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Thursday, 15 June 2023
Thursday, 27 April 2023
Media Man Platforms Blog: LinkedIn Economic Graph: A digital representation of the global economy.
Media Man Platforms Blog
A digital representation of the global economy.
Everyone’s talking about artificial intelligence (AI). As of March, there were 36x as many posts on LinkedIn mentioning Generative AI compared to a year ago. For the world of work, this is just the beginning of a paradigm shift. Hear from LinkedIn’s Aneesh Raman on why this conversation brings new urgency to the need for everyone to adopt a skills-first mindset.
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Greg Tingle
A.I is a most interesting and trending topic. A main challenge/problem of A I remains that it is bias (not balanced). By nature humans have bias, belief systems, preferences, and and such. This is written in and reflected in the A.I code. As per tech entrepreneur Elon Musk quote "AI can be trained to lie"). A Musk developed AI will be different to a ChatGPT, will differ to a Bing etc. The flow on effect. Humans are the programmers and developers (at least at this stage of the game!). I have my bias and I'm the first to admit it. Man/human over machine. The machine to serve man. Not mankind to be a slave to the machine and The Internet Matrix Of Things. Higher Power in the struggle with the "God Of Machines" ala Ex Machina or Dues ex Machina! Love of machines! Einstein vs Nikolas Tesla elements on God, algorithms and much more. The business of just about everything including technology platforms and commercial news media I hope this makes sense to the readership. Maintaining the balance between the commercial and tech world and that of Mother Nature. A public thank you to LinkedIn powers that be for hosting this discussion.
Sunday, 9 April 2023
Media Man Platforms Blog: News - Affiliates, SEO, Content, Digital Business, Agencies, Media, News Media
Media Man Platforms Blog
News: Affiliates, SEO, Content, Digital Business, Agencies, Media, News Media
Tuesday, 21 March 2023
Thursday, 16 February 2023
Media Man Platforms Blog: Content List
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Monday, 6 February 2023
Sunday, 5 February 2023
Media Man Platforms Blog: Big Tech groups down $10bn
Media Man Platforms
Big Tech groups disclose $10bn in charges from job culls and cost cutting
Amazon, Meta, Alphabet and Microsoft reveal hefty price tag as they rein in spending
Profiles
Amazon, Meta, Alphabet and Microsoft will collectively incur more than $10bn in charges related to mass redundancies, real estate and other cost-saving measures, as the Big Tech companies reveal the hefty price they incur to rein in spending.
The US companies that have been implementing the largest job cuts in the tech sector disclosed the high costs related to their restructuring efforts in earnings statements released this week.
The four groups had previously announced 50,000 job cuts to convince Wall Street they were heading into a “year of efficiency”, as Meta chief executive Mark Zuckerberg described it. This trend comes after more than a decade of heavy spending in a focus on aggressive top-line growth.
Despite the companies’ high upfront costs such as severance payments, investors appear encouraged by the steps taken.
Since formally announcing their cuts, the companies have together added more than $800bn to their market capitalisations. Meta, the earliest mover among the Big Tech groups, has seen its value almost double since detailing its job cuts in November.
While savings could have been made by implementing more gradual cost reductions, tech companies were being rewarded by the markets for “ripping the band aid off”, said Wedbush analyst Dan Ives.
“Big Tech has been spending money like 80s rock stars for the last four to five years,” he said. “It feels like there’s adults in the room now.”
The process to become leaner in the wake of macroeconomic pressure contrasts starkly with the pandemic-era hiring boom, with headcounts increasing rapidly at tech companies that were responding to a rise in demand in digital products and services.
Apple remains the only large tech company that has not announced any job cuts or a cost-cutting programme, despite on Thursday reporting its first decline in quarterly revenues in three and a half years.
According to Layoffs.fyi, a tracker logging instances of tech redundancies, almost 250,000 employees have been let go across the sector since the start of last year.
Some of the most recent, from this past week, include software group Okta, which laid off 300 employees, data analysis company Splunk, with 325, and image-sharing social network Pinterest, which said 150 roles would go.
The deepest cuts have come from the biggest names. In November, Meta announced it would let go 11,000 of its employees, as well as dump office space and data centres.
On Wednesday, the Facebook parent detailed charges of $4.6bn related to restructuring. Severance costs ran to $975mn, according to a company filing, though that cost was offset by “decreases in payroll, bonus and other benefits expenses”. A further $1bn in charges related to reducing office footprint is expected in 2023.
Amazon chief executive Andy Jassy told employees in January the company would eliminate 18,000 roles.
Speaking to investors on Thursday, Amazon’s chief financial officer Brian Olsavsky said $640mn had been spent on severance in the fourth quarter of 2022, as well as an additional $720mn on abandoning real estate, primarily due to pulling back on opening new physical grocery stores. The company did not share further details on charges it might incur in the current quarter and beyond.
Google parent Alphabet, which is laying off 12,000 people, said it expected to incur severance costs ranging from $1.9bn to $2.3bn, with most of the impact in the current quarter. At the high end of that guidance, the cost of severance will work out at approximately $191,000 per employee. Alphabet faces a further $500mn in costs relating to office space reduction in the current quarter, it said.
Despite the cuts, Alphabet chief financial officer Ruth Porat told investors on Thursday the company would continue “hiring in priority areas, with a particular focus on top engineering and technical talent, as well as on the global footprint of our talent”.
Microsoft’s planned savings — which include 10,000 job cuts — has resulted in it incurring a $1.2bn charge in the final three months of 2022, $800mn of which was from severance pay.
Salesforce, which will not report earnings until March, is expected to be another company facing significant restructuring costs, having announced a 10 per cent reduction in its workforce last month. That move came as activist investor Elliott Management took a multibillion-dollar stake in the company, saying it intended to work “constructively with Salesforce to realise the value befitting a company of its stature”.
Likewise, Alphabet has drawn attention from activist Sir Christopher Hohn, of TCI Fund Management, who wrote to chief executive Sundar Pichai, saying he needed to make further headcount cuts and trim “excessive employee compensation”.
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