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Report
Judge rules Google violated antitrust laws with its search business
The Street
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8/6/2024
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Google is in big trouble.
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Sports
Transcript
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00:00
I'm Conway Gibbs reporting from the New York Stock Exchange.
00:02
Here's what we're watching on the street today.
00:04
Wall Street is trying to regain its footing
00:07
after the biggest three-day stock market
00:08
sell-off in two years.
00:10
Upbeat earnings are helping to soothe concerns
00:12
that the economy is tipping into a recession.
00:15
Demand for Caterpillar's costly heavy-duty machinery
00:19
remained strong last quarter, leading to better
00:21
than expected results.
00:23
Uber topped forecasts as both ride-sharing and food delivery
00:27
continued to bring in revenue.
00:30
In other news, after a nearly year-long trial,
00:33
Google has been found guilty of violating
00:35
U.S. antitrust laws when it comes to its search business.
00:39
And his ruling U.S. District Judge Amit Mehta
00:42
claimed Google's practices have allowed it
00:44
to crush its competition and stifle innovation.
00:48
Mehta wrote, quote,
00:49
After having carefully considered and weighed
00:52
the witness testimony and evidence,
00:54
the court reaches the following conclusion.
00:56
Google is a monopolist and it has acted as one
00:59
to maintain its monopoly.
01:02
The Justice Department argued that due to Google's monopoly,
01:05
it was able to charge advertisers artificially high prices
01:08
to place ads on its platform.
01:10
The DOJ also claimed since there were no other contenders
01:14
in the space, Google didn't have to invest in time
01:16
or money to improve its search engine.
01:19
Google, however, maintains it has done nothing wrong
01:21
and intends to appeal.
01:23
Its president of global affairs pushed back
01:25
on the ruling stating, quote,
01:35
According to the ruling, Google has an 89.2% share
01:38
of the market for general search services,
01:40
which increases to 94.9% on mobile devices.
01:45
That'll do it for your daily briefing
01:47
from the New York Stock Exchange.
01:48
I'm Conway Hiddens with The Street.
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