In the biggest week of the holiday-earnings season, Big Tech results will receive the spotlight amid thousands of layoffs that could only be the beginning. After tech stocks were decimated in 2022, investors will be looking for signs of a turnaround in holiday reports and potential forecasts for the year ahead from three of 2022’s…
More than 68,000 global technology sector employees have been laid off in the first few weeks of 2023, according to data compiled by the website Layoffs.fyi. The website’s tally of global tech layoffs in 2023 has more than doubled since last week, when it recorded just over 25,000 layoffs. The data suggest 2023 is on…
Google Chief Executive Sundar Pichai said top executives would take pay cuts following the largest round of layoffs in the company’s history. Speaking at a companywide meeting on Monday, Pichai said employees at the senior-vice president level and above would get lower bonuses as part of cost-cutting measures, according to people who heard the remarks. The comments came after…
More than 55,000 global technology sector employees have been laid off in the first few weeks of 2023, according to data compiled by the Layoffs.fyi website. The website’s tally of global tech layoffs in 2023 has doubled this week. It had recorded just over 25,000 as of Tuesday. The data suggest 2023 is on pace…
California and Silicon Valley saw net gains in jobs in December, even as tech companies based in the state announce thousands of layoffs. Employers added 16,200 nonfarm payroll jobs in December, the state’s Employment Development Department reported Friday, even as Silicon Valley companies like Intel Corp. INTC, +2.81% began layoffs. The state’s jobless rate stayed at…
Last year the price of bitcoin plunged 64%. The price was down 19% from Nov. 1 through the end of the year. That action followed CoinDesk’s Nov. 2 report about the “unusually close” relationship between FTX and Alameda Research. Both companies were co-founded by Sam Bankman-Fried and FTX filed for bankruptcy on Nov. 11. But…
Alphabet, Google’s parent company, plans to cut 12,000 jobs equating to over 6% of its global workforce. Chief Executive Sundar Pichai sent an email to employees on Friday, saying he takes “full responsibility for the decisions that led us here,” in a blog on the company’s website on Friday. “These are important moments to sharpen…
From Cisco to Amazon, Salesforce, HP, Roku, Beyond Meat, Meta and Twitter, big names across a number of sectors have announced major layoffs in recent months. Cisco Systems Inc. CSCO, +3.07% has begun previously announced layoffs, cutting nearly 700 jobs in Silicon Valley in December, according to filings with the state of California in January….
Microsoft Corp.’s investors don’t fully appreciate its investment in OpenAI, and by extension the profusely-hyped and rapidly growing chatbot ChatGPT, a platform that could eventually help the tech giant compete with Google, an analyst said Wednesday. That analyst, Gil Luria at D.A. Davidson, initiated coverage of Microsoft MSFT, -4.37% with a buy rating and a…
Following a sharp and sustained rise in interest rates, U.S. stocks have taken a broad beating this year. But 2023 may bring very different circumstances. Below are lists of analysts’ favorite stocks among the benchmark S&P 500 SPX, the S&P 400 Mid Cap Index MID and the S&P Small Cap 600 Index SML that are…
The National Football League is in advanced talks to give Google’s YouTube, part of Alphabet Inc. GOOGL, +0.66% GOOG, +0.54%, exclusive rights to “Sunday Ticket,” a subscription-only package that allows football fans to watch most Sunday afternoon games, people familiar with the matter said. An agreement could be reached as early as Wednesday, following a meeting of NFL…
Coverage of Wednesday’s World Cup semifinal between France and Morocco on TV streaming service FuboTV Inc. FUBO was disrupted by a cyber attack, the company has confirmed. In a statement released Thursday FuboTV said that, during Wednesday’s live coverage of the game, many customers experienced issues accessing their accounts. “The incident was not related to…
Alphabet Inc.’s GOOGL, -2.10% GOOG, -2.22% Google plans to combine the team working on the mapping service Waze with the group overseeing the company’s Maps product, as the search giant faces pressure to streamline operations and cut costs. Google plans to merge Waze’s more than 500 employees with the company’s Geo organization, which oversees the…
Alphabet Inc.’s Google, Oracle Corp., Amazon.com Inc., and Microsoft Corp. will share a $9 billion hybrid contract to provide secure cloud services for the Pentagon worldwide, the Department of Defense said Wednesday. In the Pentagon’s daily contract announcements, Alphabet GOOG, -2.22% GOOGL, -2.10%, Oracle ORCL, -0.16%, Microsoft MSFT, -0.31%, Amazon AMZN, +0.24% were jointly…
New Zealand intends to require large tech companies like Google and Meta to compensate local media companies for content they use and share on their platforms. Willie Jackson, New Zealand’s minister of broadcasting, announced Sunday that legislation is being drawn up that will be based on a similar law in Australia, as well as pending…
The tech industry continued to add jobs despite the tens of thousands of layoffs that were announced in November, though tech job postings continued a downward slide, according to an analysis of U.S. employment numbers released Friday. U.S. tech companies actually added 14,400 workers in November, according to the Computing Technology Industry Association, or CompTIA,…
Google parent Alphabet Inc. must “take aggressive action” to cut costs, according to an activist investor. Christopher Hohn, the managing director of TCI Fund Management, penned a letter to Alphabet GOOG, +2.80% GOOGL, +2.86% Chief Executive Sundar Pichai Tuesday urging him to lower the company’s expense base, reduce losses in the Other Bets unit, and…
Big Tech companies are taking a heavy beating this week, to the tune of more than $255 billion in lost market capitalization that’s helped make a bad year even worse for the once-beloved sector. The five tech giants that posted results this week have now lost a combined $3 trillion in market cap on the…
The biggest week of third-quarter earnings season will also likely be its most anxiety-ridden, as an onslaught of onetime surefire tech giants prepare to report amid staffing cutbacks and signs of slowing demand for digital ads, e-commerce and smartphone sales. The dyspepsia for tech investors begins Tuesday, with earnings from Microsoft Corp. MSFT, +2.53% and…
Google CEO Sundar Pichai reportedly grew agitated during a “heated” all-hands meeting in which an employee asked why the search engine was nickel-and-diming workers by taking away perks and benefits. One worker summoned the nerve to ask Pichai why Google was “nickel-and-diming employees” when the company reported “record profits and huge cash reserves,” according to audio…