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- Amazon reported a record quarterly profit and 40% sales growth backed by strong COVID-related demand. Amazon had $5.2 billion in net profit, after having warned it would spend all of the $4 billion it was expecting to make for the quarter on COVID-related initiatives.
- Facebook shrugged off the pandemic to beat expectations for revenue, profits, and user growth, sending stock jumping 8%. It also indicated that an ongoing advertiser boycott is not badly hurting it.
- Apple blew past Wall Street's expectations for its fiscal third-quarter earnings, reporting revenue of $59.7 billion. Apple reported growth across all of its product lines for Q3, from the iPhone, which has seen slowed growth in recent years, to its booming wearables and services businesses.
- Alphabet announced its second-quarter earnings for 2020, slightly beating Wall Street expectations. But it wasn't enough to save the company from its first-ever revenue decline, as the coronavirus crisis continues to pummel the advertising industry.
- Apple said it expects supply of its next iPhone to be available "a few weeks later" compared to last year's iPhone launch. The comments come as reports have suggested the next-generation iPhone may be delayed because of supply chain issues stemming from the coronavirus pandemic.
- Subscription newsletter platform Substack has doubled its users as COVID-19 jeopardizes the ad-based media model. The company has more than 100,000 paying users, and says it saw revenue grow 60% over the first three months of the pandemic.
- Google will face a full EU inquisition over its $2.1 billion purchase of fitness wearables maker Fitbit. Regulators in Europe worry that Google will use its acquisition to hoover up even more personal data on users and use it to inform targeted ads.
- Amazon has won FCC approval to launch 3,236 Kuiper internet satellites — a $10 billion project competes with SpaceX's emerging Starlink network. Despite heated competition, Amazon managed to trounce the opposition of its competitors and win US Federal Communications Commission approval to deploy Kuiper in space.
- Short-form video app Triller sued TikTok for patent infringement, alleging the platform is copying its editing feature. In the lawsuit, Triller alleges TikTok is infringing on its patent, approved in 2017, for the video-editing, soundtrack-adding software made notable by TikTok.
- Huawei shipped more smartphones than any other company last quarter — making it the first to dethrone Apple and Samsung in 9 years. Huawei's dominance was largely fueled by its growth in China, which has seen better recovery from the COVID-19 pandemic than other markets like the US'.
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Read the original article on Business Insider