Though Texas Instruments Q2 revenue of $3.2 billion was down 12% from a year earlier, it wasn't "the depth of the decline we saw in the 2008 financial crisis,” said Dave Pahl, head of investor relations, on a Tuesday evening earnings call. “We remain cautious on how the economy might behave over the next few years.” The main “weakness” was in automotive, down about 40% sequentially and from a year earlier, he said. “Excluding automotive, TI was up 8% sequentially and down 3% versus a year ago. The automotive market appears to have bottomed in May as North American and European assembly plants resumed operations.” TI’s personal electronics business was up more than 20% from Q1 and about 10% higher than the 2019 quarter, he said. “This can best be explained by work-from-home trends and TI being in a position to support unforecasted demand in the quarter.” Short lead times and high availability “are important capabilities that allow us to continue to support customers' near-term and unforecasted demand,” said Chief Financial Officer Rafael Lizardi. “Our product portfolio of mostly long-lived parts affords us to have a steady hand and therefore, we will take a similar approach to our factory operating plan again in third quarter.”

Large blocs of consumers think many COVID-19 "behaviors" in shopping and lifestyle will stick long after the crisis passes, Joe Beier, GfK Consumer Insights executive vice president, told a National Retail Federation virtual event Tuesday. GfK canvassed 1,000 U.S. consumers last month, finding 69% “definitely” or “probably” agree that working from home is here to stay. Home delivery “spiked” during the crisis and is expected to have “pretty strong staying power,” said Beier. “Besides safety, convenience and ease are also kings" in shopping, the analyst said. "Consumers tell us they want to continue to have access to most of their shopping resources 24/7. We’re definitely in an always-on society.”

The U.S. cloud gaming market could generate nearly $3 billion in annual subscription revenue, Parks Associates reported, with 30% of broadband households interested a service. Three-quarters of U.S. broadband households play videogames for at least one hour per week; gamers play for an average 22 hours. PC gaming has had the biggest gains during the pandemic. It and could generate more revenue, via service stacking and add-on sales, “if the offerings are designed and targeted correctly,” said analyst Kristen Hanich.

Best Buy’s Q2 quarter-to-date sales were up 2.5% through Saturday, including 2% in the U.S., said the retailer Tuesday. Sales are up about 15% from last year since stores started reopening mid-June, it said. Best Buy is raising hourly pay 4%, effective Aug. 2, it said: “After the 4% hourly pay increase, employees who are not yet at $15 per hour will have their pay increased to the $15 per hour starting wage.” The stock rose 4.1% to $94 at 5:13 p.m. EDT.

Broadnet Teleservices asked the FCC to provide Telephone Consumer Protection Act clarity in light of the Supreme Court’s decision in Barr v. American Association of Political Consultants (see 2007060052). In 2015, Broadnet asked (see 1509300043) the FCC for clarity that TCPA doesn’t apply to calls made “by or on behalf of federal, state, and local governments when such calls are made for official purposes.” COVID-19 “and the challenges and changes it has imposed on communities has highlighted the importance of state and local government officials being able to contact their constituents without concern for potential liability,” said a filing posted Tuesday in docket 18-152.

Internet traffic at content delivery provider Limelight Networks reached “record levels” in Q2 as global economies locked down for the pandemic, said CEO Bob Lento on a Monday investor call. Cisco expects 26% traffic growth this year, including 35% growth in internet video traffic, he said: “We’re exceeding that.” Amid COVID-19's “increased global reliance” on the internet and content delivery, Limelight had “good traction” with VOD customers and “some live events are starting to return,” said Lento. Limelight’s “participation” in the April Peacock launch to Comcast subscribers and the May debut of HBO Max helped drive higher traffic in Q2, he said. Expanding network capacity is Limelight’s top “strategic imperative,” said Lento. Its goal entering 2020 was to achieve 100 terabits per second of capacity, he said. “We expect to meet or exceed that goal even while having experienced some supply chain issues and travel and operational restrictions resulting from COVID-19.” Limelight upgraded 2020 revenue guidance to $230 million-$240 million from $225 million-$235 million in the April forecast “despite the continued uncertainty of where this pandemic takes us,” said Chief Financial Officer Daniel Boncel. There are “more unknowns than knowns” about the pandemic and its economic impact, said Lento. “We don’t know what the future holds in terms of the spread and severity of the COVID-19 virus and its effect on the lifestyles of people around the world.” No single livestreaming event like the NFL is “that material from a revenue perspective,” said Lento. “But when you string them all together all over the world every day, it is a material part of our business and right now that was zero in Q2 or pretty close to it.” The stock closed 8.6% lower Tuesday at $6.99.

Logitech rode the COVID-19 stay-at-home wave in fiscal Q1 ended June 30, posting a 25% year-on-year sales hike to $792 million, it said Monday. Sales of video conferencing equipment soared 70% to $130 million; webcam revenue jumped 116% to $60.9 million. It's adding capacity to meet demand for webcams to overcome component shortages resulting from factory shutdowns in Asia, said CEO Bracken Darrell on a call (see that and other materials here). The company expects current quarter supply to improve, though Darrell expects the “underlying market tailwind to continue for some time.” Logitech raised its fiscal 2021 outlook from mid-single digits to 10%-13%, but Darrell said: “COVID shutdowns and a related economic slowdown will likely create uncertainty in the quarters, and perhaps even the year to come." Among trends the CEO cited are video calls replacing audio calls, esports that will “become bigger than conventional sports, and the “billions” creating content as movie theaters and live entertainment venues are closed. Some trends were underway, said Darrell, citing work-at-home Fridays, the popularity of esports and creators posting online in “democratization” of content. “Video everywhere” seemed like a long way off when Logitech identified it as a company direction several years ago, he said: “Because of COVID-19, video calls now, for most people, have simply exploded.” Trends will continue post-pandemic, he maintained, citing Siemens saying last week it will let its 140,000 employees “work from anywhere” two or three days a week.

Even consumers more inclined than others to return to stores during COVID-19 are buying online more than ever, Sucharita Kodali, Forrester Research vice president-principal analyst, told the National Retail Federation Monday. Forrester estimates about 40% of U.S. consumers are in that category, compared with 53% who prefer to continue sheltering at home and are fearful the economy is reopening too quickly. Of those who say they want to go back to stores, 30% "are choosing to purchase online,” said Kodali. “Almost half of them are purchasing their groceries online. This is an important observation because among people who may want to go back to stores, you’re still seeing them consuming online.” That’s the factor that’s “certainly driving e-commerce forward, but continues to be a challenge for physical stores,” the analyst said. Forrester found 37% of consumers “don’t want to pay anything” even for a same-day transaction. Another 22% said they are willing to pay $3-$6 for same-day delivery. With the e-commerce supply chain stretched to the limit during the pandemic, Forrester estimates 22% of consumers experienced late deliveries during the crisis, said Kodali. “That has also led to greater dissatisfaction with players like Amazon.” Of the Amazon Prime members Forrester canvassed, 24% said they were “frustrated” with the service, she said. Dissatisfaction was 10 points higher among Generation Z respondents, she said. Amazon didn’t comment Monday. Consumer resentment toward Amazon during the crisis “has provided oxygen” for other e-commerce giants like Walmart and Target, said Kodali. Though Amazon’s Q1 e-commerce sales were 25% higher than in the 2019 quarter, Walmart’s were up by 77% and Target’s 141%, she said.

COVID-19 brought “the biggest workforce shift and reallocation of skills since World War II,” said ManpowerGroup CEO Jonas Prising on a Q2 investor call Monday. There’s evidence “this crisis is accelerating the technical and soft skills transformations that we have been tracking and predicting for some time,” said Prising. “Acute skills shortages” in tech, cybersecurity, software development and data analysts for “continue unabated,” he said. The need for a “skills revolution is here in force,” he said.

Verizon Wireless received emergency relief from the FCC for installing small cells and other wireless facilities serving tribal areas, the University of New Mexico and the university’s hospital. Verizon sought relief under a June 25 Wireless Bureau notice “announcing an electronic process for FCC licensees to apply for emergency authorization to resume standard historic preservation review for qualifying critical infrastructure projects during this COVID-19 crisis,” staff said Monday.