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New York CNN —Thursday afternoon will round out what has so far been a sobering earnings season for the Big Tech giants. Alphabet’s revenue will likely remain flat from last year and Amazon’s sales are expected to grow just shy of 6% year-over-year. All three companies’ profits are expected to fall from the year-ago quarter, with Amazon set to suffer the steepest drop with a decline of 40.6%. Then came the press conference, which led to a steep divergence between what the Fed thinks and what the Wall Street thinks. A cautionary tale: In mid-November, Ticketmaster’s site overloaded when fans tried to purchase pre-sale tickets for Taylor Swift’s upcoming tour.

☆ Meta shares surge nearly 20% as Zuckerberg pledges to make 2023 a ‘year of efficiency’
▼ + stars: | 2023-02-01 | by ( Clare Duffy | ) edition.cnn.com time to read: +3 min

New York CNN —For years, Facebook and its CEO Mark Zuckerberg invested heavily in growth, including in areas like virtual reality with unproven potential. All of that helped send shares of Meta up nearly 20% in after hours trading Wednesday. Meta reported nearly $32.2 billion in revenue for the quarter, down 4% from the year prior but ahead of the $31.5 billion analysts had projected. The guidance is somewhat better than Snapchat-parent Snap’s from earlier in the week, which said it expects first quarter revenue to fall between 2% and 10% compared to the previous year. The company also lost a total of more than $13.7 billion in its “Reality Labs” unit which houses its metaverse efforts.

☆ Snap stock plunges 15% as revenue growth stalls
▼ + stars: | 2023-01-31 | by ( Clare Duffy | ) edition.cnn.com time to read: +3 min

Snap’s quarterly revenue was just shy of $1.3 billion, essentially flat from the year prior. Snap said it has already seen a roughly 7% revenue decline so far in the first quarter compared to the year prior. It estimates revenue for the first three months of the year will be down between 2% and 10% compared to the previous year. (Those figures were included in an investor letter, despite Snap saying it would not provide specific guidance for the quarter.) Snap (SNAP) shares fell as much as 15% in after-hours trading following the report.

☆ Meta and Twitter decided to restore Trump’s account. Will other platforms follow suit?
▼ + stars: | 2023-01-26 | by ( Clare Duffy | ) edition.cnn.com time to read: +6 min

The decisions by Twitter and now Facebook-parent Meta to bring back Trump could push — or at least provide cover for — a number of other platforms to make similar moves. Facebook and Twitter restricted Trump’s accounts in the aftermath of the January 6 attack. Many other platforms followed suit by banning or restricting Trump, including YouTube, Snapchat and game streaming platform Twitch. On Wednesday, Snapchat parent Snap indicated that it is not planning to revisit its decision to ban Trump’s account two years ago. “In January 2021, Donald Trump’s Snapchat account was terminated for violating our Terms of Service and Community Guidelines,” a Snap spokesperson said in a statement to CNN.

☆ Meta says it will restore Donald Trump’s Facebook and Instagram accounts
▼ + stars: | 2023-01-25 | by ( Clare Duffy | ) edition.cnn.com time to read: 1 min

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☆ Spotify to cut 6% of its workforce
▼ + stars: | 2023-01-23 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Spotify (SPOT) said Monday that it will cut 6% of its workforce to reduce costs, joining tech companies including Amazon (AMZN) and Microsoft (MSFT) in slashing headcount as the global economy slows. The Stockholm-headquartered music streaming business had about 9,800 employees globally as of September 30, according to an earnings report. The company’s stock, which has nearly halved in value over the past 12 months, gained more than 4% in premarket trading in New York. Over the past three months, Amazon (AMZN), Google (GOOGL), Microsoft (MSFT) and Facebook (FB)-parent Meta have announced plans to cut more than 50,000 employees from their collective ranks. Spotify’s decision to shed about 590 jobs is part of a wider reorganization to improve efficiency and “speed up decision-making,” according to Ek.

☆ How Big Tech’s pandemic bubble burst
▼ + stars: | 2023-01-22 | by ( Clare Duffy | ) edition.cnn.com time to read: +5 min

Microsoft’s customers, Nadella said, are now trying “to do more with less.”Microsoft isn’t the only company experiencing such a dramatic reversal. In recent months, higher interest rates, inflation and recession fears causing a pullback in advertising and consumer spending have all weighed on tech companies’ profits and share prices. “They’ve taken a more seemingly thoughtful approach to hiring and overall managing the company,” Kessler said. Notably, however, none of the Big Tech company CEOs now overseeing layoffs appear to have been hit with any change to their compensation or title. The tech layoff announcements are likely to continue into the upcoming earnings season, Kessler said, amid ongoing economic warning signs.

☆ Here are the companies that have laid off employees this year
▼ + stars: | 2023-01-21 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +7 min

Tech firms went on a hiring spree. “Over the past two years we’ve seen periods of dramatic growth,” CEO Sundar Pichai said in an email to employees. The crypto brokerage announced in early January that it’s cutting 950 people – almost one in five employees in its workforce. Departments from human resources to the company’s Amazon (AMZN) Stores will be affected. They’re not in heavy people expansion mode every year,” CEO Andy Jassy said in a memo to employees.

☆ Premarket stocks: What we learned at Davos: The economy is a mess, but there's still hope
▼ + stars: | 2023-01-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —Friday marks the end of the annual World Economic Forum meeting in Davos, Switzerland, an elite gathering of some of the wealthiest people and world leaders. The meetings between CEOs, politicians, and global figures at Davos can help set the tone for the year ahead. CEOs and political officials are also worried about the United States hitting its borrowing cap on Thursday, forcing the Treasury Department to start taking “extraordinary measures” to keep the government open. If an agreement isn’t reached, markets could plunge (like they did the last time this happened in 2011) and the United States risks having its credit rating downgraded again. China’s removal of strict coronavirus restrictions late last year is also expected to unleash a wave of spending that may offset economic weakness in the United States and Europe.

☆ From green subsidies to chips, Davos debates reflect a world in flux
▼ + stars: | 2023-01-20 | by ( Julia Horowitz | ) edition.cnn.com time to read: +4 min

Davos, Switzerland CNN —The World Economic Forum in the Swiss Alps is typically a venue for politicians and business leaders to deliver sermons about the benefits of globalization and cross-border cooperation. European leaders used Davos to amplify complaints about the law’s tax breaks for American companies that make parts for green energy projects, which they claim will disadvantage European firms. German Chancellor Olaf Scholz addresses the World Economic Forum, in Davos, Switzerland, on Wednesday. Representatives from Asia’s third largest economy showed up in force at Davos to meet with international investors. “We’re looking at a less efficient world,” US Trade Representative Katherine Tai said.

☆ Google parent Alphabet is cutting 12,000 jobs
▼ + stars: | 2023-01-20 | by ( Clare Duffy | ) edition.cnn.com time to read: +4 min

New York CNN —Google parent Alphabet is eliminating about 12,000 jobs, or 6% of its workforce, the company said Friday, in the latest cuts to shake the technology sector. “Over the past two years we’ve seen periods of dramatic growth,” Pichai said in the email. Google’s job cuts are just the latest in a bruising wave of tech layoffs, as inflation weighs on consumer spending and rising interest rates squeeze funding. “While layoffs from high-profile firms make the headlines, plenty of firms are desperate for more workers, especially tech workers. “The labor market is still so tight that many tech workers, and workers with other skills, are snapped up well before they need to collect an unemployment check.

☆ Netflix founder Reed Hastings stepping down as co-CEO
▼ + stars: | 2023-01-19 | by ( Clare Duffy | ) edition.cnn.com time to read: +3 min

New York CNN —Netflix announced Thursday that its founder Reed Hastings is stepping down as co-CEO at the company and will serve as executive chairman. Hastings will be replaced by co-CEOs Ted Sarandos and Greg Peters. Under Hastings leadership, Netflix disrupted legacy movie rental companies like Blockbuster and helped shake up Hollywood by kicking off an arms race investing in original content. Last year, however, Netflix saw its stock and reputation take a hit after losing subscribers amid heightened competition from rival streaming services. In its earnings report on Thursday, the streamer said it added more than 7.6 million subscribers during the final three months of last year, well above the 4.5 million additions it had projected, for a total of more than 230 million subscribers worldwide.

☆ Premarket stocks: The Federal Reserve is testing how climate change could hurt big banks
▼ + stars: | 2023-01-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —The largest six banks in the United States have been given until July to show the Federal Reserve what effects disastrous climate change scenarios could have on their bottom lines. The Federal Reserve first announced the pilot program in September, noting that Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo would participate. In its announcement the Federal Reserve stressed that the exercise “is exploratory in nature and does not have capital consequences.” It also said that it would not publish individual banks’ results. San Francisco Federal Reserve President Mary Daly told CNN in October Thursday that this was a learning and exploratory exercise for the Federal Reserve. The other side: Critics of the pilot program have argued that the Federal Reserve was overstepping its boundaries and that they might soon begin to enforce financial penalties.

☆ Intel CEO says chip supply chains will shape geopolitics more than oil over the next 50 years
▼ + stars: | 2023-01-17 | by ( Clare Duffy | ) edition.cnn.com time to read: +3 min

New York CNN —Global politics will be dominated by the availability, trade and investment in microchips for the next several decades, Intel CEO Pat Gelsinger told CNN Tuesday. The location of “oil reserves [has] defined geopolitics for the last five decades,” Gelsinger said in an interview with CNN’s Julia Chatterley at the World Economic Forum in Davos. Issues in the chip supply chain in recent years have caused shortages and shipping delays of everything from desktop computers and iPhones to cars. The CHIPS and Science Act will invest more than $200 billion to help companies grow US domestic chip-making and research. Because we’re assuming they’ll help us make these massive investments.”

The debate comes less than two months after Twitter restored Trump’s account, but Meta’s intention to reevaluate the decision predates Twitter’s reversal. “I can’t think of what that rigorous standard would be that would make this policy be applied fairly, not just to former President Trump, but to any politician.”Is Trump bound to Truth Social? A phone screen displays the Truth Social app in Washington, DC, on February 21, 2022. Trump now has his own rival social media platform, Truth Social, which he launched in February. Despite his desire for a bigger megaphone and aides encouraging him to rejoin Twitter, Trump has said he is committed to Truth Social.

☆ Elon Musk’s Twitter accused of unlawful staff firings in the UK
▼ + stars: | 2023-01-11 | by ( Clare Duffy | ) edition.cnn.com time to read: +4 min

The letter also said Twitter has failed to provide information about the selection criteria used to determine the layoffs. The letter states that 43 affected UK employees are prepared to take the issue to an Employment Tribunal, a UK system for employees to bring legal disputes against their employers, if the company does not agree to cooperate with negotiations over the layoff process. The warning marks the latest challenge to Twitter from former employees affected by mass layoffs that took place after Elon Musk acquired the company in October. Twitter is also facing four proposed class action lawsuits in the United States related to the layoffs. (Typically, negotiations over mass layoffs by UK companies involve discussions of the reasons for terminations and how to minimize their size and impact.)

☆ Former Twitter employees get severance offer after months of waiting. Many are unhappy with it
▼ + stars: | 2023-01-09 | by ( Clare Duffy | ) edition.cnn.com time to read: +4 min

New York CNN —After months of uncertainty and feeling left in the dark, many former Twitter employees impacted by a mass layoff in early November began receiving their severance offers over the weekend. The severance offer promises one month’s pay in exchange for agreeing to various terms, including a non-disparagement agreement and waiving the right to take any legal action against the company, according to Lisa Bloom, a lawyer representing dozens of former Twitter employees affected by the layoffs. The former Twitter employees are now stuck deciding whether to accept the money or join the hundreds of others who have already filed arbitration demands or lawsuits against the company. “We’ve been hearing from hundreds of Twitter employees who are considering their options and not happy about only being offered one month severance, after they were promised much more,” Shannon Liss-Riordan, another lawyer working on behalf of former Twitter employees, told CNN in a statement Monday. The severance offer would also require that employees who sign agree not to cooperate as a witness in any legal actions brought by third parties against Twitter.

☆ LinkedIn is having a moment thanks to a wave of layoffs
▼ + stars: | 2023-01-08 | by ( Clare Duffy | ) edition.cnn.com time to read: +7 min

Some LinkedIn users affected by recent layoffs have formed groups on the site aimed at providing assistance, coordinating around signing exit paperwork and aiding with connections for new jobs. Suddenly, the normally staid professional network has become both a vital lifeline for recently laid off workers and a surprisingly lively social platform. “There’s been an uptick in [LinkedIn use] since the pandemic,” said Jennifer Grygiel, an associate professor and social media expert at Syracuse University. Layoffs and upheaval in social media industryEven apart from the layoffs, the social media landscape has been through a volatile year. But lately it appears users have more than enough reason to use LinkedIn amid a wave of thousands of layoffs.

☆ Two months after mass Twitter layoffs, affected employees still waiting for severance offers
▼ + stars: | 2023-01-05 | by ( Clare Duffy | ) edition.cnn.com time to read: +4 min

New York CNN —Two months after Elon Musk laid off half of Twitter’s workforce, some employees affected say they have yet to receive any formal severance offer or separation agreement. As of early Thursday, however, the former employee said they had yet to receive any documents related to a severance agreement or offer. The company was recently sued by a commercial landlord and a private flight company alleging Twitter has failed to pay bills. At the time of the layoffs, Musk promised that “everyone exited was offered 3 months of severance,” a time period that appears to include the 60-days advanced notice Twitter was obligated to provide. She has also filed three claims against Twitter with the National Labor Relations Board on behalf of former employees.

☆ Head of Saudi investment fund subpoenaed in case over Musk’s ‘funding secured’ tweet
▼ + stars: | 2023-01-04 | by ( Clare Duffy | ) edition.cnn.com time to read: +4 min

New York CNN —Elon Musk’s team has subpoenaed the head of Saudi Arabia’s Public Investment Fund as part of litigation over the Tesla CEO’s 2018 tweet that he was considering taking the car company private and had secured funding to do so. Musk has long maintained that he was considering taking Tesla private at the time he made the tweet. Saudi Arabia’s Public Investment Fund invests in entities that are important to the country’s economic growth, and says it had $620 billion assets under management as of early 2022. Musk’s team also subpoenaed three other members of the Saudi Public Investment Fund. The Tesla CEO also expressed frustration about several news reports citing unnamed sources that suggested the Saudi fund had shown no interest in funding a take-private deal.

☆ Americans spent like crazy during the holidays because of high inflation
▼ + stars: | 2022-12-26 | by ( Clare Duffy | ) edition.cnn.com time to read: 1 min

☆ Meta agrees to pay $725 million to settle lawsuit over Cambridge Analytica data leak
▼ + stars: | 2022-12-23 | by ( Clare Duffy | ) edition.cnn.com time to read: +3 min

New York CNN —Facebook parent company Meta has agreed to pay $725 million to settle a longstanding class action lawsuit accusing it of allowing Cambridge Analytica and other third parties to access private user information and misleading users about its privacy practices. The proposed settlement would end the legal battle that began four years ago, shortly after the company disclosed that the private information of as many as 87 million Facebook users was obtained by Cambridge Analytica, a data analytics firm that worked with the Trump campaign. The data leak sparked an intense international scandal for Facebook, drawing the scrutiny of regulators on both sides of the Atlantic. They estimated that between 250 and 280 million people may be eligible for payments as part of the class action settlement. But the improper sharing of Facebook data triggered a cascade of events that has culminated in investigations and lawsuits.

☆ Twitter layoffs continue under Elon Musk
▼ + stars: | 2022-12-22 | by ( Clare Duffy | ) edition.cnn.com time to read: +3 min

CNN —Additional Twitter employees were terminated Thursday as part of ongoing, rolling layoffs under new owner Elon Musk, including from the public policy and media and entertainment teams, according to tweets from affected employees. As part of Thursday’s layoffs, the members of Twitter’s public policy team who had remained following last month’s mass layoffs were again cut down by about half to around 15 employees, a former Twitter employee with knowledge of the layoffs told CNN. Among the public policy team’s responsibilities are working with outside advisory groups such as the Twitter Trust and Safety Council, which the company disbanded earlier this month. More than 100 former Twitter employees have filed demands for arbitration or are participating in proposed class action lawsuits related to the layoffs. In the meantime, Musk may be considering finding someone else to head the social platform, after Twitter users voted over the weekend for him to step down as CEO.

☆ TikTok confirms that journalists’ data was accessed by employees of its parent company
▼ + stars: | 2022-12-22 | by ( Clare Duffy | ) edition.cnn.com time to read: +5 min

New York CNN —TikTok parent company ByteDance has fired four employees who improperly accessed the personal data of two journalists on the platform, TikTok spokesperson Brooke Oberwetter confirmed to CNN Thursday. TikTok user data from the two journalists, who worked for the Financial Times and BuzzFeed, was accessed while ByteDance employees were investigating potential employee leaks to the press, according to the company. “The individuals involved misused their authority to obtain access to TikTok user data,” TikTok CEO Shou Chew said in his email to employees, according to an excerpt of the email reviewed by CNN. In October, Forbes reported that ByteDance planned to use TikTok data to surveil certain US citizens. It has also said it has taken steps to isolate US user data from other parts of its business, including through a partnership with US-based Oracle.

☆ Twitter hit by legal complaints from 100 former employees following Musk’s layoffs
▼ + stars: | 2022-12-21 | by ( Clare Duffy | ) edition.cnn.com time to read: +3 min

The allegations were included as part of the former employees’ demands for arbitration against the company, according to a statement on Tuesday by attorney Shannon Liss-Riordan. Liss-Riordan is the same attorney who has brought four proposed class action lawsuits against Twitter by former employees affected by Elon Musk’s takeover. The arbitration demands are meant to help workers who can’t participate in that litigation because of contracts they signed with the company. She added that her firm has heard from hundreds of former Twitter employees and has filed only the “first wave” of arbitration demands. Liss-Riordan has also filed three complaints against Twitter with the National Labor Relations Board on behalf of employees affected by the layoffs.

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