US big tech companies report colossal earnings, US GDP down, companies cling to share buybacks
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 31 July 2020
⏱️ 10 minutes
🧾️ Download transcript
Summary
Facebook, Amazon, and Apple all reported stellar revenue increases in the latest quarter. The FT’s Richard Waters will explain what that means in the context of Wednesday’s US congressional big tech antitrust hearings. Then, FT US markets reporter Colby Smith will explain investor reaction to the worst contraction in the US economy in postwar history. Plus, corporate America is still clinging on to share buybacks despite the global recession.
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Apple revenues defy expectations despite store closures
https://www.ft.com/content/20d1ef26-2bf4-4900-85b2-08ef7c6d1ae1
US economy suffers sharpest postwar contraction in second quarter
https://www.ft.com/content/3ff15dc7-be90-4676-8121-5a868016c4bb
US companies cling to share buybacks despite collapse in profits
ft.com/content/1c924be0-5bc0-4eba-a088-b98b13080c04?
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Transcript
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| 0:00.0 | Good morning from the Financial Times. |
| 0:02.0 | Today is Friday, July 31st. |
| 0:04.0 | And this is your FT news briefing. |
| 0:08.0 | There were blowout earnings for four big tech groups |
| 0:12.0 | a day after they told the US Congress they're not too big. |
| 0:16.0 | Meanwhile US GDP suffers its worst quarterly contraction since the Second World War. |
| 0:22.0 | But that isn't stopping companies from buying back their stock. |
| 0:25.0 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:30.0 | Historic profits after the bell yesterday for four of the biggest names in |
| 0:36.2 | tech, Apple, Amazon, Facebook, and Google Parent Alphabet, all reported that their |
| 0:42.3 | quarterly earnings benefited from the pandemic. |
| 0:45.4 | After all, people need new computers to work from home, and they have the time to serve Facebook. |
| 0:50.7 | But just a day earlier, on Wednesday, the chief executives of these same companies lined up in a virtual hearing before Congress, |
| 0:58.0 | and they made the case that they aren't that big and that they don't unfairly hurt or unfairly buy competitors. |
| 1:05.3 | Our West Coast editor Richard Waters is back to talk about these conflicting messages. |
| 1:10.0 | Hi Richard. |
| 1:11.0 | Hey, hi. |
| 1:12.0 | So Richard, which is it? |
| 1:13.4 | Are these companies appropriately sized? |
| 1:15.8 | Are they too big? |
| 1:17.6 | How can it be both? |
| 1:18.6 | You know, on a day when we've just seen four companies add $230 billion of stock market value between them. |
... |
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