Snap Inc rises on advertising, US Department of Justice takes on Google, big tech regulation
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 21 October 2020
⏱️ 10 minutes
🧾️ Download transcript
Summary
Snap posted record revenues and attracted the highest-ever number of advertisers to its platform in the third quarter, and the US Department of Justice has accused Google of suppressing competition in internet search. Plus, the FT’s west coast editor, Richard Waters, explains how the US and Europe are handling the regulation of big tech in very different ways.
Netflix subscriber growth slows as lockdown boost fades
https://www.ft.com/content/de870037-4859-4660-87c8-b6bba656bd02
Snap reaps the benefits of Facebook boycott fallout
ft.com/content/cb762955-10bb-4d1e-bfb3-87c4ecf9d915?
US election: Facebook’s political balancing act
https://www.ft.com/content/ebbf9be3-307b-4fdd-a582-069099e3096c
Nick Clegg: Europe should tear down digital walls not build new ones
https://www.ft.com/content/98cf847c-96f9-4558-9a30-7d72ea4e79c2
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Transcript
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| 0:00.0 | Good morning from the Financial Times. Today is Wednesday, October 21st, and this is your FT news briefing. |
| 0:08.4 | We're bringing you a very techie show today. First, some very different quarterly earnings from Netflix and |
| 0:14.3 | Snap. Then the Department of Justice goes after Google. And while we're on the topic, |
| 0:19.1 | how are the US and Europe diverging when it comes to their approach to controlling big tech. |
| 0:24.3 | We'll take a look. |
| 0:25.3 | I'm Mark Filipino. |
| 0:26.8 | Here's the news you need to start your day. |
| 0:31.8 | A tale of two tech companies in their very different earnings reports. Let's start with the good. |
| 0:37.0 | Snap posted record revenues and brought in the highest ever number of advertisers to its platform last quarter. |
| 0:43.8 | Revenues at Snapchat's parent company jumped 52% in the third quarter to |
| 0:48.0 | 679 million dollars crushing analyst expectations. |
| 0:52.4 | Here's what happened, according to Snap Chief Financial Officer Derek Anderson. |
| 0:56.0 | Advertisers were fed up with Facebook for its stance on hate speech and content moderation |
| 1:00.0 | at the height of the George Floyd protests. |
| 1:03.0 | And when they boycotted Facebook, these advertisers look to put their money elsewhere. |
| 1:07.0 | Q Snap, which was there waiting. |
| 1:10.0 | Investors liked what they heard yesterday, and shares in Snap rose nearly 20% and after hours trading. |
| 1:16.2 | Now the not so good. Netflix. It looks like the streaming subscription boom from pand Lockdown Life has faded. |
| 1:23.6 | Netflix only added a little more than 2 million subscribers last quarter. |
| 1:27.4 | To put that into context, Netflix added 16 million subscribers in the first quarter and |
| 1:31.9 | 10 million subscribers in the first quarter and 10 million subscribers in the second |
| 1:33.6 | quarter. The company said if the world recovers from the pandemic in 2021, |
... |
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