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Amazon (NASDAQ:AMZN) asks Congress to pass a federal law prohibiting price gouging during national emergencies.
Price gouging is currently illegal in certain states during emergencies, but the rules vary between states.
Brian Huseman, a VP of public policy at Amazon: “The disparate standards among states present a significant challenge for retailers working to assist law enforcement, protect consumers, and comply with the law.”
Amazon, which faced legislative criticism earlier this year for third-party price gouging on its platform, says the federal law should be enforced by the FTC and the states.
In other AMZN news, the company is extending the $2/hour pay hikes and double overtime pay for warehouse workers for two more weeks, which means normal pay resumes in June.
The extension will bring total salary costs for hourly employees up to nearly $800M.
Soaring demand for video games during the global coronavirus lockdowns drove Tencent’s (OTCPK:TCEHY,OTCPK:TCTZF) Q1 beats.
The online games side of the business grew 31% Y/Y in the period to 37.3B yuan.
Ad revenue grew 32% in the period, a rarity among the sector-wide ad pressures from the pandemic.
But Tencent warns the headwinds might be temporary: “Looking forward, we expect in-game consumption activities to largely normalise as people return to work, and we see some headwinds for the online advertising industry.”
According to The Wall Street Journal sources, Uber (UBER +1.4%) and Grubhub (GRUB -4.2%) are discussing a takeover offer valuing GRUB at 1.9 Uber shares or just over $60/GRUB share.
The deal would value Grubhub at $6B.
Grubhub was seeking 2.15 Uber shares during the talks, but Uber didn’t agree with the price.
Talks are still continuing, and the details could change.
Cisco (NASDAQ:CSCO): Q3 Non-GAAP EPS of $0.79 beats by $0.08; GAAP EPS of $0.65 beats by $0.09.
Revenue of $11.98B (-7.6% Y/Y) beats by $130M.
Non-GAAP gross margin 66.6% vs. 64.6% last year; product gross margin 65.8%, service gross margin 68.9%.
Deferred Revenue $18.6B (+7%).
Shares +3.7%.
Alphabet’s Loon (GOOG +0.4%, GOOGL +0.3%) and Vodacom (OTCPK:VDMCY +1.9%) are teaming up to expand Vodacom’s Internet access in Mozambique.
Loon will use its balloon-powered Internet – floating cell “towers” 20 km above Earth – to boost uptake in unserved and underserved parts of the country, including Delgado and Niassa provinces.
The 4G service will support data, voice, SMS and USSD, also enabling mobile financial services.
