FT News Briefing Apple countersues Epic Games, Slack revenue growth slowdown, Brexit friction
Sep 9, 2020
Apple's legal battle against Epic Games takes center stage as the tech giant countersues, labeling Epic a "corporate Robin Hood." Meanwhile, Slack faces a challenging revenue forecast amid a downturn, raising concerns about customer losses. The conversation shifts to SoftBank’s influence in the tech market, characterized as the "Nasdaq whale." Additionally, Brexit tensions escalate as the UK risks jeopardizing its withdrawal agreement with the EU, compounded by a significant political resignation. The implications for the market and vaccine trials are also highlighted.
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Apple vs. Epic Games
- Apple countersued Epic Games for breach of contract, seeking damages.
- They accuse Epic of posing as a "corporate Robin Hood" by bypassing Apple's 30% revenue cut.
Slack's Slowdown
- Slack's revenue growth is slowing, a missed opportunity during the work-from-home boom.
- The economic downturn and competition from Microsoft Teams are cited as reasons.
Tech Stock Volatility
- Tech stocks, including Tesla and the Nasdaq, experienced significant drops.
- This volatility follows a summer surge, possibly fueled by SoftBank's options trading.