If you want to compete in the high stakes war for tech supremacy, you've got to pay the cost. That's what Amazon's first quarter earnings report showed yesterday.
Profits fell 33% for the retailer and cloud computing service as operating expenses rose 38.2% from a year ago to $9.8 billion. Large as that increase was, it didn't approach the 54% increase that rival Google reported earlier in the month.
Along with building its cloud infrastructure, the rising cost of doing business can also be attributed to Amazon's investment in talent. The company added 4,200 full- and part-time employees in the first three months of the year. The company now has 37,900 employees, a 45% increase from a year ago. (WSJ)
Nokia Cuts (Nokia)
The Finnish company announced that it would cut 7,000 jobs and move its Symbian development platform over to tech consulting company Accenture. 3,000 workers will be moved over to Accenture and Nokia will cut the remaining 4,000.
Privacy Storm Brewing (WSJ)
Congress will hold a panel hearing on digital privacy next month as concerns grow over the revelation that Apple and Google collect location data from computing devices connected to WiFi. Sony, too, is under the gun after hackers stole personal information from 77 million PlayStation gamers.
Taking Your Home to Work (FINS)
Most people would love to work for a company that has no office, meaning they would have to work from home. There are drawbacks, however.
What Would You Do?
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What They're Thinking (FINS via SmartMoney.com)
Ever wonder what your co-workers are saying behind your back? This will give you a pretty good idea.
Google's Shop Class (AP)
About 300 Googlers have access to a wood and metal workshop where they can build whatever their hearts desire. Just another perk from CEO Larry Page to keep his engineers happy.
Entry-Level Jobs Growing (Reuters)
If you graduated from college during the Great Recession, you won't have to live with your parents much longer. The entry-level job market is better than it's been in the last three years, a report finds. Health care and IT are particularly hot.
VMware Acquires SlideRocket (GigaOM)
Cloud company VMware has acquired SlideRocket, a 25-person startup that makes PowerPoint-like online software.
Friendster Down the Memory Hole (NYT)
Many first learned how to social network on Friendster a decade ago. But even after the early adopters have moved on to Facebook, their old photos and comments still linger on the site. The company plans to delete all user content soon.
Google Back In 1999 (TechCrunch)
Check out this old video of Larry Page and Sergey Brin hosting an all-hands bull session when it was just a fledgling startup.
Pixazza Hires New CFO (PR Newswire)
The photo information service Pixazza has hired Terrance Murphy as its new CFO. Murphy has previously worked at Risesmart, Inc. and LiveOps. Pixazza also recently named Facebook's communications head to its board.
Moving In (WSJ)
Silicon Valley's hiring surge is translating into big commissions for commercial real estate brokers. Rents are up 25% from a year ago in Palo Alto, Calif.
Hoffa Endorses AT&T Merger (The Hill)
Saying that it would help gain new union members, Teamsters president James Hoffa endorses the proposed merger of AT&T and T-Mobile.
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