Categories: Tech News

Tech roundup: Earnings results and streaming TV set the tone for the week

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Cisco Systems, FuboTV and a handful of big sports media deals with ties to streaming TV services led activity in the tech sector last week as the latest earnings season got off to a slow start. until the end.

Among the results they reported was Cisco (NASDAQ: CSCO), which saw its shares rise 6% on the day after the networking giant reported strong quarterly results, and gave an outlook that suggests it is doing well to manage the supply chain issues that have hampered many technology sectors for more than a year.

And unlike other tech companies that have begun cutting jobs, to varying degrees, Cisco ( CSCO ) said it will increase spending of $1 billion over the next year to increase employee pay and encourage workers to remain in the company.

Along with Cisco ( CSCO ), Applied Materials ( AMAT ) also gained after the semiconductor equipment maker’s upbeat quarterly report and outlook helped ease some concerns about a prolonged slowdown in the chip market.

Unfortunately, other chip companies such as Nvidia ( NVDA ) failed to rally after Applied Materials’ ( AMAT ) results.

Meanwhile, streaming TV platform company FuboTV (NYSE: FUBO) held its first investor day meeting and saw its stock jump 45% as Fubo ( FUBO ) officials outlined a path to profitability that includes doubling sales between 2022 and 2025.

Among other streaming TV companies, Netflix ( NFLX ) was said to be planning to block downloads of movies and TV shows in its upcoming ad-supported subscription option. HBO Max ( WBD ) has reportedly shuttered its reality programming division, begun cutting jobs as part of what are expected to be major changes to the streaming TV service, and eliminated more than 200 episodes of sesame street from your streaming library.

Amazon (NASDAQ: AMZN), which is taking over exclusive broadcast rights to the National Football League’s Thursday Night Football, said those games will be included in Nielsen’s (NLSN) traditional weekly television ratings. And Paramount Global (NASDAQ: STOP) renewed its deal for the United States broadcast and streaming rights for UEFA Champions League soccer matches for $1.5 million over six years starting in 2024.

As the court case between Twitter ( TWTR ) and Elon Musk nears, Musk’s lawyers subpoenaed a handful of ad tech companies to acquire data on how they audit user numbers for Twitter ( TWTR ). Musk also began the week by publishing a column in China outlining his views on the future of society and technology. The column appeared in the official publication of the Cyberspace Administration of China, the regulatory agency that oversees Chinese technology companies such as Alibaba ( BABA ) and ( JD ).

And Alibaba ( BABA ) , ( JD ) and a handful of other Chinese tech companies took it on the chin after investor Ray Dalio’s Bridgewater Associates revealed it had sold all of its holdings in Alibaba (BABA) and other well-known. Chinese technology companies.

And with the arrival of late August, speculation began to grow about when Apple ( AAPL ) will hold its next company event where it is expected to show off the iPhone 14.


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