EXCLUSIVE, UPDATED, 11:15 AM: Jeffrey Katzenberg has always loved a good scrap, and the Quibi kingpin came out swinging Tuesday after being officially named a defendant in the ongoing and competing lawsuits over the mobile platform’s Turnstyle technology.
“With its amended complaint, Eko’s desperation and the weakness of their case are more transparent than ever,” said a spokesperson for the Meg Whitman-run Quibi to Deadline this morning, after we broke that Katzenberg and several Quibi staffers had been added to the Eko’s suit alleging patent infringement and now breach of contract.
More from Deadline
“No new facts are alleged and it seems designed only to try to score more publicity,” Quibi went on to say, with an always present eye to media perspectives and coverage.
“Eko can revise, recut and redo their tortured arguments all they want, but the shakedown won’t work,”
(Bloomberg) — U.S. technology stocks are on their hottest winning streak of the year, yet those gains aren’t necessarily translating to the same boost for their peers in Asia.
The tech benchmark Nasdaq 100 Index, heavily skewed toward the so-called FAANG stocks — Facebook Inc., Apple Inc., Amazon.com Inc., Netflix Inc., Google parent Alphabet Inc. — as well as top position Microsoft Corp., has now rallied for six straight days. It has rebounded 33% since a low in March as investors piled into technology and biotech shares seen as winners amid the social-distancing lockdowns of the coronavirus pandemic.
Read: Nasdaq’s Resilience Pushes Benchmark Dominance to 20-Year High
There’s no equivalent tech mainboard in Asia, with the MSCI Asia Pacific Information Technology Index the closest comparable. It’s up a comparatively weak 24% since mid-March, and the top stocks in the gauge, Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co., have lagged
Chinese internet giant Tencent reported Wednesday a sharp rise in first-quarter net profit after a surge in demand for its online games as the coronavirus pandemic forces people to stay home.
The Shenzhen-based company, one of the largest listed on the Hong Kong stock exchange, said net profit rose 29 percent from a year earlier to 28 billion yuan ($3.95 billion).
“During this difficult period, we seek to provide online services that keep people connected, informed, productive, and entertained,” chief executive Ma Huateng said in a statement.
“So far, our businesses have proved resilient and cashflow-generative.”
While many companies are being hammered by the economic fallout of the pandemic, tech firms have seen strong demand for their products.
Tencent is one of the world’s largest gaming companies and the industry has benefited enormously from the billions of people around the world forced into lockdowns or restricted by social distancing rules.