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July 31, 2020 Welcome to this edition of The Reader, a weekly roundup of Fortune stories and insights you need to know.
On Wednesday, over the course of five and a half hours, Congress grilled Big Tech on aggressive competitive practices. The CEOs of Amazon, Apple, Facebook, and Google gave answers both well-rehearsed and fumbling.
Despite the scrutiny, Big Tech mostly crushed Q2 expectations: Facebook grew its revenue and user count, Amazon's overall sales skyrocketed, and Apple's stock headed for an all-time high. Only Google's revenue fell for the first time ever.
For more on the tech titans, read on. And subscribe to Data Sheet, our daily newsletter on the top tech news. Clifton Leaf
P.S. Become a premium member and get your questions about Big Tech answered before Congress gets the chance to ask them.
P.P.S. A more accurate subject line would be "In the Cisco Webex where it happens," but that doesn't have the same ring to it.
MUST READ Facebook and Amazon were grilled over a history of aggressive competitive practices
Congress said competitors referred to Amazon as a drug dealer that bullies third-party sellers. And the subcommittee brought up former statements in which Facebook was referred to as going into “destroy mode” amid its attempts to buy Instagram
BY DANIELLE ABRIL JULY 29, 2020
COMMENTARY
The tech titan testimony: CEOs are overlawyered and underprepared
"They walked in believing their own heroic myths before a powerful but less adoring group." BY JEFFREY SONNENFELD JULY 30, 2020
GLOBAL
Big Tech is likely to defend its dominance by pointing to the alternative: China
Reducing the power of American tech giants would be a huge win for China. BY GRADY MCGREGOR JULY 29, 2020
EARNINGS
Amazon’s second-quarter earnings results just showed why it's soaring during COVID-19
BY JONATHAN VANIAN JULY 30, 2020
MUST WATCH The key moments from Big Tech's hearing
Mark Zuckerberg, Jeff Bezos, Sundar Pichai, and Tim Cook testified in Congress remotely.
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More essential reads
From the archives
“Apple (AAPL) doesn’t often fail, and when it does, it isn’t a pretty sight at 1 Infinite Loop. In the summer of 2008, when Apple launched the first version of its iPhone that worked on third-generation mobile networks, it also debuted MobileMe, an e-mail system that was supposed to provide the seamless synchronization features that corporate users love about their BlackBerry smartphones. MobileMe was a dud. Users complained about lost e-mails, and syncing was spotty at best. Though reviewers gushed over the new iPhone, they panned the MobileMe service. Steve Jobs doesn’t tolerate duds. Shortly after the launch event, he summoned the MobileMe team, gathering them in the Town Hall auditorium in Building 4 of Apple’s campus, the venue the company uses for intimate product unveilings for journalists. According to a participant in the meeting, Jobs walked in, clad in his trademark black mock turtleneck and blue jeans, clasped his hands together, and asked a simple question: “Can anyone tell me what MobileMe is supposed to do?” Having received a satisfactory answer, he continued, “So why the fuck doesn’t it do that?”” —How Apple works: Inside the world’s biggest startup by Adam Lashinsky, August 2011 . This email was sent to newsletter@newslettercollector.com Unsubscribe | Edit your newsletter subscriptions
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