Plus, a consumer protection group sues Apple. And Cisco posts lower revenue and profit, but results beat analyst estimates. James Rundle hosts.
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[00:00:16] Here's your TNB Tech Minute for Thursday, November the 14th. I'm James Rundle for The Wall Street Journal.
[00:00:22] The European Commission has fined Meta platforms roughly $843 million, saying its advertising practices undermined competition in the bloc.
[00:00:32] The European Union's antitrust arm said that the social media giant's practice of linking its marketplace ads platform to Facebook gave it an unfair advantage over competitors, particularly through the data it collects.
[00:00:44] Meta said it would appeal the fine. It denied using competitors' data in a way that disadvantages them and said the company imposes safeguards.
[00:00:52] Meta resolved a similar investigation from antitrust authorities in the UK last year by agreeing to change how it uses advertisers' data.
[00:01:01] UK consumer protection group Witch says it's suing Apple for the equivalent of $3.8 billion.
[00:01:07] It's claiming the company breaches competition law by tying users to its iCloud service.
[00:01:12] The lawsuit, filed with the British antitrust court, is seeking compensation for customers who have used iCloud since 2015.
[00:01:19] Apple said that its users aren't forced to use iCloud and that it would contest the claims.
[00:01:24] And Cisco Systems reported lower revenue and profits in its first quarter.
[00:01:28] The networking equipment company posted a profit of $2.7 billion, down from $3.6 billion for the same period last year.
[00:01:37] Revenue fell 5.6% to $13.84 billion, but beat analyst expectations.
[00:01:42] The company said in August that it would cut around 6,000 jobs, which it expects to cost up to $1 billion in severance and related charges.
[00:01:51] For a deeper dive into what's happening in tech, check out Friday's Tech News Briefing podcast.
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