of ways that we can bring that technology either in specific offerings or to improve existing offerings," said Brett Iversen, Microsoft’s head of investor relations, referring to OpenAI, […]

Click here to view original web page at www.reuters.com