Yelp sues Google over antitrust violations

The Street
The Street
  • last month
Yelp is filing an antitrust lawsuit against Google over anti-competitive practices.
Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on
00:03the street today. It's Tech Thursday as investors react to a slate of high-tech earnings reports.
00:09NVIDIA's second quarter results were stronger than anticipated. The AI chip giant posted a
00:14122% surge in revenue growth thanks to robust demand. But Wall Street was looking for even
00:21more in order to justify a stock that's up more than 150% so far this year. Meanwhile,
00:27Salesforce topped forecasts and sounded upbeat about its profit outlook. But CrowdStrike cut
00:32its foyer outlook. The cybersecurity firm is likely facing fallout since causing the world's
00:37biggest computer outage back in July. Sticking with technology, Google parent Alphabet is facing
00:43yet another antitrust battle. This time, the tech giant is being sued by its longtime rival Yelp,
00:49which is accusing Google of using its dominance to control the local search market. Yelp CEO
00:56Jeremy Stoppelman wrote in a blog post, quote, Google abuses its monopoly power in general search
01:02to keep users within Google's own ecosystem and prevents them from going to rival sites.
01:08This anti-competitive conduct siphons traffic and advertising revenue from vertical search
01:13services like Yelp that provide objectively higher quality local business content for consumers.
01:20Yelp is seeking financial compensation for damages and wants the court to force Google
01:24to stop what it calls anti-competitive behavior. This is just the latest legal headache for Google.
01:31It hasn't even been a month since the federal judge ruled that Google violated antitrust laws
01:36and, quote, has acted as one to maintain its monopoly. And last year, a jury ruled against
01:42Google in an antitrust lawsuit filed by Fortnite maker Epic Games. That'll do it for your daily
01:49briefing from the New York Stock Exchange. I'm Conway Gittens with The Street.
01:54you

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