Facebook stock shot up as much as 7 percent in after-hours trading after beating earnings expectations, as it continues to make more money off its existing user base — which is still growing. One thing worth noting: The company says it's running out of places to put ads on the News Feed, which means you'll likely soon see more ads on other Facebook-owned stuff like Instagram or Messenger.
[Kurt Wagner | Recode]
Google's parent company Alphabet will report its earnings later today, and it probably won't show off a Facebook-like earnings beat. Instead, Google will try to demonstrate to investors that it's more than just an ad tech company by showing off Google's non-ad revenue and the business that its moonshots are bringing in. The company will also probably talk about the retirement and replacement of Laszlo Bock, Google's longtime HR chief who is credited with building the company's unique corporate culture.
[Mark Bergen | Recode]
At the Democratic National Convention last night, Barack Obama brought the house down. Joe Biden did pretty well too, although Michael Bloomberg's appearance seemed the most out of place. The New York Times has a rundown of all the best clips and highlights.
[Nicholas Fandos | The New York Times]
On the new Recode Media podcast, Peter Kafka talks with Virginia Heffernan about public shaming on the internet, her new book about the art of the internet and why stuff like vinyl records has staying power in the digital age.
[Eric Johnson | Recode]
Two interesting earnings reports from yesterday: Samsung's phone sales are still really strong and the company made its biggest profit in more than two years. Groupon, the flash sales startup that you probably forgot about, surprised investors so sharply that its stock rose nearly 24 percent.
[Sam Byford | The Verge]
