The U.S. government said Apple Chief Executive Officer Tim Cook and Google CEO Sundar Pichai met in 2018 to discuss the deal. 30, 2020, 4:30 p.m. The DOJ also cited internal Google documents that call the Apple search deal a “significant revenue channel” for the search giant and one that, if lost, would result in a “Code Red” scenario. Have a confidential tip for our reporters? Oil traded lower. Disclaimer | That means when a user buys a new iPhone or other Apple device, the built-in search engine in the Safari browser is Google. Brent crude, oil's international benchmark, fell 1%, to $42.19 per barrel, at intraday lows. The deadly pandemic and its parade of negative headlines have given many mass-market advertisers little incentive to peddle their products and services. All rights reserved. West Texas Intermediate crude fell as much as 1.4%, to $40.25 per barrel. A strong earnings report from Logitech showed that the work-from-home trend is still boosting demand for its computer accessories business, as well as a surge in online gaming. Tesla Expects Rising Capex in Next Two Years Amid Growth Spu... Ansys to Buy Software Firm AGI for $700 Million. The details, many of which have not been disclosed before, may support the U.S. government’s allegation that Google uses these agreements to block out search rivals and give consumers less choice. The U.S. government’s antitrust assault against Google reveals new details about a secretive, multibillion-dollar deal between the internet giant and Apple Inc., the world’s largest technology company. Gold fell as much as 0.5%, to $1,894.74 per ounce. (. Uber Sued for Using ‘Biased’ Customer Ratings to Fire Driver... SAP Sends Warning for U.S. Tech Earnings With Dire Forecast. Alphabet's first-quarter revenue increased 13% from the same time last year, to $41.2 billion. Be in the know. “By paying Apple a portion of the monopoly rents extracted from advertisers, Google has aligned Apple’s financial incentives with its own and set the price of bidding for distribution extremely high,” the DOJ said. The company's stock climbed 3% to $1,269.50 in extended trading. The DOJ suit cited estimates that Apple gets $8 billion to $12 billion annually from Google through the agreement. We spoke to 4 US Investing Championship contenders who raked in a combined return of 1,349% in just 9 months. Battleground Tracker: Tight race in Florida, Georgia, North Carolina, CBS News/BET poll: Black voters motivated, but concerned about votes counting, A behind-the-scenes look at how mail-in ballots are processed. Google pays Apple billions of dollars a year to make its search product the default option, according to analyst estimates. Apple’s income from the search deal is believed to be part of the company’s growing Services segment, a key metric Apple has highlighted to investors and analysts in recent years. Stock quotes by finanzen.net. House Speaker Nancy Pelosi's 48-hour deadline to strike a deal is fast approaching, but differences between her and Treasury Secretary Steve Mnuchin are being ironed out, giving hope to some for a potential deal to be reached. It indicates the ability to send an email. Election Day could turn into "Election Week" with rise in mail ballots, How Americans feel about taking a potential COVID-19 vaccine, El Paso imposes curfew as virus cases overwhelm hospitals, Spain orders nationwide curfew amid virus resurgence. In 2019, Apple Chief Compliance Officer Kyle Andeer told a congressional hearing that that the company “conducted an open competition to see what did we think would be best for our consumers, and consumers have always gone to Google.”. Alphabet shares rose 1% in early trading. The U.S. government’s antitrust assault against Google reveals new details about a secretive, multibillion-dollar deal between the internet giant and … The January-to-March earnings report offers a first look at how the digital ad market has fared amid widespread local and international government orders requiring consumers to stay at home. Read more: Bank of America shares 12 under-owned stocks likely to soar on earnings this quarter with investing conditions ripe for the picking, Registration on or use of this site constitutes acceptance of our. How do I vote in my state in the 2020 election? Is Google worth the risk in front of earnings? Commerce Policy | This material may not be published, broadcast, rewritten, or redistributed. The anti-trust lawsuit could lead to years of litigation and a potential breakup of the company. The Justice Department’s lawsuit, filed Tuesday, targets paid deals Google negotiates to get its search engine to be the default on browsers, phones and other devices. That's when the coronavirus outbreak accelerated and governments imposed lockdowns to fight it. Most U.S. Google's second quarter " should be a difficult one for our advertising business," Ruth Porat, the company's chief financial officer, told analysts Tuesday. Powered and implemented by FactSet. "In March, we experienced a significant and sudden slowdown in ad revenues," he said, noting that the slowdown correlated with the industries and geographic regions hit by coronavirus during that period. The number of teachers and students using Google classroom, for instance,  doubled in a little over a month, to 100 million, and the company's Meet tool is adding about 3 million users per day, he said. © 2020 CBS Interactive Inc. All Rights Reserved. Registration on or use of this site constitutes acceptance of our Terms of Service and Privacy Policy. What happens if the president doesn't accept the election results? As part of the deal, Google is also the default search engine for Siri and system search, replacing a deal Apple had with Microsoft in 2017. US stocks rise as traders weigh earnings reports against Google antitrust report. 2020-10-20T13:41:17Z The letter F. An envelope. Photographer: David Paul Morris/Bloomberg, The Justice Department focused in particular on the deal between Apple and Google, saying it “substantially forecloses Google’s search rivals from an important distribution channel for a significant, multi-year term.”. GOOGL stock has edged up 2% since Alphabet reported June quarter earnings. © 2020 Insider Inc. and finanzen.net GmbH (Imprint). Google's ad revenue slowed even as Americans used its services "more than ever," CEO Sundar Pichai said on an investor phone call Tuesday. Here's where US indexes stood shortly after the 9:30 a.m. The first quarter also offers an incomplete picture because ad demand in most parts of the world wasn't hit hard until late February and early March. Alphabet Inc. , parent of search giant Google, enjoyed robust gains in revenue, profits, ... when the company reports Q2 FY 2020 earnings after market close on July 30. Both Class A (GOOGL) and Class C (GOOG) shares are up more than 10% through Friday, Jan. 17, … Before it's here, it's on the Bloomberg Terminal. Alphabet earned $6.8 billion during the quarter, a 2% increase from last year. Investors are also continuing to hold out hope for a fiscal stimulus deal to be agreed upon prior to the November 3 Presidential Election. Senate on track to confirm Barrett to Supreme Court in final vote, The "60 Minutes" interview that Trump cut short, How Americans feel about taking potential COVID-19 vaccine, France hits new daily COVID record: "We have lost control", Pompeo's RNC speech investigated for possible Hatch Act violation, Dems urge Pence not to attend Barrett vote after COVID outbreak, Qatar condemned for "disturbing" exams of women passengers, Fights erupt between pro-Trump caravan and protesters in NYC, Tropical Storm Zeta expected to strengthen into hurricane, Battleground Tracker: Latest polls, state of the race and more, 5 things to know about CBS News' 2020 Battleground Tracker, CBS News coverage of voting rights issues. The biggest of these is an agreement that makes Google search the default on iPhones and other Apple devices. Copyright © 2020 CBS Interactive Inc. All rights reserved. Contents: Prepared Remarks; Questions and Answers; Call … What's the status of a second $1,200 stimulus check. Get the latest breaking news delivered straight to your inbox. Like many of the large tech stocks, Alphabet shot out of the gate in 2020. Voters See Misinformation Online and Many Believe... Jack Ma Wealth Surges Above Walmart Heirs’ With Record Ant I... Microsoft Teams With Adobe and C3.ai to Take on Salesforce o... SAP Shares Collapse After Lockdowns Force Cuts to Revenue. Bloomberg's David Westin and Alex Webb, a Bloomberg Opinion columnist, break down the case on "Bloomberg Markets." Apple users have the option to manually switch to Microsoft Corp.’s Bing, Yahoo Search or DuckDuckGo, but “few people do, making Google the de facto exclusive search engine” on Apple devices, according to the DOJ. First published on April 28, 2020 / 7:17 PM. With more mail-in ballots, officials urge patience on election night, Americans and the right to vote: Why it's not easy for everyone, Why some mail-in ballots are rejected and how to make sure your vote counts. The performance of Google stock lags Apple , Amazon.com , Facebook and many other big-cap technology companies in 2020. The hit to the company's ad business was "serious" but "not as severe as it could have been," eMarketer principal analyst Nicole Perrin observed in a note. Matthew Fox. News provided by The Associated Press. Webb's opinions are his own. Here are the 11 books they say transformed them into trading juggernauts. By Chris Tyler , InvestorPlace Contributor Feb 3, 2020, 9:33 am EDT February 3, 2020 ET. Apple does not offer a way for users to switch search engines during the initial setup process for its devices, nor does it suggest to users that they can switch their search engine when they first use Safari on an Apple device.

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