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Zoom CEO Eric Yuan speaks at the Dropbox Work In Progress Conference in San Francisco on Sept. 25, 2019. Zoom is cutting about 150 jobs, CNBC confirmed on Thursday, the latest tech company to slash headcount this year as investors continue to push for efficiency. A Zoom spokesperson confirmed the cuts amount to less than 2% of the company's workforce. In addition to Zoom, cloud software vendor Okta announced a downsizing on Thursday, telling employees that it's laying off 400 staffers, or about 7% of its workforce. Zoom shares are down about 10% this year and have dropped almost 90% from their record high in October 2020.
Persons: Eric Yuan, Zoom Organizations: Conference, CNBC, Bloomberg, Microsoft, Google, MGM Studios, Okta Locations: San Francisco, layoffs.fyi
Amazon is slated to report fourth-quarter earnings Thursday after the closing bell. In January, Amazon said it would let go of employees across units including Prime Video, MGM Studios, Twitch, Audible and Buy with Prime. In November, Amazon launched "Q," an AI chatbot for businesses, as well as new Trainium chips for AI applications. Discovery 's Max by introducing ads to Prime Video programming. Amazon will discuss the report on a conference call with analysts at 5:30 p.m.
Persons: Andy Jassy, Amazon, Evercore, Jassy's, Brian Olsavsky, Max Organizations: Web, Amazon, MGM Studios, Revenue, National Retail Federation, Netflix, Disney, Hulu, Warner Bros, Citi Locations: Ukraine
War experts say Kyiv will need more precision-guided munitions to blunt Moscow's advantage in artillery fire. Western officials continue to warn that giving Ukraine more weapons and ammo is the "path to peace." The experts said Moscow's rate of fire will be sustainable next year "in excess of that number." Notably, Ukraine can no longer rely on its US-provided High Mobility Artillery Rocket System (HIMARS) or Excalibur artillery shells to diminish Russia's firepower, the experts said. "Weapons to Ukraine," he said, "is the path to peace."
Persons: , Michael Kofman, Dara Massicot, Rob Lee, Dmytro Smolienko, Lee, HIMARS, Serhii Mykhalchuk, Jens Stoltenberg, Antony Blinken Organizations: Service, Kyiv, Carnegie Endowment, International Peace, Foreign Policy Research Institute, American, Publishing, Getty, Artillery, NATO, EG, MGM, Tactical Missile Systems, Republican, Western Locations: Ukraine, Russia, Kyiv, Moscow, Donetsk Oblast, France
Amazon said on Monday that it was abandoning plans to buy iRobot, the maker of the self-driving Roomba vacuum, after regulators raised concerns the deal would hurt competition. antitrust regulators warned Amazon that they might try to block the deal because it could restrict competition in the market for robot vacuum cleaners. The Federal Trade Commission was also scrutinizing the deal. Amazon, which will pay iRobot a $94 million termination fee, said in a statement that “disproportionate regulatory hurdles” caused it to step away from the deal, which was first announced in 2022. IRobot’s products, which also include robotic mops and air purifiers, were to join a growing list of connected home products made by Amazon, including Ring home security systems and Echo smart speakers.
Organizations: Amazon, Foods, MGM Studios, European Union, Federal Trade Commission Locations: E.U
Read previewIf you use Amazon Prime Video, expect to start seeing some ads today unless you're willing to shell out a few more bucks a month. The streaming service began to roll out ads on Monday unless subscribers pay an additional $2.99 per month to avoid them. Prime Video is included with an Amazon Prime membership, which costs $14.99 per month, or $139 if bought for the year. While Amazon increases the price of Amazon Prime Video, the company is also paring back its labor costs. Amazon earlier this month announced layoffs affecting "several hundred" people in its Prime Video and Amazon MGM Studios divisions.
Persons: Organizations: Service, Business, Amazon, Netflix, Hulu, Max, Disney, Paramount, Showtime, Amazon Prime, Amazon MGM Studios Locations: UK, Germany, Canada, France, Italy, Spain, Mexico, Australia
Talk of the demise of the Sundance Film Festival as an incubator for audience-friendly independent films appears to have been greatly exaggerated. The festival was no longer featuring independent films that could go on to be commercially viable, the thinking went. As has been the case in recent years, streaming services made the flashiest deals. Netflix paid a reported $17 million for the horror film “It’s What’s Inside” and Amazon/MGM bought “My Old Ass,” starring Aubrey Plaza, for $15 million. “Skywalkers: A Love Story,” a documentary about a Russian couple who save their marriage by scaling skyscrapers, was acquired by Netflix, while Warner Bros.
Persons: , Aubrey Plaza, Christopher Reeve Organizations: Sundance, Hollywood, Netflix, MGM, Warner Bros, Max,
3 market share position," said Jeff Stantial, director of gaming and leisure research at Stifel. DraftKings stock tripled in 2023 and has already gained nearly 10% in 2024. 'Buying' market share The remaining market share is up for grabs and fluctuates among the smaller players. Stantial expects ESPN Bet has the edge over BetMGM, but says both sportsbooks remain tightly contested for a larger slice of market share. ESPN Bet has been running promotions that include $150 of free bets and $1,000 deposit match upon signing up, according to JPMorgan analyst Joseph Greff.
Persons: Jeff Stantial, Bank of America's Shaun Kelley, You've, Stantial, Joseph Greff, Greff, Walt Disney, Barstool, FactSet, JPMorgan's Greff, Bet365, Clark Lampen, Lampen Organizations: DraftKings, Penn Entertainment, ESPN Bet, MGM Resorts International, Baltimore Ravens, Kansas City Chiefs, San Francisco 49ers, Detroit Lions, New York Stock Exchange, NCAA, Bank of America's, Euronext Dublin, BetMGM, ESPN Bet's, Professional, Amateur Sports Protection, ESPN BET, ESPN, Walt, Barstool Sports, Sportico, Penn, MGM Locations: U.S, North Carolina, Ireland, WynnBet, BetMGM, PENN, York
It was down only 14% from the previous weekend and brings its running domestic total to $42.3 million. Political Cartoons View All 253 ImagesThis was the first moviegoing weekend following Oscar nominations. Searchlight’s “Poor Things,” nominated for 11 Oscars, including best picture, best director and best actress for Emma Stone, got a 43% boost from last weekend with an estimated $3 million. And A24’s “The Zone of Interest,” which had five nominations, including best picture and best director for Jonathan Glazer, expanded to 317 screens, where it earned $1.1 million. Universal had leading Oscar nominee “Oppenheimer” in 1,262 theaters, where it earned an additional million dollars this weekend.
Persons: holdovers, , Jason Statham actioner, It's, “ Oppenheimer, ” “ Barbie, , Jeffrey Wright, Emma Stone, Jonathan Glazer, Alexander Payne's “, Glazer's, Jonathan Organizations: American, Amazon MGM Studios, Warner Bros, Universal Locations: North America
In turn, Wall Street analysts made a slew of bullish calls on five of our portfolio names — all of which report earnings next week SBUX YTD mountain Starbucks (SBUX) year-to-date performance Wall Street's call: Wells Fargo forecasted an improved backdrop for Starbucks. Although the stock's been a portfolio laggard, we're bullish on management's plans to progressively expand margins in the years to come. MSFT YTD mountain Microsoft (MSFT) performance year-to-date Wall Street's call: Morgan Stanley boosted Microsoft's price target to $450 per share from $415, citing the company's strength from generative artificial intelligence efforts. Analysts issued a slew of downbeat calls at the start of 2024, causing the stock to sell off. AMZN YTD mountain Amazon (AMZN) year-to-date performance Wall Street call: Jefferies said Amazon stock has even more room to run after a great 2023.
Persons: Wells Fargo, we're, Morgan Stanley, Goldman Sachs, refreshes, Jefferies, AMZN, Twitch, they're, Jim Cramer's, Jim Cramer, Jim, Brendan Mcdermid Organizations: Dow Jones, Wall Street, Club, Microsoft, Big Tech, Bank of America's, Apple, Analysts, MGM Studios, Management, Bank of America, CNBC, Traders, New York Stock Exchange Locations: Fargo, China, Tuesday's, Copilot, F1Q24E, Thursday's, New York City, U.S
X partnered with BetMGM to show sports betting stats on the site, Fortune reported. The deal, the financial terms of which were not disclosed, comes two weeks before Super Bowl LVIII. X plans to roll out a new sports betting feature after inking a deal with the digital gambling platform BetMGM, Fortune reported. These bets will largely take the form of proposition wagers or "prop bets" related to in-game happenings unrelated to the game's outcome. AdvertisementThe Super Bowl is a massive traffic draw for X — so much so that the site briefly crashed during Rihanna's halftime show last year.
Persons: X, BetMGM, , you'll, Fortune, Carl Johnson, Beau Rivage, Usher Organizations: Service, MGM Resorts International, Las, MGM, GVC Holdings, Business, CNN, Kansas City Chiefs, Baltimore Ravens, Detroit Lions, San Francisco 49ers Locations: Las Vegas, Bellagio, Mandalay Bay, BetMGM .
The scandalous hit movie "Saltburn" premiered on Prime Video during 2023's Christmas period. AdvertisementThis as-told-to essay is based on a conversation with Rebecca Schwartz Altholz about her experience watching "Saltburn" with their family. In hindsight, I would not choose "Saltburn" for a family movie night. In the final scene, Oliver reveals to the last living member of the Catton family, Elspeth, that he was after her family's fortune. Everyone should watch "Saltburn," but I would skip putting it on at your next movie night unless your family is as weird as mine.
Persons: Rebecca Schwartz Altholz, , Sarah, Barry Keoghan, Oliver, Felix, Jacob Elordi, Felix's, Venetia Catton, Alison Oliver, Elspeth Catton, Rosamund Pike, Barry Keoghan's, Oliver Quick, it's, Catton, Elspeth, Oliver's Organizations: Service, Oxford University, Saltburn, Amazon, MGM, Amazon Studios Locations: Mexico, Christmas
Read previewUkraine's attack helicopter pilots are flying low and fast, navigating a dangerous battlefield where almost anything in the air is at risk. Ukrainian Mi-8 helicopters attack Russian positions with the use of unguided rockets. And then, of course, there is the serious threat of Russian surface-to-air missiles and other weapons, to include Russian aircraft. AdvertisementThe General Staff of the Armed Forces of Ukraine showed footage of the combat operation of the Mi-24 attack helicopter. Part of the larger problem facing Ukrainian helicopter pilots is identifying where threats are coming from in combat environments.
Persons: , lew mede, eli, Hunter, ely, NIEL, IHAILE, e, orde, ines, Sergey Organizations: Service, Business, US Marine Corps, aff, kr, unt Locations: Ukraine, ain, sion, gilan, it use
And more Big Tech layoffs may be coming this year as companies bet big on AI, an analyst told CNBC. As of January 2024, 89 tech companies have laid off almost 25,000 employees, according to tracker site Layoffs.fyi. "Google and the rest of Big Tech are betting big on AI while cutting back on non-strategic areas," Dan Ives, a tech analyst at Wedbush Securities, told CNBC. Layoffs will continue in some areas, while"the hiring frenzy in AI will be unprecedented as this arms race continues across the tech world." But while growing investment in AI may soon put more out of work, new roles are being created within the AI space.
Persons: , it's, Dan Ives, Ives, Sundar Pichai Organizations: Big Tech, CNBC, Google, Service, Wedbush Securities, Business, Amazon, Prime, Amazon MGM Studios, SAP, Apple, Meta, Nvidia
A fresh batch of earnings are set to come out next week, ranging from Big Tech companies to major pharmaceutical names, and analysts think some names could post stand-out results. Roughly 19% of S & P 500 companies are set to report next week, including megacap names such as Apple, Microsoft and Amazon. Thus far, about 22% of companies have reported earnings for the fourth quarter, with nearly 74% of those names surpassing expectations, FactSet data shows. Nearly 20 analysts have revised their quarterly earnings estimates upward. Other companies that have earnings momentum heading into next week include Hartford Financial Services and A. O. Smith Corporation , both of which have received roughly 20 earnings estimate revisions in the past three months.
Persons: FactSet, Brent Thill, Thill, AMZN, Tal Liani Organizations: Big Tech, Apple, Microsoft, CNBC, Jefferies, Amazon, MGM Studios, Royal, Qualcomm, Bank of America, Hartford Financial Services, Smith Corporation Locations: Wednesday's
TECH'S JOB-CUTS JANUARY
  + stars: | 2024-01-24 | by ( Sarah Jackson | ) www.businessinsider.com   time to read: +3 min
download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . But by the third week of the month, layoffs had become a reality for many in tech. More than 70 tech companies have swung the ax so far this year, affecting more than 13,000 workers, according to tracker Layoffs.fyi. January is historically a common month for layoffs as companies adjust budgets and plans for a new year. In January 2023, more than 270 tech companies laid off nearly 90,000 employees, according to Layoffs.fyi.
Persons: , Sundar Pichai, Dan Clancy, it's, Jason Citron Organizations: Industry, Google, Service, Tech, Workers, Prime, Amazon MGM Studios, YouTube, eBay Locations: TikTok, overhiring
eBay is cutting 1,000 jobs — a reduction of about 9% of its workforce. CEO Jamie Iannone told employees in a memo Tuesday that it would make the latest round of layoffs so it could be "more nimble." Iannone pointed to its expenses and headcount eclipsing the growth of its business in the memo shared on the company website. While we are making progress against our strategy, our overall headcount and expenses have outpaced the growth of our business." Read the full memo the CEO sent to employees below.
Persons: Jamie Iannone, Iannone Organizations: Service, eBay, Google, Amazon, Prime, MGM Studios
LONDON (AP) — Online retailer eBay Inc. will cut about 1,000 jobs, or an estimated 9% of its full-time workforce, saying its number of employees and costs have exceeded how much the business is growing in a slowing economy. It marks the latest layoffs in the tech industry. Political Cartoons View All 253 ImagesSan Jose, California-based eBay is the latest tech company to roll out a series of layoffs after quickly ramping up hiring during the COVID-19 pandemic while people spent more time and money online. Meanwhile, Amazon said this month that it is cutting several hundred jobs in its Prime Video and MGM Studios unit. Other tech companies, including Spotify, Microsoft, Meta and IBM, also have recently cut jobs.
Persons: Jamie Iannone, Iannone, , TikTok, Amazon, ” Iannone Organizations: , eBay Inc, eBay, Google, Riot Games, “ League, MGM Studios, Spotify, Microsoft, Meta, IBM, Justice Department Locations: Jose , California, Massachusetts
A bunch of companies in the technology sector have been laying off some of their employees recently after quickly ramping up hiring during the COVID-19 pandemic while people spent more time and money online. Now, many of them are making job cuts to help lower costs and bolster their bottom lines. Here's some of the companies that have laid of employees of late:GoogleGoogle said it was laying off hundreds of employees working on its hardware, voice assistance and engineering teams. The company, which is owned by Chinese technology giant Tencent, said 530 jobs were being eliminated, accounting for about 11% of its headcount. AmazonTwitch, which is owned by Amazon, is cutting more than 500 jobs in a bid to save on costs.
Persons: TikTok TikTok, Dan Clancy, Bob Carrigan Organizations: Google Google, Google, Riot Games, “ League, Games, eBay, eBay Inc, Amazon, Amazon’s, MGM Studios, Spotify Locations: Los Angeles , California, Beijing
FALLS CHURCH, Va. (AP) — Legislation that would allow a referendum on a casino in the northern Virginia suburbs of the nation’s capital cleared a hurdle Wednesday when a state Senate committee voted to advance the bill. Another bill that passed the committee Wednesday would allow Petersburg to hold a referendum on a casino in place of Richmond. Marsden said allowing a casino in northern Virginia provides geographic diversity and fairness. Legislative studies have also shown that a northern Virginia casino would generate more tax revenue than anywhere else. The Northern Virginia Chamber of Commerce supports the bill.
Persons: Glenn Youngkin, Sen, David Marsden, ” Marsden, Marsden Organizations: Senate, Committee, Delegates, Virginia Gov, Fairfax, Technology, Richmond, Northern, Northern Virginia Chamber of Commerce Locations: Va, Virginia, Fairfax County, Tysons, Bristol, Danville, Portsmouth, Norfolk, Petersburg, Richmond, Maryland, Potomac, Bethesda, Northern Virginia
It's no surprise that Warner Bros.' "Barbie" and Universal's "Oppenheimer" were among the 10 best-picture nominees announced Tuesday for this year's Academy Awards ceremony. The duo exploded into cinemas in July, generating big box-office bucks and enchanting critics and audiences alike. Helmed by academy darlings Greta Gerwig and Christopher Nolan, respectively, the dichotomous films have been on Oscar prediction lists for months. Although Gerwig missed out on a best director nomination, both filmmakers received nods for their screenplays. Best Picture nominees for the 2024 Academy Awards "American Fiction" (MGM/Amazon)"Anatomy of a Fall" (Neon)"Barbie" (Warner Bros.
Persons: Barbie, Oppenheimer, Hannah Beier, It's, Greta Gerwig, Christopher Nolan, Gerwig, Maestro, Read Organizations: Washington Post, Warner Bros, year's, Paramount, Searchlight, Academy of Motion Picture Arts and Sciences, Disney Locations: Somerdale , New Jersey
In today's big story, we're looking at how there's no more loyalty in corporate America between employers and their workers. Business Insider's Aki Ito, who has covered workplace trends better than anyone, dove into the deterioration of loyalty in corporate America. The best example of the deterioration of loyalty in corporate America these days is in Big Tech. AdvertisementOne year later, Big Tech's layoffs are back and could become the new normal, Business Insider's Peter Kafka writes. However, the best representation of the growing employee-employer chasm in Big Tech is at Google.
Persons: , hustleharder, Insider's Aki Ito, they're, Insider's Peter Kafka, Kali Hays, BI's Eugene Kim, Ashley Stewart, Long, Sundar Pichai, BI's Hasan Chowdhury, Brian Moynihan, Moynihan, Laura Labovich, Asher, Emerson, Bill O'Leary, there's, Frederic J . Brown, haven't, Christian Dior, Dan DeFrancesco, Diamond Naga Siu, Hallam Bullock, Jordan Parker Erb Organizations: Service, Big, Workers, Amazon MGM Studios, Big Tech, Google, OsakaWayne, Investment, New, Bank of America's, Fed, Washington, Getty, Meta, OpenAI Mafia, Shoppers, Spotify, Couture, United Airlines, The, Business Locations: America, Big Tech, Big, Bethesda, That's, Paris, New York, San Diego, London
NEW YORK (AP) — Norman Jewison, the acclaimed and versatile Canadian-born director whose Hollywood films ranged from Doris Day comedies and “Moonstruck” to social dramas such as the Oscar-winning "In the Heat of the Night," has died at age 97. Throughout his long career, Jewison combined light entertainment with topical films that appealed to him on a deeply personal level. (Jewison lost out for best director to Mike Nichols of "The Graduate"). Among those who encouraged Jewison while making “In the Heat of the Night”: Robert F. Kennedy, whom the director met during a ski trip in Sun Valley, Idaho. Jewison shifted to feature films in 1963 with the comedy “40 Pounds of Trouble,” starring Tony Curtis and Suzanne Pleshette.
Persons: — Norman Jewison, Doris Day, Oscar, , Jeff Sanderson, Jewison, Jim Crow, , Rod Steiger, Sidney Poitier, James Baldwin, ’ Bosley Crowther, Bonnie, Steiger, Mike Nichols, Robert F, Kennedy, nodded, , , Cher, Steve McQueen, Thomas, Denzel, Washington, Rubin “, ” Carter, Malcolm X, Spike Lee, shouldn’t, Lee, ” Jewison, Margaret Ann Dixon, Dixie, Kevin, Michael, Jennifer Ann, Agnes, God ”, Lynne St, David, Judy Garland, Danny Kaye, Harry Belafonte, Tony Curtis, Suzanne Pleshette, James Garner, McQueen, Edward G, Robinson, Carl Reiner, Eva Marie Saint, Alan Arkin, Sylvester Stallone, Jimmy Hoffa, Al Pacino, Bruce Willis, Michael Caine, Tilda Swinton, ____, Bob Thomas Organizations: Canadian, New York, Hollywood, , Denzel Washington, Washington, Governor General’s Performing Arts, Canadian Film Centre, Toronto Film, Victoria College, BBC, CBC, Universal, MGM, Cincinnati, Vietnam, AP Entertainment Locations: Canadian, Philadelphia, Clyde, Sun Valley , Idaho, Mississippi, Canada, Toronto, London, Hudson
Microsoft 's hacking disclosure could be a challenge for its $20 billion-a-year cybersecurity franchise but bullish news for fellow portfolio name and rival Palo Alto Networks. Microsoft stock was trading modestly lower Monday but has climbed more than 5% since the start of 2024 following last year's 56% gains. Microsoft's cybersecurity incident doesn't leave us any less bullish on the mega-cap name. While its cybersecurity business pulls in about $20 billion in annual sales, Microsoft's revenue jumped 7% in 2023 to nearly $212 billion. The Securities and Exchange Commission's (SEC) new disclosure rules around cybersecurity attacks could be another catalyst for Palo Alto, Jim added.
Persons: hasn't, Nobelium, Jim Cramer, Jim, Palo, Exchange Commission's, Nikesh Arora, Estee Lauder, Clorox, Okta, Jim Cramer's, Satya Nadella, Justin Sullivan Organizations: Microsoft, Palo Alto Networks, Wall, SolarWinds, Apple, JPMorgan, Securities, Exchange, SEC, Palo Alto, Corporations, Palo, CNBC, MGM Resorts, Caesars Entertainment Locations: Russian, Palo, Palo Alto, Davos, Switzerland, San Francisco
Read preview"Saltburn" star Barry Keoghan's shocking improvised graveyard scene left the crew speechless on set. "I think no one spoke for a bit," Keoghan said in the latest installment of Esquire's "Explain This" video series. AdvertisementJacob Elordi as Felix and Barry Keoghan as Oliver in "Saltburn." "I spoke to Barry in the morning, and I just said, 'I don't know, Barry. Barry Keoghan as Oliver in "Saltburn."
Persons: , Barry Keoghan's, Keoghan, Oliver Quick, Felix Catton, Jacob Elordi, Oliver, Felix, Barry Keoghan, Chiabella James, Fennell, Barry Organizations: Service, Business, Oxford University, Entertainment, MGM, Amazon Studios, Variety, Golden Globes Locations: Saltburn
With a dearth of new releases in cinemas, Paramount Pictures' Tina Fey-scripted musical “Mean Girls” pushed its two-week total past $50 million, along with $16.2 million internationally. The top 10 films collectively accounted for just $51.3 million in box office, according to Comscore. The Jason Statham thriller “The Beekeeper,” from Amazon MGM Studios, remained in second place, grossing $8.5 million in its second weekend to bring its total to $31.1 million. Warner Bros. “Wonka,” six weeks into its smash run in theaters, was third, with $6.4 million in ticket sales. In its fourth week of release, the Blitz Bazawule-directed film starring Fantasia Barrino, Taraji P. Henson and Danielle Brooks, grossed just $720,000.
Persons: Oscar, Tina Fey, it's, Ariana DeBose, Jason Statham, “ Wonka, It's, Sydney Sweeney, Glen Powell, Bridget Jones's Baby, Ava DuVernay's “, Aunjanue Ellis, Taylor, Isabel Wilkerson, Yorgos, Emma Stone, Cord Jefferson's, , Jeffrey Wright, Jonathan Glazer’s, Oprah Winfrey, Steven Spielberg, Fantasia Barrino, Taraji P, Henson, Danielle Brooks, Comscore, “ I.S.S Organizations: Paramount Pictures, U.S, Bleecker, Audiences, Hollywood, Amazon MGM Studios, Warner Bros, Sony Pictures, Searchlight, Globe Locations: Russia
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