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SoftBank-Backed Mapbox Names New CEO to Go After Carmakers
(Bloomberg) -- Mapbox Inc., which makes mapping tools used by Instacart Inc. and Snap Inc., appointed a new chief executive officer who will focus on expanding sales to automakers and logistics providers.The SoftBank-backed company has promoted Peter Sirota, a former executive at Amazon.com Inc.’s Web Services business who joined Mapbox three years ago, to the top job. He replaces Eric Gundersen, who has been with the company since its start in 2010 and now becomes chief strategy officer and chairman of the board.The San Francisco-based startup is taking on Alphabet Inc.’s Google Maps as it tries to establish itself as the center of car navigation systems. Mapbox inked a deal with BMW Group for in-car navigation last year. It’s looking to unveil deals with a half-dozen additional carmakers this year, said a person familiar with the plans.Sirota will also need to eventually return the company to break-even. Earlier in its lifespan, Mapbox turned a modest profit by focusing on nonprofits and governments. The levels of investment required for the auto and logistics industries took Mapbox into the red in recent years. Still, the company has raised about $150 million from SoftBank and is valued at more than $1 billion, said the person familiar with the business who asked not to be identified because the information is private. Revenue is on track to exceed $100 million this year, the person said.A main competitor of Mapbox, as Sirota sees it, is the smartphone. About 700 million people interact with a Mapbox service each month, he said. Google Maps has more than 1 billion monthly users.Mapbox can be better than a smartphone app by using information from a car’s sensors, Sirota said. For example, if a vehicle is running out of fuel, it can highlight the location of nearby gas stations. For electric cars, it can incorporate range data and plan routes based on the location of charging stations.One of Sirota’s goals is to establish the car as the main input for directions before people form a lasting habit of pulling up Google or Apple maps on their phones. “Now is a very important moment,” Sirota said. “This opportunity has a window in it, so we have to get there fast.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Mon, 01 Mar 2021 23:04:15 +0000Read moreStudy: remote workers suffer greater stress on video calls.
Stanford University Professor Jeremy Bailenson joins the Yahoo Finance Live panel to discuss the impact of 'zoom fatigue' on the remote workforce.
Mon, 01 Mar 2021 21:57:05 +0000Read moreZoom quarterly sales surge 369% as work-from-home extends into early 2021
Zoom Video Communications reported earnings after market close on Monday.
Mon, 01 Mar 2021 21:06:24 +0000Read moreApple, Google Lead Tech Stock Buybacks While Bank Repurchases Emerge
Led by Apple stock and Google stock, tech companies repurchased more shares in late 2020 as blowbacks versus stock buybacks eased. In early 2021, banks led a rebound in corporate buybacks.
Mon, 01 Mar 2021 20:05:43 +0000Read moreU.S. Asks Google for Detailed Search Data in Antitrust Case
(Bloomberg) -- The U.S. government asked Google to fork over granular information on how its search engine works and makes money, seeking to prove that the internet giant is a monopoly.The U.S. Department of Justice and several state attorneys general are seeking comparable data on U.S. search results and related ads from Feb. 2, 2015 to Feb. 8, 2015 and from Feb. 3, 2020 to Feb. 9, 2020, according to a legal filing Monday.The Alphabet Inc. unit is being asked to share data on how and where users searched in those periods, the quantity of different types of ads, revenue from those ads and what the underlying bids were for them, among other details. The government told the company it wants the information within 30 days.The request suggests the DOJ wants to compare how Google presented search results and ads six years ago versus one year ago. That could help the government understand how the company’s grip on the search market evolved over time.Read more: Google Search Upgrades Make It Harder for Sites to Win TrafficThe Justice Department under former U.S. President Donald Trump and 11 Republican attorneys general originally filed the suit. Three other states have since joined, including California, the site of Google’s headquarters. The latest data request shows the government is pressing ahead under a new administration led by Democrat Joe Biden.The DOJ and Google have tussled in court over evidence discovery in the case, with the government seeking communications about the company’s market share, a partnership with Apple Inc., and competition between Google and Apple’s device operating systems. Google has said the government’s requests are too broad.The U.S. government alleges Google’s exclusive deals to distribute its search engine on browsers and phones, including Apple’s iPhones, violates the Sherman Act’s prohibition on monopolization. It’s the most significant U.S. monopoly case since the one against Microsoft more than 20 years ago.Google has said its deals don’t prevent consumers from switching to other search providers. The company argues its success rests on superior technology.(Updates with additional details on discovery in fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Mon, 01 Mar 2021 19:02:54 +0000Read more