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More Tech Layoffs
Tuesday's Top Tech News
Ericsson Set To Cut 1,400 Jobs As 5G Demand Slows
Ericsson plans to cut 1,400 jobs in Sweden to save around $870m, which will be achieved by streamlining the company, reducing overheads such as office spaces, and letting go of some staff members. The job cuts are part of a voluntary program expected to affect around 10% of the company's Swedish workforce. Ericsson says that this move is partly due to a reduction in demand for the company's 5G networking gear in global markets, including the US. These layoffs' effects in other countries will likely be announced in the coming days.
Lenovo Considers Layoffs Amid The Shrinking PC Market
Lenovo is reportedly considering cost-cutting measures, including possible job cuts, due to global economic challenges and market demand shifts. The CFO of Lenovo, Wong Wai Ming, said the company will reduce operational expenses by $115m and focus on high-margin growth engines. Lenovo's PC sales dipped by 20.4% in 2022, according to Canalys research, and the company's revenue dropped by 24%, and net income saw a 32% decline in Q3 2022. However, the CEO of Lenovo believes the market may stabilize sooner than expected, and total shipments could return to pre-pandemic levels or higher by H2 2023.
Researchers Will Get Access To TikTok Data
TikTok is allowing researchers at US-based nonprofit universities to access its public data, including user profiles, comments, likes, and favorites on videos, as well as search results. The API was first announced last summer, and members of an advisory council were given access in November. However, access to the API is still controlled by TikTok, and proposals must be approved by the company's US Data Security division. TikTok's move comes amid increasing scrutiny over its relationship with parent company ByteDance, with the app having been banned from government-issued phones in the US. TikTok has recently taken steps to increase transparency, including inviting journalists to visit its Transparency and Accountability Center.
Three Cybersecurity Stocks That Look Cheap
Shareholders resisting private equity buyout offer on the grounds of depressed valuations suggest there are bargains to be had for investors. Two such bargains lie with the cybersecurity companies Okta and CrowdStrike, whose stocks have fallen much more sharply than their private counterparts, even though they are projected to grow 41% and 53%, respectively, for the 12 months to January. Despite economic uncertainty, cybersecurity is expected to withstand corporate spending cutbacks, given how vital the sector has become to businesses. Additionally, investors can look towards the detritus of the boom in special purpose acquisition companies, like AvePoint, which does not get much respect from investors.
Your Next MacBook Pro Could Be Even Faster Than Expected
According to a report from DigiTimes, the next generation of Apple's Mac chips will be significantly better than anything currently offered due to the 3nm process being used by TSMC, which is surpassing expectations. This could result in longer battery life without sacrificing performance, giving Apple a significant advantage over its competitors. Apple's first 3nm chips are expected to debut in its premium line in 2024, while Intel is delaying its uptake of 3nm chips until the second half of 2025. This could give Apple an even greater lead in the market.