The App Store revolution will not be downloaded

A number of Apple’s critics, including Spotify Technology SA, Match Group Inc and “Fortnite” Epic Games, have joined a nonprofit group that plans to push for legal and regulatory action to challenge Apple’s App Store practices. The group called the Coalition for App Fairness also boasts of other members like Basecamp, Deezer, Blix and Blockchain.com. Apple’s App Store practices have drawn criticism from developers over time and the group aims to advocate legal reforms that would force Apple to change. Click here to read more

AMC Entertainment is feeling the crunch

AMC Entertainment Holdings Inc (NYSE: AMC) has reached a deal with some banks to sell up to 15 million shares in a bid to raise fresh funds as the pandemic pummels the business of the world’s largest cinema chain. The company said that the postponement of major major movie releases slated for the holiday season until 2021 would significantly affect its cash flow in Q4. shares fell more than 4% in premarket trading.  Click here to read more

Costs rose for Costco in Q4

Although the company reported better-than-expected earnings results, it incurred very high Covid-19 related costs for the second quarter in a row and this sent shares tumbling 3%. Costco spent about $281 million on employee bonuses and sanitizing its warehouses in Q4, just a few millions lower than the $283 million incurred in the previous quarter. Higher demand for fresh produce, appliances and sporting goods helped the company’s revenue climb 12.4% to $53.38 billion vs $52.08 billion expected.  Click here to read more

Amazon’s hardware event

Amazon made some pretty big product announcements at its just-concluded hardware event. Some of which include: a spherical redesign of its renowned hands-free speaker Echo, improvements to its virtual assistant Alexa, a drone that can fly itself around inside your home, a new Fire TV Stick, and its long-awaited cloud gaming service, Luna. Click here to read more

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