Yesterday’s Business News: A Look at the Top Stories from the Day
Yesterday saw a whirlwind of activity in the world of business. From the release of important economic data to the announcement of significant corporate developments, there was no shortage of news. Here’s a look at some of the top stories from the day.
1. Economic Growth Slowed in Q2
The US Commerce Department released gross domestic product (GDP) data for the second quarter of 2021. The figures showed that the US economy grew at an annualized rate of 6.5% in Q2, a considerable slowdown from the 33.4% growth rate seen in Q3 2020. Despite the weaker-than-expected growth, economists remain optimistic about the rest of the year, with many forecasting expansion to exceed 6%.
2. Uber and Lyft Ordered to Reclassify Drivers as Employees
A California judge ordered ride-hailing giants Uber and Lyft to reclassify their drivers as employees rather than independent contractors. This ruling could have significant implications for the gig economy, as it could set a precedent for other states to follow. The ruling is expected to be challenged by the companies, who argue that their drivers prefer the flexibility of being independent contractors.
3. Amazon’s Q2 Earnings Beat Expectations
Amazon reported Q2 earnings that exceeded expectations, with revenues of $113.1 billion and earnings per share of $15.12, well ahead of the consensus estimates of $115.2 billion and $12.30 respectively. The results were boosted by the company’s cloud computing division, Amazon Web Services, which posted revenues of $14.8 billion.
4. Coca-Cola Announces Partnership with Molson Coors
Coca-Cola announced that it is entering into a strategic partnership with brewer Molson Coors. The companies will work together on the development and distribution of non-alcoholic beverages, including a range of hard seltzers under the Topo Chico brand. The move is part of Coca-Cola’s wider efforts to diversify its product portfolio and tap into new growth opportunities.
5. Facebook Shares Drop After Warning of Slower Growth
Facebook shares dropped on Wednesday after the social media giant warned investors that its growth rate was likely to slow in the coming months. The company reported Q2 revenues of $29.08 billion, up 56% year-over-year, but warned that it expects revenue growth to decelerate significantly in the second half of the year due to ad-targeting headwinds.
In conclusion, yesterday was a day of significant developments in the world of business. The GDP data, Uber and Lyft ruling, Amazon earnings, Coca-Cola partnership, and Facebook warning all highlight the dynamic nature of the business landscape. Businesses must remain agile and responsive to these changes to stay ahead of the curve and succeed in this ever-evolving landscape.
