Google, Facebook Agreed to Team Up Against Possible Antitrust Action, Draft Lawsuit Says - WSJ

Google, Facebook Agreed to Team Up Against Possible Antitrust Action, Draft Lawsuit Says - WSJ
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Google, Facebook Agreed to Team Up Against Possible Antitrust Action, Draft Lawsuit Says - WSJ

Google, Facebook Agreed to Team Up Against Possible Antitrust Action, Draft Lawsuit Says - WSJ

Facebook Inc and Alphabet Inc's Google agreed to "cooperate and assist one another" in case of an investigation into their pact to work together in online advertising, the Wall Street Journal reported late on Monday.

The Journal report cited an unredacted version of a lawsuit filed by 10 states against Google last week.

The states had accused Google of working with Facebook in an unlawful manner that violated antitrust law to boost its already-dominant online advertising business.

According to the report, the lawsuit said that Google and Facebook were aware that their agreement could trigger antitrust investigations and discussed how to deal with them.

A Google spokesperson told the Journal that such agreements over antitrust threats are extremely common.

The unredacted draft version of the lawsuit, which the Journal said it reviewed, also said that Facebook's Chief Operating Officer Sheryl Sandberg signed the deal with Google.

The draft version also cites an email in which Sandberg told Facebook Chief Executive Officer Mark Zuckerberg and other executives that "this is a big deal strategically," the report said.



Samsung Expects a 56% Drop in Q2 Operating Profit, Far Short of Estimates

The logo of Samsung Electronics is seen at its headquarters in Seoul, South Korea, on July 4, 2016. (Reuters)
The logo of Samsung Electronics is seen at its headquarters in Seoul, South Korea, on July 4, 2016. (Reuters)
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Samsung Expects a 56% Drop in Q2 Operating Profit, Far Short of Estimates

The logo of Samsung Electronics is seen at its headquarters in Seoul, South Korea, on July 4, 2016. (Reuters)
The logo of Samsung Electronics is seen at its headquarters in Seoul, South Korea, on July 4, 2016. (Reuters)

Samsung Electronics on Tuesday projected a 56% drop in second-quarter operating profit from a year earlier, missing analysts' estimates by far.

Its chip business struggled with weak sales of artificial intelligence chips, dogged by delays in the supply of its latest chips to Nvidia and continued losses in its contract chip manufacturing business, analysts said.

The world's largest memory chipmaker estimated an operating profit of 4.6 trillion won for the April-June period, versus a 6.2 trillion won LSEG SmartEstimate.

That would compare with 10.4 trillion won in the same period a year earlier and 6.7 trillion won in the preceding quarter.

Revenue would likely fall 0.1% to 74 trillion won from a year earlier, the filing showed.

Samsung is expected to release detailed results, including a breakdown of earnings for each of its businesses, in late July.