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Yelp sues Google over antitrust violations
The Street
Follow
8/29/2024
Yelp is filing an antitrust lawsuit against Google over anti-competitive practices.
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🥇
Sports
Transcript
Display full video transcript
00:00
I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on
00:03
the street today. It's Tech Thursday as investors react to a slate of high-tech earnings reports.
00:09
NVIDIA's second quarter results were stronger than anticipated. The AI chip giant posted a
00:14
122% surge in revenue growth thanks to robust demand. But Wall Street was looking for even
00:21
more in order to justify a stock that's up more than 150% so far this year. Meanwhile,
00:27
Salesforce topped forecasts and sounded upbeat about its profit outlook. But CrowdStrike cut
00:32
its foyer outlook. The cybersecurity firm is likely facing fallout since causing the world's
00:37
biggest computer outage back in July. Sticking with technology, Google parent Alphabet is facing
00:43
yet another antitrust battle. This time, the tech giant is being sued by its longtime rival Yelp,
00:49
which is accusing Google of using its dominance to control the local search market. Yelp CEO
00:56
Jeremy Stoppelman wrote in a blog post, quote, Google abuses its monopoly power in general search
01:02
to keep users within Google's own ecosystem and prevents them from going to rival sites.
01:08
This anti-competitive conduct siphons traffic and advertising revenue from vertical search
01:13
services like Yelp that provide objectively higher quality local business content for consumers.
01:20
Yelp is seeking financial compensation for damages and wants the court to force Google
01:24
to stop what it calls anti-competitive behavior. This is just the latest legal headache for Google.
01:31
It hasn't even been a month since the federal judge ruled that Google violated antitrust laws
01:36
and, quote, has acted as one to maintain its monopoly. And last year, a jury ruled against
01:42
Google in an antitrust lawsuit filed by Fortnite maker Epic Games. That'll do it for your daily
01:49
briefing from the New York Stock Exchange. I'm Conway Gittens with The Street.
01:54
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