The week of business news on CNBC has been quite eventful, as usual. From the release of highly anticipated earnings reports to the ongoing controversies in the business world, there were several interesting developments shaping the business landscape. In this article, we will take a closer look at some of the top business news on CNBC for the week.
Earnings Reports
One of the biggest highlights of the week was the release of earnings reports by several well-known companies. Apple, one of the world’s most valuable companies, reported better than expected earnings, with revenue of $81.4 billion, largely driven by strong sales of its latest iPhones. Amazon, on the other hand, also posted strong results, with a total revenue of $113.1 billion in the second quarter, thanks to the continued growth of its cloud computing and advertising businesses.
Controversies
Another notable development this week was the news that Robinhood, a popular trading app, has agreed to pay a settlement of $70 million to resolve a regulatory investigation into its business practices. The settlement comes after Robinhood faced criticism and lawsuits for its handling of the trading frenzy in meme stocks earlier this year.
In addition, Facebook was in the news again this week due to revelations that the company has been paying people to create a highly curated version of Instagram that is designed to cater to specific audiences. The move has drawn criticism from some quarters, with concerns that it could contribute to the spread of misinformation and harmful content on the platform.
Mergers and Acquisitions
Finally, there were several mergers and acquisitions that made headlines this week. DuPont, a leading American chemical company, announced its plans to acquire Laird Performance Materials, a global electronics and connectivity solutions provider. The deal, which is expected to close in the third quarter of 2021, is aimed at strengthening DuPont’s position in the electronics market.
Another notable acquisition was that of Cazoo, which has agreed to merge with AJAX I, a Special Purpose Acquisition Company (SPAC), in a deal worth $7 billion. Cazoo, a British online used car dealer, has seen significant growth in recent years, and the deal will allow it to expand into new markets.
Key Takeaways
In summary, it was a week filled with significant developments in the business world. From Apple’s impressive earnings report to controversial moves by Facebook and Robinhood, and multiple mergers and acquisitions, the business landscape continues to evolve rapidly. As investors and consumers alike, it is critical to stay informed and be aware of any potential impacts on our financial portfolios and daily lives.
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