Tech New Headlines For January 11th, 2023 | Googles Revenue & ChatGpt Thoughts
Googles Revenue
Google's parent company, Alphabet, reported first-quarter earnings that did not meet analyst expectations as the company's revenue came in less than anticipated. For the quarter that ended March 31, Alphabet reported $68 billion in sales, slightly lower than the forecast of $68.1 billion by analysts surveyed by Yahoo Finance. Google is trying to diversify its revenue.
One way it's doing that is by expanding its cloud computing services, which compete with Amazon's AWS and Microsoft's Azure. The company is also trying to grow its advertising revenue with YouTube Shorts, a TikTok competitor. Google's board also authorized a share buyback, pledging to repurchase an additional $70 billion shares. Despite this, Google's stock fell 2.8% after-hours to $2,324 (Khan. 2023).
OpenAI & ChatGpt News
ChatGPT is a conversational chatbot that has captivated investors, tech giants, and people since its debut in November. Human-like dialogue to create custom chatbots to help with tasks such as fighting traffic tickets and creating workout and diet plans.
While the potential impact of ChatGPT on the way we work is already making headlines, there is still being determined if the technology behind ChatGPT will have as sweeping an influence as other breakthrough technologies such as the iPhone, Google search, and Amazon Alexa.
According to Oren Etzioni, an advisor member of the Allen Institute for Artificial Intelligence, within the next six months, there will be a significant increase in the conversational capabilities of chatbots and voice assistants. Some ways that the technology is present include: Microsoft is looking to incorporate the technology into Bing, Outlook, Word, and PowerPoint. Microsoft will invest $10 billion into OpenAi, which will value the company at $29 billion ().
Tech Sector Layoffs
The tech sector is starting 2023 with many job losses, with 150,000 tech workers losing their jobs in 2022 and more than 18,000 tech workers laid off in the first half of January from major companies such as Amazon and Salesforce. The creator of Layoffs.Fyi and a San Francisco-based HR tech founder, Roger Lee, says that more big layoffs are on the way. However, he says the current wave of cuts could slow down as the Fed slowed its rate increases. Tech leaders have noted that new layoffs result from over-hiring in the last two years(Liu, 2023).
Hiring Still Increasing In Tech Overall
A survey of over 1,000 employers globally conducted by WorkTech, a market analyst and advisory firm, found that 94% of companies plan to increase their headcounts this year, and 41% of those companies plan to increase their spending on hiring technology.
The survey also found that despite the negative news of significant tech layoffs, many companies are continuing to engage and that the willingness to invest in tools and tech underscore the fact that hiring work tech is key to companies becoming more competitive in hiring.
The hiring technology market is expected to double from $118 billion in 2022 to $244 billion by 2026, and 71% of employers plan to maintain or increase their spending on hiring technology in 2023(Christ, 2023).
References
Ginger Christ. (2023). Hiring Tech Market Could More Could More Than Double By 2026. https://www.hrdive.com/news/hiring-tech-market-could-more-than-double-by-2026/640100/
Jennifer Liu. (2023). Layoffsfyi Creator Expects More Job Cuts When It Could Slow. Cnbc. https://www.cnbc.com/2023/01/11/layoffsfyi-creator-expects-more-job-cuts-when-it-could-slow.html
Imad Khan. (2023). Google Misses Earnings Expectations Amid Light Revenue. Cnet. https://www.cnet.com/tech/google-misses-earnings-expectations-amid-light-revenue/
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