San Francisco Chronicle - (Sunday)
If you missed it ...
In a week when Jeff Bezos put away his chutzpah, this also happened:
Amazon reported that it nearly doubled its profit to $11.2 billion and once again paid nothing for federal income taxes, according to the Institute on Taxation and Economic Policy.
After Nike included Colin Kaepernick in a big ad campaign last year, Colorado Springs’ Prime Time Sports owner Stephen Martin drew a lot of attention when his store dropped all its Nike gear. Now, USA Today reported, his store is closing. “As much as I hate to admit this, perhaps there are more Brandon Marshall and Colin Kaepernick supporters out there than I realized,” he said.
Digiday reported that Snap will pay companies up to $50,000 per episode for original Snapchat series, citing comments from four entertainment executives. It wants
Snap Originals with about 10 episodes, with each episode a little over five minutes.
Chipotle is teaming up with Oscar-winning documentary filmmaker Errol Morris for a series of ads touting its fresh ingredients. The digital and television spots show employees making guacamole, grilling chicken and chopping green peppers while Morris chats with them from behind the camera. Reddit said it has raised $300 million in a financing round led by Chinese internet giant Tencent. Reddit CEO Steve Huffman told CNBC that the investment values his company at $3 billion.
Long-term mortgage rates fell to a 12-month low, hitting 4.37 percent.
Silicon Valley powerhouses Nvidia and Cisco Systems both reported earnings that topped estimates. Nvidia’s adjusted profit came to 80 cents per share, beating estimates of 75 cents. Cisco’s adjusted earnings of 73 cents a share topped estimates by a penny.
Delta Air Lines said it is doling out $1.3 billion in annual profit sharing — with all employees getting a bonus equal to 14 percent of their annual pay. This is the fifth consecutive year Delta’s profit sharing exceeded $1 billion.
Daily Briefing is compiled from San Francisco Chronicle staff and news services. For more items and links, subscribe to the Tech Chronicle newsletter at www.sfchronicle.com/newsletters. Twitter: @techchronicle