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Hello and welcome to today's edition of Inside Tech! Here are today's highlights: - Tech layoffs show a steady decline since January.
- Apple revenue falls for a third straight quarter.
- Amazon's Q2 earnings exceed Wall Street forecasts.
- New Google tool helps remove personal info from search results.
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p/beth-duckett | |
| 1 | | The news: While July added 9,991 tech workers to the list of those looking for work, the number of tech layoffs has been slowing down since January. Details: Giants like Google, Amazon, Microsoft, Meta, and Zoom have all announced layoffs to streamline their operations and adapt to the changing macroeconomic landscape. The running total of tech layoffs for 2023 now stands at over 224,000. Still: During the first seven months of 2023, tech job cuts have gradually decreased, leading to a greater sense of stability and hope for Silicon Valley. In the Bay Area alone, tech companies announced 16,100 job cuts in the first seven months of 2023. More than 10,000 of those occurred in the first three months, and during the April-through-June second quarter, only about 5,200 Bay Area jobs were cut. 
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| 2 | | In the latest quarter, Apple's sales fell by 1.4% to $81.8B, marking its third straight quarter of declining sales. However, Apple's services business, including the App Store and Apple Music, achieved an all-time revenue record, driven by over 1 billion paid subscriptions, offsetting the industrywide slump for smartphones and devices. More: - Despite a 2.4% slip in iPhone sales to $39.7B, the company's profit increased by 2% to $19.88B.
- Mac and iPad sales also saw a year-over-year drop.
- Apple could experience a rebound with the upcoming release of the iPhone 15 series and new Macs later this year.
- The iPhone currently accounts for roughly half of Apple's sales, down from nearly two-thirds in 2016.
- In June, Apple became the world's first corporation to close with a market capitalization above $3 trillion, with its stock trading up 50% since the start of the year.
Zoom out: - During an investor call, CEO Tim Cook highlighted the company's long-term focus and strong performance in emerging markets like India.
- Apple's recently announced Vision Pro headset, combining virtual reality and augmented reality, is expected to launch next year.
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| 3 | | Amazon's Q2 earnings beat Wall Street expectations, with stronger-than-predicted online sales and signs of stability in its cloud division. Amazon shares surged over 9% on Friday as both its e-commerce and cloud-computing divisions showed they are faring well in an uncertain economy. By the numbers: - Amazon Web Services (AWS) reported 12% growth, reaching $22.1B in sales, down from 16% growth the prior quarter.
- Amazon's advertising services saw a 22% revenue jump, generating $10.7B.
- Profit soared, recording a net income of $6.7B compared to a $2B net loss in the same quarter last year.
- Overall, the company reported an 11% increase in quarterly revenue to $134.4B.
Zoom out: - CEO Andy Jassy's cost-cutting efforts, including the largest layoffs in the company's history, contributed to improved profitability.
- Amazon has laid off more than 27,000 employees over the past year.
- Jassy said the company's overhaul of fulfillment operations and transportation networks led to lower costs and faster delivery.
- Amazon expects further growth in Q3, projecting sales to rise between 9% and 13%, partly driven by the success of its Prime Day event in July.
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| 4 | | Google announced an easier way for users to find and remove their contact information from search results. A new "results about you" dashboard in the Google app notifies when a person's address, phone number, or email appears on the web, allowing them to request its removal from Search. More: - The tool eliminates the need for users to search for personal information themselves and manually request its removal.
- However, removing information from Google Search doesn't erase it from the internet; users need to contact specific websites for that.
- Google says it will still evaluate removal requests to avoid restricting access to valuable information or public records.
- Currently available in English in the U.S., the feature will expand to other languages and regions later.
Zoom out: - Google will also start blurring explicit imagery by default in search results.
- Users can toggle to view the images or turn off blurred images entirely.
- Additionally, users can request to delete explicit images from search results that they didn't consent to, as well as consensual images.
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| 5 | | GameStop is discontinuing its crypto wallet due to "regulatory uncertainty" in the industry. The self-custodial Ethereum wallet allowed users to manage cryptocurrencies and NFTs. More: - The iOS and Chrome Extension lockers will be removed on November 1, and customers are advised to use their Secret Passphrase to retrieve and migrate their NFTs by October 1.
- Despite this move, GameStop's NFT marketplace for buying, selling, minting, and trading NFTs is still operational.
- The company's heavy investment in NFTs has faced challenges, including a failed partnership with FTX and consumer backlash.
Zoom out: - The SEC's actions against other crypto exchanges may have contributed to GameStop's decision.
- It comes after the June firing of former CEO Matt Furlong, who was in charge during the launch of the wallet and marketplace, and signed on the company's partnership with Ethereum scaling network Immutable X.
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| 6 | | Instagram is developing labels to identify AI-generated content, as revealed by app researcher Alessandro Paluzzi. A screenshot shows a notice stating that an image was "generated by Meta AI." More: - The labels would help users spot content modified or created by AI more easily.
- They also offer a definition of generative AI and how to identify AI posts.
- At the bottom, the notice includes a link to learn more about AI in Meta's products.
Zoom out: - As noted by ZDNet, popular Instagram influencers like Lil Miquela, Imma, and Shudu are actually AI-generated.
- The development comes during Meta's potential launch of AI chatbot "personas" on Instagram and Facebook.
- Meta, along with Google, Microsoft, OpenAI, and others, recently made commitments to the White House to meet certain safeguards for responsible AI.
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 | AI and technology writer | | Beth is the curator and writer of the AI and Tech newsletters at Inside. With a career in journalism and editing that began in 2007, she has written for publications including USA Today, The Arizona Republic, Arizona Business Gazette, and more. You can reach her at Beth.Duckett@yahoo.com. | | This newsletter was edited by NO ACCOUNT ASSOCIATED WITH THE EDITOR | |
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