tech sector

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Cisco Systems Announces Mass Layoffs
Cisco Systems Announces
Mass Layoffs
Feb 15, 2024 12:30 AM CST

Cisco Systems Announces Mass Layoffs

More than 4K employees to be let go, following 2022 layoffs of 5K

(Newser) - Internet networking pioneer Cisco Systems is jettisoning more than 4,000 employees, joining the parade of technology companies in a trend that has helped boost their profits and stock prices while providing a sobering reminder of the job insecurity hanging over an industry increasingly embracing artificial intelligence, the AP reports....

Apple Reports Record-Breaking Mac Sales

2020 is a banner year for Big Tech

(Newser) - While many are calling 2020 the "worst year ever," it's becoming the best one on record for big tech companies. Amazon, Apple, Facebook, Microsoft, and Alphabet, Google's parent company, have all reported record-breaking quarterly sales and/or profits this week, MarketWatch reports. Apple reported record revenue of...

Will 1.6K Twitter Millionaires Transform SF?

Tech sector blamed for surge in rents, evictions

(Newser) - A surge in the number of millionaires might not alarm a lot of other cities—but San Francisco isn't like a lot of other cities. Twitter's IPO has created 1,600 new paper millionaires in a city already bursting with the tech sector's wealthy and while the...

Digg Sold for Just $500K
 Digg Sold for Just $500K 
Jul 13, 2012 3:21 AM CDT

Digg Sold for Just $500K

Sale price makes former web darling bigger flop than MySpace

(Newser) - Social media site Digg—or, at least, what's left of it—has been sold to BetaWorks for the bargain-basement price of just $500,000, sources tell the Wall Street Journal . The site, which allows users to post links and vote other submissions up or down, was once one of...

BlackBerry Maker Posts Huge Loss, Delays New Phone

RIM slashing 5K jobs as 'death spiral' continues

(Newser) - BlackBerry maker Research In Motion's freefall is continuing. The Canadian company's shares plunged 15% after it posted a $518 million third-quarter loss and announced that its new BlackBerry 10 smartphone had been delayed until next year, reports the Wall Street Journal . The company says it is cutting 5,...

Groupon Stock Hike Probed
 Groupon Stock Hike Probed 
May 18, 2012 2:04 AM CDT

Groupon Stock Hike Probed

Trading spikes ahead of release of strong results

(Newser) - Did Groupon insiders try for a daily deal of their own? A Wall Street regulator is probing some fishy trading activity in the hours before the company released stronger-than-expected financial results earlier this week, sources tell the Wall Street Journal . Shares in the company—which had fallen more than 50%...

Facebook Expands IPO, Could Raise $16B

Stock offering may become third largest in US history

(Newser) - Facebook's behemoth of an IPO is getting even bigger. After raising its price range , the company has now decided to expand the size of the stock offering by 25% to 422 million shares, sources tell Reuters . The IPO could now raise as much as $16 billion—dwarfing Google's...

Facebook Ups IPO Price
 Facebook Boosts IPO Price 
May 15, 2012 5:30 AM CDT

Facebook Boosts IPO Price

Price range to be $34 to $38 after roadshow meets strong demand

(Newser) - Looks like Facebook's IPO roadshow has done a pretty good job of drumming up investor interest. The company has raised its IPO price range up to $34 to $38 a share from $28 to $35 a share, sources tell the Wall Street Journal . The new price range gives the...

Groupon Shares Surge After First Profit

Coupon site says it has boosted revenue, slashed costs

(Newser) - Groupon is starting to look like a good buy for investors again. The daily deals company's shares surged 18% yesterday, and climbed further in after-hours trading after it recorded its first-ever quarterly profit, excluding a one-off charge for tax expenses, reports Reuters . Revenue leaped 89% from a year earlier...

Facebook IPO Set for May 18
 Facebook IPO Set for May 18 
May 2, 2012 5:00 AM CDT

Facebook IPO Set for May 18

Insiders say roadshow to start Monday

(Newser) - Facebook plans to begin a roadshow to pitch its stock to investors on Monday, clearing the way for an initial public offering on May 18, sources tell the Wall Street Journal . Mark Zuckerberg plans to appear at some meetings but other top Facebook execs will be handling most of the...

Amazon Soars as Kindle Fire Grabs Market Share

Sales of digital products pay off tablet investment

(Newser) - Selling Kindle Fires turns out to have been a very profitable way for Amazon to lose money. The no-frills tablet computer—which sells for slightly less than it costs to make —has now captured more than half of the Android tablet market, with rival tablets from Samsung and Motorola...

Greenpeace Slams Apple's 'Dirty' iCloud

Company disputes Greenpeace's data center figures

(Newser) - Apple is the worst offender among tech giants relying on "dirty energy" like coal to fuel gigantic data centers, according to a scathing Greenpeace report released this week. The report also slammed Amazon and Microsoft for excessive energy use, while praising Facebook, Google, and Yahoo for their efforts to...

Yelp Goes Public Today
 Yelp Shares Jump 62% in IPO 
UPDATED
Mar 2, 2012 9:28 AM CST

Yelp Shares Jump 62% in IPO

Review site goes public

(Newser) - Yelp shares hit the stock market today and soared, despite mixed reviews of the consumer review website's long-term prospects. The initial public offering of 7.1 million shares had been priced at $15 a share, which was above the target range of $12 to $14 it set last month;...

Groupon Posts $42.8M Loss
 Groupon Posts $42.8M Loss 
Feb 9, 2012 4:05 AM CST

Groupon Posts $42.8M Loss

First results since IPO disappoint investors

(Newser) - Groupon's first earnings release as a public company may leave those who flocked to buy shares after its IPO with buyer's remorse. The daily deals site posted a fourth-quarter net loss of $42.7 million, sending its shares tumbling 13% and surprising analysts who had predicted a modest...

Facebook Delays Going Public
 Facebook Delays Going Public 
Sep 15, 2011 1:43 AM CDT

Facebook Delays Going Public

Mammoth IPO delayed to 'keep employees focused'

(Newser) - Facebook has pushed back its stock market debut—expected to be one of the biggest in history—until late next year at the earliest. The social media giant's initial public offering had been expected by April 2012 at the latest, with some predicting it would go public by the...

Jobs Surge Back for Techies
 Jobs Surge Back 
 for Techies 
Apr 16, 2010 8:06 AM CDT

Jobs Surge Back for Techies

Google hired 786 employees in Q1

(Newser) - If you went to MIT, the economy shouldn’t look half bad. Tech companies are hiring again, often even fighting over top recruits, the Wall Street Journal reports. Yesterday, Google announced that it had hired 786 employees in the first quarter, and said it expected to “continue hiring aggressively...

Dow Falls 56 Despite Jump in GDP
 Dow Falls 56 
 Despite Jump in GDP 
MARKETS
Jan 29, 2010 3:21 PM CST

Dow Falls 56 Despite Jump in GDP

Microsoft falls 4.5% despite strong profits

(Newser) - Stocks saw losses today as investors proved unmoved by the striking 5.7% jump in GDP for the second quarter. Microsoft led a broad decline in tech stocks despite reporting strong growth in quarterly profits, the Wall Street Journal reports.
  • The Dow fell 53.13 points to close at 10,
...

Google Applies to Buy, Sell Electricity

Search giant wants to tap the grid like a utility

(Newser) - Google has asked the Federal Energy Regulatory Commission for permission to become an “electricity marketer,” a designation that would allow it to buy and sell energy in bulk like a utility company. It’s an unorthodox move, but one Google says will help it power its sprawling operations...

Tech Losers of the '00s
 Tech Losers of the '00s
Decade in Review
Dec 31, 2009 2:13 PM CST

Tech Losers of the '00s

From AOL to Motorola to Circuit City, these companies couldn't keep up

(Newser) - It’s been an amazing decade for technology, but not everyone came out ahead. CrunchGear considers the big losers of the '00s, starting with the biggest: Brick and mortar retailers. Once consumers learned to trust online merchants, lots of stores—we’re looking at you Circuit City and CompUSA—went...

Dow Up 96 Despite CIT Woes
 Dow Up 96 Despite CIT Woes 
MARKETS
Jul 16, 2009 3:16 PM CDT

Dow Up 96 Despite CIT Woes

Rally extends into 4th day on Roubini comments, tech optimism

(Newser) - Stocks gained today as the tech sector continued to inspire and economist Nouriel Roubini predicted a recovery in late 2009, the Wall Street Journal reports. Though the looming bankruptcy of CIT Group depressed stocks most of the day, financials were able to trim losses before the close. The Dow rose...

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