By Karen Weise
SEATTLE — Amazon grew into a giant by selling everything under the sun. Its strongest growth lately has been in the cloud.
The company on Thursday topped analyst forecasts for the first quarter, notching $3.6 billion in profit on almost $60 billion in sales. That compares with a $1.6 billion profit on $51 billion in sales a year earlier. Earnings per share were $7.09, well past forecasts for $4.70.
Most of Amazon’s revenue still comes from sales on its website, but an outsize chunk of its profit is from other services, including cloud computing and advertising.
Continue reading “Amazon Expanding One-Day Prime Shipping as Sales Growth Slows”
By Michael J. de la Merced
Magic Leap, the maker of augmented-reality goggles, has already raised $2.3 billion, an extraordinary amount for a start-up. Now it has secured yet another investment — and could raise still more cash.
The company said Friday that it had garnered $280 million from NTT DoCoMo, Japan’s biggest cellphone service provider, as part of a new partnership between them. It will also reopen its most recent fund-raising round to potentially accept even more cash from new and existing investors.
Continue reading “Magic Leap Raises $280 Million From NTT DoCoMo”
By Tess Riski, Natasha Singer and Katie Thomas
When Matt Cronin worked in customer service at Nurx, a San Francisco start-up that sells prescription drugs online, one of his jobs was to manage the office’s inventory of birth control pills.
The pills were kept in the pockets of a shoe organizer hanging inside a closet, Mr. Cronin said. They had been shipped to Nurx customers from its partner pharmacies, but ended up at the office when they bounced back in the mail. His supervisors regularly assigned him to mail those same medications to different Nurx customers who had not received their pills, he said.
Continue reading “Chasing Growth, a Women’s Health Start-Up Cut Corners”
The social network took the wraps off a special operations center in Dublin ahead of this month’s European Union voting.
By Adam Satariano
DUBLIN — Inside a large room in Facebook’s European headquarters in Ireland’s capital, about 40 employees sit at rows of desks, many with two computer screens and a sign representing a country in the European Union.
Large screens at the front display charts and other information about trends on the social network’s services, including Instagram and the messaging app WhatsApp. In the back, muted televisions broadcast BBC and other European news stations.
Continue reading “Facebook Opens a Command Post to Thwart Election Meddling in Europe”
The F.T.C. chairman seems to have the votes to approve a settlement. One of the biggest issues has been whether to hold Mark Zuckerberg liable for future violations.
By Cecilia Kang
WASHINGTON — Facebook’s announcement in late April that it had set aside $3 billion to $5 billion to settle claims that it mishandled users’ personal data suggested a strong consensus by federal regulators that the social media giant needed to be held accountable.
But the reality behind the scenes at the Federal Trade Commission is far more complicated, reflecting the politics and give-and-take of the negotiations.
Continue reading “Facebook Faces a Big Penalty, but Regulators Are Split Over How Big”
By Matthew Goldstein
Carl C. Icahn, the billionaire investor who was a close confidant of President Trump, has received a second subpoena from federal prosecutors in Manhattan, this one related to a series of stock trades last year.
Icahn Enterprises, one of Mr. Icahn’s main investment companies, disclosed in a regulatory filing on Thursday that it had received a subpoena in June seeking “production of information pertaining to trading in shares of Manitowoc,” a crane manufacturing company.
Continue reading “Billionaire Carl Icahn Discloses Subpoena Over Stock Trading”
By Stephen Grocer and Peter Eavis
Greetings from Omaha where the Berkshire Hathaway annual meeting just wrapped up. I questioned Warren Buffett and Charlie Mungeralong with other journalists, analysts and shareholders. Here’s a cheat sheet to the day’s highlights. (Was this email forwarded to you? Sign up here.)
Welcome to the ‘Woodstock for Capitalists’
It’s that time of year again when Omaha becomes the center of capitalism for a weekend.
Tens of thousands of shareholders from around the globe filled the CHI Health Center in Omaha (formerly called CenturyLink) on Saturday for the annual meeting of Warren Buffett’s Berkshire Hathaway.
Continue reading “DealBook Special: Berkshire Hathaway Annual Meeting”
By The Associated Press
A California judge has overturned a $128 million award for punitive damages to the former stars and producers of the long-running Fox crime drama “Bones” in a clash over profits, delivering a major victory to Twentieth Century Fox Television.
Continue reading “Judge Tosses $128 Million Award in ‘Bones’ Profit Dispute”
By David Gelles and Natalie Kitroeff
When Boeing began delivering its 737 Max to customers in 2017, the company believed that a key cockpit warning light was a standard feature in all of the new jets.
But months after the planes were flying, company engineers realized that the warning light worked only on planes whose customers had bought a different, optional indicator.
Continue reading “Boeing Believed a 737 Max Warning Light Was Standard. It Wasn’t.”
By Jack Ewing
WIESBADEN, Germany — A team of international investigators said Friday that they had shut down an online marketplace for illegal drugs, weapons, stolen data and other contraband with more than one million customer accounts, illustrating how crime fighting has increasingly become a battle in cyberspace.
Investigators from the F.B.I., I.R.S. and Drug Enforcement Administration, working with counterparts in Germany and the Netherlands, spent a year and a half trying to identify and track down the people behind the site, known as Wall Street Market. It was the latest online platform to have replaced street corners and back rooms as the place to buy and sell drugs like fentanyl, stolen credit card information and fake passports.
Continue reading “Hunt for Operators of Illicit Marketplace Leads to Arrests in Germany”