Category: Tech

Published January 13, 2023

Tech news: Layoffs Continue in 2023

The layoffs in the tech sector continue to go on. This includes companies such as Google, Amazon, and iRobot. These companies are known for their products and innovations. They also have a presence in the Fintech industry and the Telecoms sector.

Amazon

Amazon layoffs are the biggest in the company’s 28-year history. They are aimed at trimming expenses in an uncertain global economy. The company says it will offer a severance package to affected workers. But it needs to be clarified how many additional roles will be cut.

The layoffs are part of Amazon’s annual operating planning review, which extends into the new year. While the company has previously said it will cut about 10,000 jobs, the exact number has yet to be determined.

Layoffs result from a slowing economy, inflation, and higher wannoce interest rates. These factors have caused a decrease in consumer demand. In turn, the tech industry has been impacted. As a result, some of the biggest companies, including Google, Salesforce, and Microsoft, have been forced to cut staff in recent weeks.

Andy Jassy, Amazon’s CEO, has announced its intention to trim its workforce. He wrote a memo on Thursday that details Amazon’s layoffs.

Although Amazon hasn’t said precisely how many of the 18,000 roles to cut will be eliminated, most of the cuts will likely be in the company’s People, Experience, and Technology (PXT) division. This includes its retail, devices, and books divisions.

Amazon has offered voluntary severance packages to employees since Tuesday. However, no details are available about how much those packages will cost. Those impacted will be notified in the new year.

Microsoft

Microsoft is one of the companies that have announced plans to lay off workers. This is the second round of layoffs this year. Some employees affected by the layoffs include those involved with the Modern Life Experiences (MLX) group.

The MLX group was created in 2018 to win back consumers. However, the company has yet to confirm how many employees are leaving.

While Microsoft has been cutting workers in the last few months, the amount they are leaving is relatively tiny. Of the 180,000+ employees at Microsoft, only about 1% will be affected.

Microsoft’s operating cost growth for the first quarter of fiscal 2023 was less than the company had anticipated. The company’s actual costs were $13.2 billion. This is a reduction from the previous guidance of $13 billion. However, the company also expects a slowdown in cost growth for the fiscal year.

Microsoft’s forward P/E multiple, which measures how much a company’s stock is expected to pay for each dollar of earnings, has been near three-year lows. Despite this, the company’s CEO Satya Nadella has said he is optimistic about the future. He believes the industry is positioned to overgrow with the addition of AI.

Google

The world of technology is undergoing a big reset in 2023. This year, many tech companies have implemented layoffs, including Amazon, Microsoft, and Salesforce. As a result, these firms have been forced to cut costs in addition to hiring freezes. But analysts expect more job cuts to hit the tech industry in the coming years.

Alphabet, Google’s parent company, is now feeling the pressure. It plans to cut 10,000 “poor performing” employees and retool its performance review system. That’s a lot of people to fire, and many Google employees have already expressed concerns about the new development.

Google’s new performance review system, GRAD, will make it easier for management to identify and remove low-performing employees. However, it also makes it more challenging for top-performing employees to get high marks.

Many Google employees have complained about the new development, but the company has not confirmed that layoffs are possible. The company’s authorities have promised transparency.

In a letter to Alphabet, hedge fund billionaire Christopher Hohn argues that the cost of Google employees has increased too much. He has urged the company to reduce per-employee costs and hold off on large bonuses.

Alphabet’s plan for the next two years looks grim. According to the company’s executive team, they will begin cutting expenses in the first half of 2023.

Visualizing Major Layoffs At U.S. Corporations

iRobot

In its second-quarter earnings results, iRobot announced a restructuring of operations. The company is now aiming to cut its workforce by 10%. It expects to create $30 million in savings by the end of 2023.

During the third quarter, iRobot recorded a $5 million restructuring charge. In addition, the company plans to record further restructuring charges for facility consolidation in the fourth quarter. Combined with its existing credit agreement, the restructuring costs are expected to total $20-$30 million.

According to Robot, the restructured operations will be designed to align cost structure with near-term revenue. As a result, the company expects to generate $10 million in cost savings in the fourth quarter of 2022 and $30 million in savings in 2023.

The firm is also preparing to reduce its global facility footprint. iRobot’s XNXX 270K SF global headquarters is located in Bedford, Massachusetts.

The company has 15.7 million customers worldwide. iRobot is the leading developer of cleaning robots. These products include the Roomba vacuum. But the firm is now facing a downturn in its sales. This is attributed mainly to the recession and the war in Ukraine.

iRobot is also losing money. It’s currently losing about $156 million operating losses for the first three quarters of 2022.

Telecoms company Ericsson

Ericsson AB is the world’s largest network solutions provider. It supplies software and services for traditional telecommunications operators, including cable television and broadband networks. It has a 40% share of the global mobile networking gear market. But it’s facing a challenging worldwide economic environment and mounting competition from China’s Huawei and Finland’s Nokia.

Ericsson has laid off approximately 400 employees in Russia. In addition, the company suspended deliveries to Russian customers in April and continues to wind down its operations in the country.

According to Svenska Dagbladet, an unidentified source at Ericsson said, the company plans to cut its workforce by up to 25,000 employees. Most of the cuts will come from its research and development division. However, other operations would be affected, too.

Ericsson is one of the top wireless networking companies in the world. Still, it has been struggling in a sluggish market. It posted a 26 percent drop in net profit in the second quarter. Sales declined by 11 percent year on year. And it lost more money on its digital services business than expected.

Ericsson slashed costs in the fourth quarter. That cost cut was part of a larger restructuring plan to restructure the company and create a more sustainable profit model. Ericsson aims to achieve a run rate of at least 10 billion crowns yearly in cost reductions.

Fintech company Klarna

While the rest of the economy continues to struggle, the tech industry is shedding staff at alarming rates. Companies like ,Klarna, iRobot, and Amazon have announced layoffs.

According to Techcrunch, Klarna is laying off 10% of its workforce. The Swedish buy-now-pay-later (BNPL) giant announced the cuts in a prerecorded video call with its employees.

Klarna, which has offices in Stockholm and Short North, is a financial technology company used by retailers to break down payments into installments. It also breaks down transaction volumes.

Aside from the fact that the buy-now-pay-later model has been a victim of the global recession, the company has also been hit by rampant libertic inflation. That’s one reason why it decided to trim its headcount.

Another example is the cybersecurity firm Snyk, letting go of 14% of its global workforce. In addition, Snyk slashed its subscription services spending and reduced business travel.

Klarna has been in the process of restructuring its global workforce for the past few months. Last month, the firm let go of 750 employees. And now, it’s starting the second round of layoffs this year.

In an interview, Klarna CEO Sebastian Siemiatkowski said the company is undergoing a “restructuring” of its business operations. He also cited the war in Ukraine as a factor that’s contributing to the tough times.

Indian Startup Layoffs: 18,000 Employees Fired In 2022

TikTok

TikTok, the wildly popular video platform, is restructuring its U.S. operations, as well as its Europe operation. In an interview with Wired, an anonymous former employee says the company’s plan is partly due to an overall economic downturn.

The move comes during widespread tech layoffs, which have been ramping up in recent months. Companies, including Twitter, Amazon, and Zillow, plan to reduce their workforces. In addition, several Silicon Valley companies, including Facebook, are laying off thousands of employees.

TikTok may seek to provide additional oversight of user data through Stateside hires. While it’s unclear how many positions are being cut, more than 4,000 global positions are open at the site, according to a recent job posting.

More than half of the company’s workforce is based in the U.S., except for its Chinese parent company, ByteDance. However, the layoffs will continue into 2023.

One of the most notable changes is that TikTok will double its Creator Fund to more than $1 billion over the next three years. That fund has already reached $200 million. And in addition to that, the company is committed to hiring nearly 1,000 engineers in its Mountain View, California office.

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Published November 22, 2021

KKR invests $10.8 billion in Italy’s number one telecom company

Telecom Italia takes off on the stock market, boosted by the offer of the KKR fund. Is speculation trying to take advantage of the European recovery plan? - Nenroll-Nenroll

Over the past 12 months, Gubitosi has unveiled KKR in a € 1.8 billion deal that transferred a 37.5% stake in FiberCop, the cutting edge community unit, to a New York-based fund. Last year, Gubitosi acquired KKR in a € 1.8 billion deal with a New York fund, 37.5% of FiberCop, which owns TIM’s last-mile network that connects locker roads to people’s homes.

Under KKR’s plan, TIM will set aside its fixed network for management as a government-regulated asset, in line with the model used by grid company PornoTerna (TRN.MI) or gas grid company Snam (SRG.MI). The finance ministry said that the government hopes that TIM’s network plans, backed by adequate investment, are in line to roll out broadband across Italy and protect employment rapidly.

Unable to stem the drain on TIM’s revenue, Gubitosi began looking for ways to get money out of TIM’s business. By renegotiating TIM’s fixed-line merger plan with fiber-optic rival OpenFiber. Gubitosi started to look for ways to squeeze money out of TIM’s resources by revising its plan to connect TIM’s fixed network – its most valuable asset – to its rival Open Fiber. This project, sponsored by the previous government, crashed under Prime Minister Mario Draghi.

KKR bid is next act in Telecom Italia soap opera | Reuters

Government prepares recover funds

Sources said the federal government, which is preparing to raise billions of euros in EU recovery funds to restore broadband in Italy, is aware of the need to find a solution to support the former telecommunications monopoly and protect its 42,500 home workers. The new owner is under scrutiny as he prepares to take on the group’s total debt of € 29 billion deficit. The government, which is preparing to raise billions of euros in European Union recovery funds to restore broadband in Italy, is aware of the need to find a way to strengthen the former telecommunications monopoly and protect its 42,500 domestic workers, the sources said.

Sources said that the New York-based private equity firm would cut TIM’s assets, including a landline used as a government-regulated asset on the Terna grid or Snam gas grid. KKR’s plan stipulates that TIM opens the fixed network and manages it as a government-regulated asset, following the model used by Terna or the gas company Snam. Private equity firms CVC Xhamster and Advent are exploring TIM’s potential plans and working with former TIM CEO Marco Patuano, senior advisor to Nomura in Italy. A spokesperson for the two foundations said he stood ready to work with all stakeholders on a solution to strengthen TIM, denying any contact with Vivendi.

To manage TIM’s fixed telephone and other strategic assets, the national investor CDP acquired 9.8% of the shares, becoming the group’s second-largest investor after Vivendi.

Vivendi faced significant capital losses due to its 24% stake in TIM, on which it spent € 1,071 per share. The new owner will also have to take on TIM’s total debt of € 29 billion. However, KKR wants to acquire TIM privately, which analysts say will ease the restructuring.

UPDATE: KKR buys stake in Telecom Italia broadband project | Private Equity Insights

Working along for a solution

Rival private equity firms CVC and Advent, which also reviewed TIM’s plans recommended by its former CEO Marco Amaporn Patuano, said Sunday that they are open to working on a solution to bolster TIM.

Telecom Italia (TIM) has received a € 10.8 billion ($ 12 billion) method from the US-based KKR fund to recruit staff from Italy’s largest mobile phone group, the company said on Sunday. The move by KKR, prompted by TIM CEO Luigi Gubitosi, struggles to survive after being attacked by top investor Vivendi following two profit warnings in three months.

TIM said KKR had set a target price of € 0.505 for its potential bid, up 45.7% from Friday’s closing price of common shares. Up 45.7% from the closing price of its common shares on Friday. TIM said on Sunday that KKR called its offer of 50.5 cents per TIM share “friendly,” up 45.7% from the closing price of the group’s common shares on Friday.

TIM said KKR set an indicative price of its share buyback offer of € 0.505, representing a 45.7% premium over the odd-numbered stock close on Friday. KKR will also provide the same value for TIM’s financial savings stock. KKR will also offer the same price for TIM savings shares. TIM’s board of directors, chaired by former Bank of Italy official Salvatore Rossi, did not indicate whether he would support such an approach. However, KKR called his action “friendly” and aimed to help the company.

Is it a safe investment? Only time will tell

Vivendi, which is pushing to replace Gubitosi, believes the KKR proposal does not adequately assess TIM, said a person close to the French media group. Vivendi, who is returning Gubitosi, believes the KKR proposal does not sufficiently consider TIM. A Vivendi spokesman said that Vivendi faces significant capital losses due to its 24% stake in TIM. However, the entrepreneur remains committed to working with Italian authorities and institutions to achieve TIM’s long-term success. Vivendi, which is pushing to replace Gubitosi, believes the KKR proposal does not adequately assess TIM, said a person close to the French media group.

A person close to the French media group told Reuters Vivendi that KKR’s proposal does not adequately assess TIM, once the crown jewel of state assets before the ill-fated 1997 privatization. As a result, the company is facing a staggering capital loss. The bid price, which TIM has identified as “indicative,” will nevertheless expose Vivendi, the company’s primary investor, to a sharp loss of its 24% stake, on which it spent an average of € 1.07 per share.

The share price of Telecom Italia SpA rose on Monday after investment firm KKR & Co. expressed interest in acquiring a private telecommunications company through a tender offer worth approximately 10.79 billion euros (12.17 billion euros). KKR’s proposal depends on government support and a four-week due diligence analysis results, giving Telecom Italia (TIM) a net debt of 22.5 billion euros and an enterprise value of 33 billion euros. In the non-binding proposal, the cash value of the former telephone monopoly is 0.505 euros per share, a 45.7% premium to Friday’s closing price, and the deal, including debt, is more than 33 billion euros.

KKR makes $12 billion method to take Telecom Italia personal | MyWinet

A friendly proposal

The Italian firm said last Sunday it had received a friendly, non-binding indication of interest from KKR. This event paves the way for a possible takeover bid at € 0.505 a share. TIM said on Sunday that KKR called its offer of 50.5 cents per TIM share “friendly,” up 45.7% from the closing price of the group’s common shares on Friday. TIM stated that the indication of interest provides an indicative price in full in cash of € 0.505 per ordinary or savings share.

The shares rose 32% in daytime trading to € 0.4585, a claim against an “indicative” bid price of € 0.505, with more than 8% of TIM’s capital changing hands.

A person close to the French media group told Reuters Vivendi that KKR’s proposal does not adequately assess TIM. KKR’s bid, which the New York-based fund described as “friendly” to TIM, would expose Vivendi Annunci69, the company’s primary investor, to a considerable loss of its 24% stake, which it spent an average of € 1.07 per share. In addition, KKR will split TIM’s fixed-line telephony business to operate as a government-regulated asset on the Terna electric grid or Snam gas grid, the sources said.

TIMs 42,500 employees in Italy have been a problem for the government, along with a pile of junk debt from the group that has discouraged investments needed to upgrade the network. KKR wants to acquire TIM privately, which analysts say will ease the restructuring. KKR already maintains ties with TIM and has been a member of FiberCop for a year. Once you have opened your account and transferred funds to it, you can search and select stocks to buy and sell.

KKR Makes $12 Billion Bid for Telecom Italia at 46% Premium

A promising bet for the market

TIM said the terms include a “51% minimum membership level” for standard and savings shares. However, things are not as usual in global capital markets these days. We see similar trends also occurring in several critical areas of the venture capital market.

The price-to-earnings ratio (or price-to-earnings ratio) is one of the most commonly used valuation methods for stock market investors. However, private equity can also provide a more thoughtful approach to the industry’s exposure to key markets that may be undervalued or overvalued.

As for the relative price stability, which considers the general market trend, Telecom Italia SpA has changed by 23.49% over the past year. The market’s predictions disclose that there will be more Fall Angels in the traditional investment-grade market. Therefore, an essential factor contributing to the rise in stock prices is the dynamics of price increases.

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The history of Linux, a brief guide to the world of tech

Published March 6, 2018

The history of Linux, a brief guide to the world of tech

Oh Linux, not everyone knows how to understand your awesomeness. Not everyone gets your amazing characteristics and features. The half of the world misleads your excellence.

Are you already judging our criteria?

We’re sure.

Don’t misunderstand us, we really don’t want to be one sided.

We’re aware that Linux is not the best.

We just want to let you know, before start talking about the penguin, that there’s no such thing like a perfect operating system (OS). Choosing a software doesn’t involve the perfect features of a full package program. Instead, is more of a taste and personal functionality decision. In fact, the first question that we have to do before buying an OS, should be: does it works for what I have to do? From then on, selecting the one, means matching different OS features with our needs.

You may have judged the first paragraph of this article because you believe that your OS is better than Linux. If that’s the case, you might be losing the chance of buying the one that really fits your responsibilities. Forget what your heart feels about the operating system you use.

https://twitter.com/thomas_metz/status/1289201556663996416

Compare – be critical

Windows is not perfect. MacOS is not the best. Linux is not the greatest. And, there are many other OS that exits on the computer market.

In general, the one that you use, is the one that suits your tasks. If you want to buy the one that suits you best, you will have to know all of the programs, its functions, characteristics, pros, cons and more, to find out the right one.

As result, I don’t know about you reading this article, but we believe that Linux deserves -like every other program-, further consideration than the actual. All of the products that exist, deserve a chance to be known and proven.

Besides critics and hate, we´ll like to spread some good information by trying to make a rational and objective article about another brand, that has always been there, but never has being as popular as it´s sisters.

Bad reputation, is unfair and lead by disinformation. There is a lot of negative reviews around of Linux, that may have influenced your decision on acquiring another OS.

On this article, you will find a chance to know more about the famous penguin operating system, Linux.

What is Linux?

Before talking about the technical side of Linux, we have to explain the theory.

First, we need to make sure that the basis conceptualization is clear.

Everyone knows that Linux is an operating system that’s been around for a while – even before MacOS, that was released on 1995. It holds the essence of other OS like Windows XP, Windows 7, Windows 8, and Mac OS X, with a different characteristic -that we’ll explain later.

Perhaps, in general, people doesn’t really know what’s an operating system – unless you’re some kind of computer engineer or that you have a job related with computers. By “knowing”, we refer to actually have the capability of explaining what it is.

The OS, is simply a software. An operating system, is in charge of managing all of your desktop or laptop hardware. It basically controls communication between the software and the hardware. And, you need it’s functions to keep the laptop alive.

Key points

An OS, specifically Linux, is composed by the following parts:

The kernel: this part is meant to be the heart of the whole system that manages the CPU, memory and other devices. Kernel is the one piece that we called Linux and is the “lowest” level of all the OS.
The Bootloader: it manages the boot process in any Linux compatible CPU. This piece is the famous starting page that appears once we had turn on the CPU.
Daemons: this piece comes into action after turning on the computer. Daemons, is not a lonely tool but all of the devices that comprised Linux; such as, the printer, calculator, schedule, calendar, and others.
Graphical Server or X: subsystem that displays graphics on your screen.
Shell: an original piece of the penguin. It’s basically a command process that allows you to control the computer by typing commands into the text interface. If your not someone related with codes and computers, you have just find the floor where people got scared of the penguin world, in the past; back then, people would had to learn some codes properly to successfully manage the OS. Nowadays, you don’t have to do this anymore.
Desktop environment: the part where people interacts with the OS. Linux has a wide layout of environments to choose from; such as: Unity, GNOME, Cinnamon, Enlightenment, etc. Additionally, each one of these environments have built-in characteristics, for the user; such as: file managers, configuration tools,games, etc.
Applications: everyone’s favorite part in an OS. Linux offers thousands of software to install and enjoy, but it doesn’t provide the full army. Nowadays, some Linux softwares, include application stores to simplify the finding process.

Linux time line

Now that we actually know what is an OS, let’s get deep into Linux history.

Linux story started back in the early 90’s when the Finnish student Linus Torvalds, started a personal project of creating a free OS. On 1991, Linux kernel, was initially released and it hasn’t stopped growing since then.

The penguin origins, go back to early 70’s when the Unix operating system was implemented by Ken Thompson and Dennis Ritchie, from the AT&T Bell Laboratories (1969), released in 1970. And specifically, to their portable and modifiable programming language, called C. On which Linux kernel creator wrote his program.

On 1992 Linux distributions was created along with the relicensed GNU GPL, starting an era of unstoppable growing to Torvalds creation.

It wasn’t until 2007, until the GNU (General Public License), Linux free software license, was finally consolidated with GPLv3 released, marking this part of the story as a new programing adaptation era, for the OS.

https://twitter.com/abelard2008/status/1288568488743723008

Gaining popularity

Also on 2007, Dell was distributing for the first time, laptops with preinstalled Ubuntu (Linux famous distribution base), improving its market.

But, is fair to say, that the penguin free software system, started it’s massification way before, with IBMs support on 1998; followed by Dell on 2000, year when Microsoft and Linux rivality got aggressive, until 2006 when peace was proclaimed by Microsoft and Novell, by the announcement of a cooperation that enhance better interoperability and mutual patent protection.

2011, was the year for Linux kernel consolidation on the new era, when Version 3.0 was released. A year later, Linux server market revenue exceeded the Unix market. Getting to the top, back in 2013, when Google’s Linux-Android, claim the big trophy of a 75% smartphone market share.

On 2015, latest Linux 4.0 arrived the game. Nowadays, Linux has tons of environments and is used almost anywhere.

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