Technological sector updates
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Amazon suffered a double blow on Friday, with its shares falling 7% due to disappointing revenue and the e-commerce giant revealing that it had been fined a European Union record.
In sy quarterly report, Amazon has revealed a fine of € 746 million ($ 888 million) imposed two weeks earlier by the Luxembourg National Data Protection Commission, which claims that the processing of the company’s personal data does not comply with the general regulation on data protection of the EU does not comply. Amazon said it believed the decision without merit and that it would vigorously defend itself.
The investigation was led by a 2018 complaint by a French privacy rights group. The fine far exceeds the previous record of € 50 million that the French data protection regulator levied on Google.
Amazon shares fell to 8 percent after reporting sales under analysts’ estimates for the first time since 2018. As Dave Lee reported in San Francisco, Amazon has blamed the weaker sales on customers who are increasingly “doing things besides shopping” as restrictions around the world are eased.
The earnings were the last under founder Jeff Bezos, who handed over CEOs to Andy Jassy, former CEO of his cloud division AWS, this month. These services continued to perform strongly with a second consecutive quarter of growth of more than 30 percent. So does Amazon’s “other” business, which consists primarily of its emerging advertising efforts. Revenue there rose 88 percent to $ 7.9 billion,
Amazon’s overall revenue rose 27 percent from last year to $ 113 billion, which was not nearly $ 115 billion, while profits rose 50 percent to $ 7.8 billion, although Amazon predicted that it would decline in the current quarter.
The internet of (five) things
1. US regulators to investigate Chinese offers
Businesses in China will have to announce more about their structure and contacts with the Chinese government before being listed in the US, the Securities and Exchange Commission said on Friday. The move follows controversy surrounding Chinese rowing group Didi Chuxing, which is accused of violating data laws in China shortly after its US stock exchange. Here is our explanation on the regulatory assault in China.
2. Chinese technology stocks fall in July
This is the last trading day of July and Chinese technology stocks listed in the US close their worst month since the global financial crisis, following the regulatory collapse by Beijing. The Nasdaq Golden Dragon China index fell 22 percent in July, while shares in Tencent and Alibaba fell 16 percent and 10 percent, respectively.
3. Ransomware rages
President Biden sign an executive order on Wednesday aimed to raise online security standards and prevent ransomware attacks on America’s critical infrastructure. Here is our graph-driven analysis of the rise of ransomware.
4. Niel tries to take Ilias private
Billionaire entrepreneur Xavier Niel has launched a tender offer to take private Iliad, the French telecommunications company he founded 22 years ago, in the latest example of buyers taking advantage of the low valuations of listed European telecommunications companies.
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5. Black Widow meets Disney
Scarlett Johansson, whose contract payment as the star of Black widow was largely based on box office sales, sued Disney about how depressed they were by the simultaneous streaming of the superhero movie. John Thornhill comments on the ethical debate over the use of AI software to mimic the voice of Chef Anthony Bourdain in the film Roadrunner. Pearson, the educational publisher who previously owned the FT Netflix model announced via an app that gives U.S. students access to all 1,500 titles for a monthly subscription of $ 14.99.
Technical Tools – Sony’s Camera for Vloggers
Tim Bradshaw discusses the merits of the latest portable camera concepts in FT Magazine this week, while Sony devised a dream device for Vloggers. The ZV-E10 is the first interchangeable lens vlog camera in the Alpha series, “designed from the beginning for vlogging and vloggers”, it reads. It has a 24.2 MP sensor and features like “Background Defocus”, which can easily switch between a blurry and sharp background, as well as the “Product Showcase Setting” mode that allows the camera to automatically focus on the subject’s face to an object is highlighted. With the LCD screen on the side, users can connect external microphones to the top of the camera and view the screen in selfie recording mode and from high and low angles. It will be available in August, with a price of £ 680 / € 750.