Yelp is filing an antitrust lawsuit against Google over anti-competitive practices.
Transcript:
CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
It’s Tech Thursday as investors react to a slate of high-tech earnings reports.
Nvidia’s second-quarter results were stronger than anticipated. The AI chip giant posted a 122 percent surge in revenue growth thanks to robust demand. But Wall Street was looking for even more in order to justify a stock that’s up more than 150 percent so far this year. Meanwhile, Salesforce topped forecasts and sounded upbeat about its profit outlook. But CrowdStrike cut its full-year outlook.The cybersecurity firm is likely facing fallout since causing the world’s biggest computer outage back in July.
Sticking with technology…..Google’s parent company Alphabet GOOGL is facing yet another antitrust battle. This time the tech giant is being sued by its long-time rival Yelp, which is accusing Google of using its dominance to control the local search market.
Yelp CEO Jeremy Stoppelman wrote In a blog post: “Google abuses its monopoly power in general search to keep users within Google’s owned ecosystem and prevents them from going to rival sites. This anticompetitive conduct siphons traffic and advertising revenue from vertical search services, like Yelp, that provide objectively higher quality local business content for consumers.”
Yelp is seeking financial compensation for damages and wants the court to force Google to stop what it calls anti-competitive behavior.
This is just the latest legal headache for Google. It hasn’t even been a month since a federal judge ruled that Google violated antitrust laws and “has acted as one to maintain its monopoly.” And, last year, a jury ruled against Google in an antitrust lawsuit filed by Fortnite-maker Epic Games.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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