Wednesday’s Headlines: Google Founder Larry Page Steps Down
1. Alphabet CEO Larry Page announced on Tuesday that he will step down from the role and Google CEO Sundar Pichai will take over, adding to his current responsibilities. Co-founder Sergey Brin will also step down as president of Alphabet and the role will be eliminated. “With Alphabet now well-established, and Google and the Other Bets operating effectively as independent companies, it’s the natural time to simplify our management structure,” Page and Brin wrote in a blog post announcing the change. Both Page and Brin will remain “actively involved” as members of Alphabet’s board, while the pair also retain a combined 11.4% of Alphabet. Read the entire story here.
2. Shopify stock rose almost 6% on Tuesday on the back of a very successful Black Friday. The Canadian e-commerce company generated more than $2.9 billion in sales worldwide during Black Friday and Cyber Monday, up more than 63% in the same period last year. Recording data from the start of Black Friday in New Zealand on November 29 to the end of Cyber Monday in California on December 2, the company saw 25.5 million consumers make a purchase from a Shopify merchant, representing 57% growth from the same period last year. Get the full story here.
3. SaaS firm Workday Inc. saw its stock go up nearly 1% on Tuesday, despite reporting that new product launches and a recent acquisition won’t be much help next year. Workday reported third-quarter losses of $115.7 million, or 51 cents a share, on sales of $938.1 million, up from $743 million a year ago. The company did manage to beat expectations, as it has done in the past 12 quarters, but this hasn’t been a big driver in the company’s stock, as its share price has dropped on nine of these occasions. Financial analysts cautioned against reading too much into a flattening growth curve ahead of the report, though, noting customers’ willingness to buy more products from the company. For the full story, read here.