Newegg Commerce Inc
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Consumer Discretionary : Internet & Direct Marketing Retail | Small Cap Value
Company profile

Newegg Commerce, Inc. is a technology-focused e-commerce company in North America. The Company has developed an online marketplace that delivers value to consumers, brands, and sellers in the technology products sector. It operates business-to-consumer (B2C) platforms, business-to-business (B2B) operations, and other online platforms. Its B2C platform focuses on selling information technology (IT) products, through its platforms, namely Newegg.Com, Newegg.Ca, And Newegg Global. The Company’s B2B platform focuses on providing office and IT equipment, through its neweggbusiness.com platform. Its platforms offer a suite of e-commerce solutions, including product listing, fulfillment, marketing, customer service and other value-added tools and services. The Company’s product categories offered through its platforms, such as computer system, components, electronics, gaming, networking and smart home, office solutions, software and services, automotive and industrial, and health and sports.

Closing Price
$2.02
Day's Change
0.06 (3.06%)
Bid
--
Ask
--
B/A Size
--
Day's High
2.12
Day's Low
1.94
Volume
(Light)
Volume:
975,007

10-day average volume:
9,450,430
975,007

Justice Department sues Google for antitrust in digital advertising, while Alphabet stock slides

8:19 am ET January 25, 2023 (MarketWatch)
Print

By Jon Swartz

Eight states join Attorney General Merrick Garland in suing Google for abusing market dominance in online advertising. The company claims it faces competition from the likes of Facebook and Amazon.

The Justice Department sued Alphabet Inc.'s Google on Tuesday, alleging its dominant digital-advertising business constitutes a monopoly.

The nearly 150-page suit calls for busting up Google's (GOOGL)(GOOGL) ad-tech business because of alleged illegal monopolization of the digital-advertising market, mirroring a lawsuit led by Texas Attorney General Ken Paxton. The new complaint includes eight states as plaintiffs -- California, New York, New Jersey, Virginia and Colorado among them -- and is centered on Alphabet's most important business, responsible for about 80% of its revenue. The federal complaint is based on a years-long investigation and a separate act, which is "our responsibility," U.S. Attorney General Merrick Garland said in a briefing Tuesday afternoon.

"One industry behemoth, Google, has corrupted legitimate competition in the ad tech industry by engaging in a systematic campaign to seize control of the wide swath of high-tech tools used by publishers, advertisers, and brokers, to facilitate digital advertising," the complaint charges. "Having inserted itself into all aspects of the digital advertising marketplace, Google has used anticompetitive, exclusionary, and unlawful means to eliminate or severely diminish any threat to its dominance over digital advertising technologies."

"Google's plan has been simple but effective: (1) neutralize or eliminate ad techcompetitors, actual or potential, through a series of acquisitions; and (2) wield its dominance across digital advertising markets to force more publishers and advertisers to use its products while disrupting their ability to use competing products effectively," the Justice Department filing further claims.

In Tuesday's press conference, Merrick Garland, Associate Attorney General Vanita Gupta and Assistant Attorney General Jonathan Kanter of the Justice Department's antitrust division outlined what Gupta called "part of broader efforts to root out antitrust behavior" and "promote more competition."

Kanter assailed Google's "long-standing monopolies" for years of punishing competition, stifling innovation, and depriving consumers of choice.

"This market is concentrated, opaque, and unregulated," Rep. Jerrold Nadler, D-N.Y., ranking member of the House Committee on the Judiciary, and David Cicilline, D-R.I., senior member of the antitrust subcommittee, said in a joint statement late Tuesday. "It is akin to Goldman Sachs (GS) owning the entire New York Stock Exchange , as Google's own executives have allegedly observed."

Alphabet shares closed Tuesday down 2% after the complaint was filed. The stock had been down less than 0.8% earlier in the session.

Google, which has yet to comment, has argued its ad business is not a monopoly because it must compete with Facebook parent company Meta Platforms Inc. (META), Amazon.com Inc. (AMZN), Comcast Corp. (CMCSA) and others. Google is the market leader, but its share of the U.S. digital ad revenue market has eroded to 28.8% last year from 36.7% in 2016, according to Insider Intelligence.

"The time is right for the DOJ to strike at Google's dominance in digital advertising. Although it has faced increased competition over the last few years, its market share is still second to none," Insider Intelligence analyst Evelyn Mitchell said. "Google captures more than a quarter of all digital ad dollars and over half of search ad spending. It is the most common ad tech partner among buyers and sellers."

But Terry Haines, who follows tech legislation for consulting firm Pangaea Policy, believes the lawsuit gives Congress an excuse not to legislate, as it has largely failed to do so for 20 years.

"Any Senator or House Member who doesn't want to get in the middle of the Big Tech morass -- which is to say most of them -- will use the A/G lawsuit as an excuse to take a corner seat and watch, instead of taking the hot seat and legislate," Haines said.

Advertisers have complained that the search giant has cemented its dominance through a series of acquisitions, including DoubleClick in 2008 and AdMob in 2009, and publishers say there is no other option for populating ads on their sites.

The lawsuit is the second federal antitrust complaint against Google. In 2020, the Justice Department sued Google for an alleged monopoly in search. The case is scheduled to go to trial in September.

Chamber of Progress CEO Adam Kovacevich called the latest DoJ suit "disconnected from economic reality" as Google's online ad market share shrinks and the company eliminates 12,000 jobs in the midst of a declining advertising market.

-Jon Swartz

	

(END) Dow Jones Newswires

January 25, 2023 08:19 ET (13:19 GMT)

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