Tag Archives: Internet Search Engines

New Last Of Us Meme Gifs Released By Naughty Dog

Screenshot: Naughty Dog / Sony

Today, September 26, is the awkwardly titled “The Last Of Us Day.” As part of this annual international day of celebration, developer Naughty Dog has released 10 new animated gifs featuring characters from the game, like Joel and Ellie.

In the universe of The Last Of Us, September 26 is the day when the in-game virus reached a critical mass. What a fun anniversary to celebrate! The Last Of Us Day started back in 2013, and was originally titled Outbreak Day, which is definitely a better, less clunky name. However, this yearly celebration of all things Last of Us had to change its name in 2020 due to the real-world, ongoing, and deadly covid-19 pandemic. And today, in honor of the celebration, Naughty Dog has released 10 new animated gifs featuring characters from the series, inspired by popular online memes. It’s time to get yourself in the The Last Of Us Day day spirit.

Did you ever want to see Joel recreate the famous Robert Redford smiling gif? Well, here you go!

Perhaps you’ve long wanted a Last of Us-themed gif based on the internet classic “Dramatic Hamster?” Good news, your oddly specific dream has been fulfilled.

According to Naughty Dog, with every game release its animators pick some of their favorite memes and recreate them using characters and assets from their own games. Earlier this month, the team released some gifs in honor of The Last Of Us: Part 1’s launch. But the team had even more gifs to share and that’s what’s been released today on Giphy. Such joy.

“The opportunity to laugh, pay homage to some of our favorite TV shows and movies, and collaborate with artists of different disciplines to make these GIFs has truly been a delight,” explained Naughty Dog. “Thank you to everyone who contributed your talent and sense of humor to create these! Our feeds will never be the same again.”

You can find more of Naughty Dog’s meme recreations here on its official Giphy page. For those who like this kind of thing, there’s a treasure trove of content to be found. For others, like me, who find all this stuff terrible and off-putting, well, why are you even reading this…

Also, as part of today’s celebrations, Naughty Dog and HBO released a new trailer for the upcoming live-action show based on the first game. It’s set to release sometime next year.

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Google randomly sent him $250K. This is what happened next.

A self-described hacker was randomly paid almost $250,000 by Google. He was baffled by the payment.

On Tuesday, Sam Curry tweeted about the mysterious payment from Alphabet Inc.’s
GOOGL,
-0.11%
Google. “It’s been a little over 3 weeks since Google randomly sent me $249,999 and I still haven’t heard anything on the support ticket. Is there any way we could get in touch @Google?” he wrote.

“It’s OK if you don’t want it back…,” he quipped.

Curry describes himself as a hacker and a bug bounty hunter in his Twitter bio. He works as a staff security engineer at Yuga Labs, the crypto and non-fungible token (NFT) specialist that created the famous Bored Ape Yacht Club NFT project.

Opinion: Don’t dismiss Bored Apes — NFTs could turn out to be a practical platform for sales and smart contracts

NPR reports that Curry sometimes does bug bounty work for Google and other companies.

“Google did indeed contact me and I’m going to head into the bank today to pay it back,” Curry told MarketWatch on Friday.

“Our team recently made a payment to the wrong party as the result of human error,” a spokesperson for Google told MarketWatch. “We appreciate that it was quickly communicated to us by the impacted partner, and we are working to correct it.”

Bug bounties are paid out by companies and other organizations when someone discovers a vulnerability in their systems and reports the vulnerability, or “bug,” back to them. Last year, for example, the Department of Homeland Security launched its “Hack DHS” program, which invited vetted cybersecurity researchers and ethical hackers to identify potential vulnerabilities in certain DHS external systems.

In April 2022 the Department reported that more than 450 vetted researchers identified 122 vulnerabilities, 27 of which were determined to be critical. DHS awarded a total of $125,600 in bounties, it said.

Alphabet shares were down 0.9% before the market open on Friday. The stock has dropped 29.0% year to date through Thursday, compared with the S&P 500 index
SPX,
-0.72%,
which has dropped 18.2%.

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Google Loses Most of Appeal of EU Android Decision

BRUSSELS—

Alphabet Inc.’s

GOOG 0.57%

Google suffered legal blows on two continents this week, a significant setback in the company’s efforts to fight allegations that it is abusing its dominance in digital advertising and on mobile phones.

The EU’s General Court in Luxembourg on Wednesday largely upheld a 2018 decision by the EU competition regulator that fined Google $4.33 billion for allegedly abusing the market dominance of its Android operating system for mobile phones to promote and entrench its Google search engine and Chrome browser on mobile devices.

The decision came shortly after a federal judge in the United States District Court for the Southern District of New York on Tuesday denied the bulk of Google’s motion to dismiss the claims brought by a coalition of states led by Texas alleging Google abused its dominance in digital advertising tools, allowing the case to proceed to the discovery stage and ultimately toward trial.

The EU ruling means Google will very likely continue applying some of the changes it has made since to comply with the 2018 decision, including offering users in the EU a choice screen of different search engines. The Android case was the biggest of three antitrust fines totaling more than $8 billion that the EU has levied against Google since 2017—and it focused on mobile phones, one of the company’s fastest growth areas.

The ruling is also a vote of confidence for the European Commission, the bloc’s antitrust enforcer, which has been aggressive in targeting big U.S. tech companies and other firms over concerns about anticompetitive behavior. Last week, the Commission blocked

Illumina Inc.’s

$7.1 billion merger with cancer-test developer Grail Inc., two U.S. companies.

In the U.S., Judge P. Kevin Castel’s decision was closely watched because the Justice Department has been preparing a similar antitrust case against Google over its position in the advertising technology industry.

In both cases, Google did score some partial victories.

In the EU, the court annulled one element of the decision that alleged Google had broken competition laws by making revenue-sharing payments to manufacturers to exclusively pre-install only Google Search, not competing search engines. As a result, the court reduced the overall fine by about 5% to €4.13 billion, about the same in dollars.

“We are disappointed that the court did not annul the decision in full,” a Google spokesman said, adding that Android has created more competition in the mobile phone industry. The company has previously said it should be able to recoup the money it spends developing Android by encouraging manufacturers to install Google Search.

The court’s decision can still be appealed to the EU’s top court, the Court of Justice. Google said it would review the decision before deciding whether to appeal.

In the U.S., the judge tossed out claims pertaining to Google’s “Jedi Blue” ad agreement with rival Facebook—now known as Meta Platforms Inc. The plaintiffs alleged the deal was part of a plan to “kill” an alternative ad technology called header bidding that Google executives feared would harm its business. He also knocked down the plaintiffs’ claim that Google’s Accelerated Mobile Pages, or AMP, technology was part of an anticompetitive plot to curtail header bidding, among several other claims from the plaintiffs.

In a blog post Tuesday in response to the U.S. decision, Google called the Jedi Blue allegations the “centerpiece” of Texas’s case, and cited the various allegations that were tossed out as evidence that the case was “deeply flawed.”

In a statement on Wednesday, Texas Attorney General

Ken Paxton

applauded the judge’s decision, calling it “a major step in the right direction to make our free market truly free.”

The 2018 EU Android case has been significant because it focused on Google’s efforts to increase its mobile business, but also because it underscored Google detractors’ arguments that antitrust enforcement takes too long. By the time the commission had issued its decision, those detractors said Android had already helped make Google Search as dominant on mobile devices as it had been on desktops.

Shortening the time it takes to force companies to make changes in the market was a major reason that the EU pursued new digital-competition legislation called the Digital Markets Act, passed earlier this year. The new law will eventually make it illegal for Google and other very large tech companies to engage in a range of practices that the bloc considers to be anticompetitive, including some of the practices the commission has previously issued fines for.

The 2018 decision focused in large part on how Google bundled together the licensing of its apps for Android devices. In that decision, the EU ordered Google to stop requiring smartphone manufacturers to pre-install the company’s search app and Chrome web browser as a condition for licensing Google’s popular Play app store. It also said the company would have to allow manufacturers to install Google apps on systems that run alternative versions of the Android operating system.

The EU argued Google’s practices had made it harder for potential competitors to emerge and were part of a strategy that was meant to ensure that Google’s search engine would remain dominant as consumers began using search engines on their smartphones.

Google quickly appealed the 2018 decision but also had to comply with it while its appeal was under way. Google changed its licensing deals for manufacturers and implemented what it called a Choice Screen on Android devices, allowing users of new phones in the EU to select alternate default search engines. So far that choice screen doesn’t appear to have had an appreciable impact on the market share for Google Search in Europe.

Google’s appeal of the case centered in part on whether its Android operating system is dominant, arguing that the Commission was wrong to consider Android devices as their own market without seeing them as competitors to

Apple’s

iPhone and iPad devices. The company also argued that requirements to bundle Google Search with its app store weren’t anticompetitive, and that restrictions on use of other versions of Android were needed to ensure Android phones would be compatible with the company’s apps. The court dismissed Google’s arguments on all those points on Wednesday.

Google also argued that the revenue-sharing agreements that required phone makers not to pre-install other search engines covered less than 5% of the market and didn’t have an impact on competitors. The court on Wednesday sided with Google, ruling that the Commission didn’t prove its case on that point.

It is the European Commission’s second court victory against Google in as many years. Last year, Google lost its appeal of a separate, $2.42 billion antitrust fine over allegedly directing users of its search engine to Google’s own comparison-shopping ads at the expense of other services. A second appeal to the EU’s top court is pending.

Google was also fined $1.49 billion in 2019 for limiting how some websites could show ads that were sold by the company’s rivals. Its appeal of that case is still under way.

Google continues to attract scrutiny from antitrust regulators in the EU. Last year, the commission opened a formal antitrust investigation into allegations that Google abuses its dominant position in advertising technology. Google said its ad-tech tools are competitive and that it would work with the commission to resolve its questions.

The Wall Street Journal reported earlier this year that Google had offered concessions to try to ward off a potential antitrust lawsuit in the U.S. targeting the company’s ad-tech business.

The Wall Street Journal reported earlier this year that Google had offered concessions to try to ward off the Justice Department’s antitrust lawsuit targeting the company’s ad-tech business, but people familiar with the matter say the offer wasn’t likely to satisfy regulators.

Write to Sam Schechner at sam.schechner@wsj.com and Kim Mackrael at kim.mackrael@wsj.com

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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Individual Investors Ramp Up Bets on Tech Stocks

Technology stocks have taken a beating this year. Many individual investors have used it as an opportunity to double down.

The Nasdaq Composite Index—home to the big tech stocks that propelled the market’s decadelong rally—has fallen 21% in 2022. Shares of

Amazon.com Inc.

AMZN 10.36%

and the parents of Google and

Facebook

META -1.01%

have suffered double-digit declines as well, stung by higher interest rates and souring attitudes about their growth prospects. 

Yet many of those stocks remain the most popular among individual investors who say they are confident in a rebound and expect the companies to continue powering the economy. 

In late July, purchases by individual investors of a basket of popular tech stocks hit the highest level since at least 2014, according to data from Vanda Research. The basket includes the FAANG stocks—Facebook parent Meta Platforms Inc., Amazon,

Apple Inc.

AAPL 3.28%

,

Netflix Inc.

and Google parent

Alphabet Inc.

GOOG 1.79%

—along with a handful of others like

Tesla Inc.

and

Microsoft Corp.

Meanwhile, Apple, chip company

Advanced Micro Devices Inc.

and the tech-heavy Invesco QQQ Trust exchange-traded fund have remained among the most popular individual bets since 2020. 

Interest in risky and leveraged funds tied to tech and stocks like

Nvidia Corp.

has also swelled, a sign that investors have stepped in to play the wild swings in the shares. 

It has been a fruitful bet for many. Tech stocks have been on the rebound of late, partly on investor hopes for a slower path of interest-rate increases in the months ahead. The Nasdaq gained 12% in July, its best month since April 2020, outperforming the broader S&P 500, which rose 9.1%.

Individual investor Jerry Lee says: ‘The market is severely undervaluing how much tech can actually play into our lives.’



Photo:

Peggy Chen

“I’m extremely bullish on tech,” said Jerry Lee, a 27-year-old investor in New York who co-founded a startup that helps people find jobs. “The market is severely undervaluing how much tech can actually play into our lives.” 

In coming days, investors will be parsing earnings reports from companies such as AMD and

PayPal Holdings Inc.

for more clues about the market’s trajectory. Data on manufacturing and the jobs market are also on tap. 

Mr. Lee said he recently stashed cash into a technology-focused fund that counts Apple and Nvidia among its biggest holdings, after years of pouring money into broad-based index funds. His experience working at firms such as Google has made him optimistic about the sector’s future, he said.

Gabe Fisher holds stock in Meta Platforms, Amazon and Alphabet.



Photo:

Ethan Kaplan

Even last week when many of the industry’s leaders, including Apple, Amazon and Alphabet, warned their growth is slowing, investors pushed the stocks higher and expressed confidence in the ability of the companies to withstand an uncertain economy. Apple logged its best month since August 2020, while Amazon finished its best month since October 2009, helped by a 10% jump in its shares on Friday alone.

Many investors also pounced on the tumble in shares of Facebook parent Meta Platforms. The stock was the top buy among individual investors on the Fidelity brokerage Thursday when it fell 5.2% in the wake of the social-media giant’s first-ever revenue drop. Tesla,

Ford Motor Co.

and leveraged exchange-traded funds tracking the tech-heavy Nasdaq-100 index were also widely traded that day.

Gabe Fisher, a 23-year-old investor near San Francisco, said he is holding on to stocks like Meta, Amazon and Alphabet. 

“Even if these companies never grow at as fast of a pace, they’re still companies that are so relevant and so prevalent that I’m going to hold on to them,” Mr. Fisher said.

He said he also has a small position in

Cathie Wood’s

ARK Innovation Exchange-Traded Fund that he doesn’t plan to sell soon, even though the fund has lost more than half of its value this year. 

Other investors have been turning to riskier corners of the market. Leveraged exchange-traded funds tracking tech have been the third- and fourth-most-popular ETFs for individual investors to buy this year, behind funds tracking the S&P 500 and Nasdaq-100 indexes. These funds allow investors to make turbocharged bets on the market and can double or triple the daily return of a stock or index.

Many individual investors have also turned to the options market to bet on tech. Bullish bets that would pay out if Tesla shares rose have been among the most widely traded in the options market, according to Vanda. Individual traders have spent more on Tesla call options on an average day this year than on Amazon, Nvidia and options tied to the Invesco QQQ Trust combined, according to Vanda. The firm analyzed the average premium spent on options that are out-of-the-money, or far from where the shares are currently trading. 

Jeff Durbin, a 59-year-old investor based in Naples, Fla., said he regrets missing out on buying big tech stocks decades ago.  

He has scooped up shares of companies like artificial intelligence firm

Upstart Holdings Inc.

and

Shopify Inc.

SHOP -3.01%

—and hung on despite their sharp swings. Shopify, for example, dropped 14% in a single session last week as it said it would cut about 10% of its global workforce. It’s painful, but I missed out on things like Amazon and Netflix when they were cheap,” Mr. Durbin said. “Who is going to be the Amazon and Apple 20 years from now?”

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Opinion: Google and Microsoft earnings show the bar has been lowered for Big Tech

Alphabet Inc. and Microsoft Corp. both reported results that missed Wall Street’s expectations Tuesday, but not only did investors not melt down, both actually saw their stocks rise in after-hours trading.

Amid troubling economic signs, tech stocks have been battered so far this year, and fears about a slowdown among Big Tech names had Wall Street on edge heading into this week. But the reactions to earnings misses Tuesday afternoon show that the fears and declines so far this year have resulted in a lowered bar for even the biggest of the Big Tech names.

Microsoft
MSFT,
-2.68%
missed on both revenue and profit expectations, and forecast that its cloud business, Azure, will grow about 43% in the September quarter, amid fears of slowing cloud growth. While the four-percentage-point deceleration from the previous quarter’s growth rate may have led to sharp declines in the past, Microsoft stock jumped as soon as the forecast was provided.

Google parent Alphabet
GOOGL,
-2.32%

GOOG,
-2.56%
reported an earnings decline for a second quarter in a row, and told analysts on its conference call that a slowdown by ad buyers impacted its second quarter. Yet Alphabet shares were up nearly 5% in after-hours trading.

“In context of the weakening macro backdrop, Alphabet’s Q2 results were decent, with close to in-line revenues across all key business segments,” wrote Colin Sebastian, an analyst with Baird Equity Research, in a note to clients, summing up the general view on Wall Street that things were not yet as bad as feared.

Much like the relief rally seen by Meta Platforms Inc.
META,
-4.50%
shares three months ago, however, this is a case of numbers that, while good enough to avoid tanking their stocks, still shouldn’t actually be seen as “good.” Both companies warned about the macroeconomy, and clearly each company has businesses that are slowing sharply right now.

In Alphabet’s case, revenue at YouTube, a recent star, grew a scant 3% in the second quarter, compared with 14.3% growth in the first quarter, due to overall advertiser pullbacks in spending and more competition from TikTok. Microsoft saw its PC business soften, as the big PC boom of the pandemic is over. The advertising slowdown is also affecting its LinkedIn business, while the Xbox business is slowing rapidly as the pandemic-fueled surge in videogames wears off.

But those stocks are not facing the wrath reserved for some smaller competitors. Last week, social-media company Snap Inc.
SNAP,
-3.22%
raised more fears among investors about internet ad spending, and its stock plunged as the overall economy battles with inflation, changing consumer patterns and higher interest rates.

Microsoft and Google were able to avoid the same fate, though it’s possible that it will just take longer for the slowdown to actually affect companies so large, and with dominant positions in important industries. But make no mistake, there is a slowdown, and it is affecting Big Tech, just maybe not to the degree that it will result in big chunks taken out of their gargantuan market caps — yet.

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‘Workers don’t want toys or free food, they want a higher quality of life’: The Great Resistance is here — as companies struggle to get workers back to the office

Amy Faust Liggayu, 32, a market-research project manager based in Tinley Park, Ill., mother of a 7-month-old son, never imagined she would have a life where she could spend five days a week with him, while also working full time. But that was before March 2020, when the COVID-19 pandemic forced offices across the country to tell their employees to work from home.

She had previously spent $20 a day commuting four days a week, and worked the fifth day from home, but when her manager called employees back full time, a move many other businesses are making now that vaccines are widely available and the worst days of the pandemic appear to have receded, she was not willing to give up all that freedom remote work had given her. 

Those early months of COVID-19 when millions of people worked from home gave them a rare opportunity to reevaluate the role of work in their lives. And in 2022 they have leverage: Unemployment is falling and wages are rising, as companies struggle to attract and retain workers. In fact, there are two job openings for every unemployed American, the highest level on record since 2001. 

But many companies want workers back. Google parent company Alphabet
GOOGL,
-1.34%

GOOG,
-1.29%,
Apple
AAPL,
+0.17%,
Facebook parent Meta
FB,
+1.18%,
and Microsoft Corp.
MSFT,
-0.23%
have requested workers go back to the office at least a few days a week. Jefferies Financial Group
JEF,
-0.98%,
JPMorgan Chase
JPM,
-0.82%
and Goldman Sachs Group
GS,
-0.45%
are among the financial institutions that have also asked workers to return.

Amid these efforts, Faust Liggayu counts herself among the Great Resistance. “I’m very outspoken about my desire to never work in an office again,” she said. “The quality of life is so much better when you can cut out that commute or spend your lunch break with your family.” She would often not arrive home until 6:30 p.m. if she left the office at 5 p.m. Those were precious hours lost with her son.

When she received news that all employees were going to be back in the offices, she told MarketWatch that she was frustrated. “They haven’t been listening to me,” she recalls thinking. “They know I don’t want to go back.” So she took a stand. “Job recruiters were reaching out to me on LinkedIn. All the jobs they reached out to me about were working from home.”

The outcome was a win-win for her: She found a new job two months ago that paid more money, while working full-time from home. “I went from making $50,000 a year to $80,000. When I get to stop at 5 p.m., I’m done. I get to spend that time with my son. Time moves quickly. It means so much at this age. It means so much to get those extra two hours a night with him.”

Amid labor shortage, employees flex their muscles

The Great Resignation — regarded by some observers as more of a Great Negotiation for better pay and working conditions — has led to the Great Resistance, a battle of wills between senior management and, well, everyone else. For those who are fortunate enough to have the option to work remotely, which other figures put at 40% of the workforce, they’re not giving up.

“There is definitely a sense of resistance amongst employees against the full-week, all-day, in-person work concept,” said Vanessa Burbano, associate professor of business at Columbia Business School in New York.Remote working enables a degree of flexibility in the day that is practically impossible to recreate in a physical co-working space.”

Faust Liggayu said her breakup with her former employer was respectful and without animosity. She had worked at that previous job from 2017 to March 2022, and it was a small team. But the standoff between some employees and their companies has not always been so free of drama. Apple, for one, has suffered at least one high-profile resignation as a result. 

The Great Resignation has led to the Great Resistance, a battle of wills between senior management and, well, everyone else.

A group, “Apple Together,” signed an open letter to the tech giant, claiming over 3,000 signatures from workers, rejecting a hybrid work model and asking the company to allow them to make their own decisions. “Stop treating us like school kids who need to be told when to be where and what homework to do,” they wrote. (Apple did not respond to a request for comment.)

Thus far, workers have successfully dug their feet into their sofas. Some 64% said they would consider looking for a new job if they were required to return to the office full time, a survey by ADP, a provider of human resources management software and services, found. Younger people (18- to 24-year-olds) are the most reluctant (71%) to return to the workplace full time.

“This shift from the traditional 9-to-5, office-based model cannot be undone and has long-term implications for the jobs market,” the report said. “As companies — and employees — re-evaluate their approach to the workforce, it is clear that having a flexible approach is key, as there are advantages and drawbacks to both exclusively, whether fully remote or fully in office.”

Last month, Airbnb acknowledged that the era of full- or even part-time office working is over, telling workers they could work from home or the office, if they choose, and they can work from anywhere in the U.S. without a change in pay. Starting in September, they can also live and work in over 170 countries for up to 90 days a year in each location.

Ken Steinbach: ‘There is a special connection when we are in the same space together face to face.’

There’s no such thing as a free lunch

Chris Herd, CEO of Firstbase, which helps companies go remote, said there’s no such thing as a free lunch. “Workers don’t want toys or free food, they want a higher quality of life. Forcing people to commute two hours a day — where they carry laptops to an office to sit in a chair for eight hours and then Slack or Zoom
ZM,
-1.32%
people who aren’t in the office all day — has created broken ways of living.”

He said the Great Resignation reflects people’s desperation for better work-life balance and believes that giving ultimatums will lead to “armageddon” inside companies. “Over the last two years, companies have found out people don’t need to be in the office for great work to keep happening,” he said. “Now, companies are pushing back for employees to return to office again.”

Nicholas Bloom, professor in the Department of Economics at Stanford University, said neither hard nor soft nudges will work. His own poll of 3,000 people revealed a “fiendishly hard” task for managers to get people back. “Nobody commutes for one hour for a free bagel or box or to use a ping-pong table,” he said. “They come in to catch up with friends and work in person.”

‘If you have to force somebody to come to the office it is not in their interests to come in.’


— Nicholas Bloom, professor in the Department of Economics at Stanford University

Indeed, some Silicon Valley companies pulled out all the stops to entice people back and foster a sense of community, he told MarketWatch. “Google got so desperate they hired Lizzo to give a concert, which is great for one day, but unless you are planning on getting Katy Perry, Taylor Swift and then Justin Bieber after that, this is not a permanent solution.”

“The resistance is there when employees do not see the point in coming in,” Bloom said. “If you have to force somebody to come to the office it is not in their interests to come in. To avoid forcing people you need to make it benefit them to come in. That means setting up typically two or three days a week of office time on anchor days when everyone comes in.”

He said it makes more sense to create a hybrid environment where team members show up on the same day rather than enforce a five-day week and fail. “So I see resistance to returning to the office a symptom of over-ambitious return to office plans. Realistic plans centered around anchor days, probably two to start off with, can work well and firms can build on this.”

For those who can work from home, this may be a luxury problem. The Labor Department says only 7.7% of employees teleworked in April. Millions of jobs necessitate in-person interactions. Retail, manufacturing and essential-services workers such as supermarket and hospital staff and public-transport employees put their lives at risk during the pandemic. 

Remote work is a tradeoff for everyone

As managers negotiate with office workers, companies are negotiating with landlords about their office leases. In Manhattan, monthly leasing activity decreased by 11.5% month-over-month to 2.7 million square feet in April, Colliers said. However, companies seem to be betting on some kind of return to office life: Demand more than doubled year over year.

Herd, however, said managers will soon see the advantage of remote work. “E-commerce killed physical stores because people prefer to shop online, it gave them more choice, it was more efficient and costs less,” he said. “E-companies kill office-based companies because workers prefer to work online, it gives them more choice, it is more efficient and costs less.”

It’s obviously not a one-size-fits-all question, even for those who have had the luxury of working from home. “For me, in the mental-health counseling field, I can see both sides,” said Ken Steinbach, a Portland, Ore.,-based counselor. “There is a special connection when we are in the same space together face to face, and I would love to be able to connect that way again.”

“The reality is that most of my clients might not be able to have therapy if they had to block out time to go into an office,” Steinbach told MarketWatch. “Working virtually has made my services much more accessible to a great many people and I can’t see that changing. So yes, I love the idea of being in person, but that may not be the world we live in.”

Peter Gray, professor of commerce at the University of Virginia, said workers miss out on the emotional, social and intellectual stimulation that comes with being around others. For that reason, he favors a hybrid work model. “Employee resistance is to me perfectly natural when people believe that they can be just as effective at home as in the office,” he said.

But spending all that time working from your sofa or kitchen table or — if you’re lucky enough to have one — a home office may be a more expensive tradeoff for employees and management than they anticipate. “What they don’t realize is that their networks will slowly shrink as they spend more time at home, and this can hamper their effectiveness long term,” Gray said.

“Once they realize that some of the rich interactions they used to have in the office have faded, they start to wonder if they might be missing something important,” he added. “And as their broader networks shrink — the ones that expose them to creative new ways of thinking outside of their main work stream — their performance can suffer.”

The resistance appears to be winning

Another obstacle: An empty or half-empty office doesn’t help new employees or interns who rely on those face-to-face interactions for honing their skills and, critically, building a professional network so they can move up the corporate ladder and/or put their name in the hat for a promotion. For every seasoned employee who knows the ropes, there are others who need to be given a helping hand. 

Skeptics also worry that some people may be tempted to take advantage of remote work, spend an hour or two catching up on their favorite TV show, while keeping a casual eye on their work emails, or — worse — take the entire day off and go to the beach, while answering the occasional Slack message from under an umbrella. In fact, eight out of 10 workers have admitted to slacking off. 

Burbano, the Columbia Business School professor, is not surprised by such polls. “Remote work also comes with increased opportunities for worker misconduct, worker shirking and putting in less effort, as my research has shown, which is likely part of the reason that there is a desire amongst employers to bring people back to the physical office.”

Social media is filled with people claiming they will point-blank refuse to commute again. “I’m not going back to the office with these gas prices,” one person recently wrote on Twitter
TWTR,
+2.68%.
“The gas people and the commercial real-estate people are just gonna have to fight it out amongst themselves.” Another added bluntly: “Not in the mood to work or be around people.”

Recent research suggests such resistance is winning. The Conference Board, a nonprofit organization, says only 4% of companies are requiring staff to return to work full time and only 45% were requiring them to work five days a week from the office — even if a few days a week appears too much for some Apple employees and workers like Amy Faust Liggayu.

Faust Liggayu doesn’t fully buy the brainstorming-by-the-watercooler argument. “At my previous job, we had a meeting every morning to go over the workload for the day. That meeting would sometimes last an hour because we would just bulls*** about everything. But if you have enough calls where you can be spontaneous and a good team that works together well, you can still have that environment.”

And now? She is much happier at her new fully-remote, better-paid job. “I make a point of remembering what people are up to and ask them about their plans for the weekend to keep that community together,” she said. “I love it. I officially turned one of our extra bedrooms into an office. I get to spend my lunch with my son, feed him when he’s hungry. The flexibility is incredible.”

Amy Faust Liggayu: ‘I officially turned one of our extra bedrooms into an office.’



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Facebook earnings beat sends Meta stock soaring, but sales hit slowest growth in a decade

Meta Platforms Inc. is the latest tech giant to feel an economic pinch, as Facebook’s parent company reported its slowest sales growth in a decade Wednesday and issued lukewarm revenue guidance.

“The revenue headwinds” will likely lead to a slowdown in investments, Meta Chief Executive Mark Zuckerberg said in a webcast presentation with analysts late Wednesday.

Nonetheless, Meta’s stock 
FB,
-3.32%
jumped more than 18% in after-hours trading Wednesday, after the company formerly known as Facebook disclosed first-quarter earnings of $7.47 billion, or $2.72 a share, down from $9.5 billion, or $3.30 a share last year, on sales of $27.9 billion, up 7% from $26.2 billion a year ago.

Earnings beat the average forecast for profit of $2.56 a share, but sales fell short of the consensus of $28.3 billion, according to analysts polled by FactSet.

Meta issued a second-quarter revenue forecast of $28 billion to $30 billion, while analysts were forecasting $30.7 billion. Facebook executives have cited inflation, supply-chain issues, the war in Ukraine, European economic headwinds, increased competition from services such as TikTok and changes Apple Inc. 
AAPL,
-0.15%
made to its mobile operating system that make it more difficult for apps to track consumers in ads.

For more: Meta CFO cries ‘wolf’ again with bleak Facebook outlook — but he may be right this time

In a white paper published by Apple on Tuesday, Kinshuk Jerath, a professor of business in the marketing division at Columbia Business School, concluded it would be speculative to claim billions of advertising dollars moved from companies like Meta to Apple because of Apple’s move.

“This outlook reflects a continuation of the trends impacting revenue growth in the first quarter, including softness in the back half of the first quarter that coincided with the war in Ukraine,” Meta Chief Financial Officer David Wehner said in a statement announcing the results. “Our guidance assumes foreign currency will be approximately a 3% headwind to year-over-year growth in the second quarter, based on current exchange rates.”

In the webcast presentation, Zuckerberg acknowledged the impact of TikTok and Apple, but said Meta was confident in its Reels short-form videos and artificial intelligence to address each company, respectively. He added that the company’s push into metaverse will also boost revenue, especially in advertising.

The mixed results arrive on the heels of lighter-than-expected sales and earnings from Google parent Alphabet Inc
GOOGL,
-3.67%

GOOG,
-3.75%
on Tuesday, deepening concerns that companies dependent on advertising may face a rough patch with a war raging in Ukraine and inflation burning through the pocketbooks of consumers. Snap Inc.
SNAP,
-5.58%
warned of a “challenging operating environment” when it reported results last week, though Pinterest Inc.
PINS,
-2.86%
shares also soared after earnings on Wednesday.

Daily active users, or DAUs, a crucial metric for Meta’s growth globally, increased 4% to 1.96 billion, topping analyst expectations of 1.95 billion. The uptick largely allayed investors, who have openly fret over decreased user engagement on Facebook’s platforms.

“The growth in (DAUs) is a good sign for Facebook, especially coming off of Q4 2021 when it experienced its first-ever decline in DAUs. But it’s also clear that Facebook is still struggling to bring in new users, and it’s becoming increasingly difficult for Instagram to pick up the slack,” said Evelyn Mitchell, an analyst at Insider Intelligence. “Most of the growth in both [monthly active users] and DAUs in Q1 came from the rest of the world, not the US and Canada, which monetizes at a better rate.”

Read more: These 21 large-cap stocks have now crashed at least 50%

Meta’s stock has been among the worst in tech this year, plummeting 48% so far, while the broader S&P 500 index
SPX,
+0.21%
has dipped 12% in 2022.

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Opinion: Google’s earnings should be a warning to investors in Facebook and other online-ad companies

Google’s earnings shortfall is an indication of trouble across the online-advertising industry, and should scare investors in Facebook and other competitors.

Google parent company Alphabet Inc.
GOOGL,
-3.59%

GOOG,
-3.04%
reported first-quarter results Tuesday that were slightly shy of Wall Street estimates, with revenue at Google and YouTube both hit by the war in Ukraine and slower ad spending. The numbers weren’t the only problem, though: Wall Street analysts seemed especially disappointed in comments by Alphabet Chief Financial Officer Ruth Porat about a potentially slower second quarter and slowing revenue growth at YouTube.

Many analyst questions were around YouTube’s slowing growth rate, and whether or not the company was seeing more competition from TikTok. In the first quarter, YouTube revenue grew 14.39% to $6.9 billion, its slowest growth in the past five quarters. In the year-ago quarter, for example, YouTube revenue soared 48.7%.

Porat blamed Russia’s invasion of Ukraine; like many U.S. corporations, Alphabet suspended its business in Russia after it went to war with Ukraine. The loss of revenue from Russia was about a 1% hit on its overall revenue, executives disclosed.

“The war, that did have an outsized impact on YouTube ads relative to the rest of Google,” Porat said. “And that was both from suspending the vast majority of our commercial activities in Russia as well, as I noted earlier, the related reduction in spend primarily by brand advertisers in Europe.”

Analysts weren’t buying that explanation, sticking to questions about the rise of TikTok. One analyst said he has been hearing concerns about more competition from TikTok affecting YouTube’s mobile usage.

“We’ve seen significant investment in online video and there has been a ton of innovation, but there are 2 billion-plus logged-in viewers who visit YouTube every single month and more people are creating content on YouTube than we have ever seen before,” Alphabet Chief Executive Sundar Pichai rebutted.

In addition to YouTube, concerns about the general macroeconomic advertising environment and the outlook spooked some analysts. Porat said that in Google Services, the revenue growth rates in its advertising businesses benefited from lapping the COVID-related weakness in 2020.

“Obviously we will not have that tailwind for the rest of this year,” she said. “As discussed in prior calls, the largest impact from COVID on our results was in the second quarter of 2020, which means that in the second quarter of 2022, we will face a particularly difficult comp as we lap the recovery we had in the second quarter of 2021.”

Wall Street had been expecting Alphabet to weather the storm in the online-ads sector, where Apple Inc.’s
AAPL,
-3.73%
privacy changes to iOS have had a big impact on Facebook parent Meta Platforms Inc.
FB,
-3.23%
and other ad-based companies. Comments about its Google ad and search business are likely indicators that other internet companies could report even more disappointing results in the coming weeks, starting with Facebook on Wednesday.

In after-hours trading Tuesday, shares of Alphabet fell 4% at one point, though a major increase to its stock buyback plan — to $70 billion, up from $50 billion last year — likely helped its shares stave off much more damage, ending the session down 2.7%. Meta, which saw its stock dip nearly as much in Tuesday’s after-hours session, may not be so lucky.

If Alphabet is no longer a port in the storm, investors are going to have a tough time finding a better alternative among its few competitors.

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Dow drops nearly 600 points, Nasdaq slumps ahead of megacap tech earnings

U.S. stocks were trading sharply lower Tuesday afternoon, failing to build on the previous session’s bounce, as investors sift through a raft of company results and await earnings reports due after the bell from tech giants including Microsoft Corp. and Google parent Alphabet Inc.

How are stock indexes performing?
  • The Dow Jones Industrial Average
    DJIA,
    -2.14%
    dropped 589 points, or 1.7%, to 33, 460.
  • The S&P 500
    SPX,
    -2.47%
    fell 83 points, or about 2%, to 4,212.
  • The Nasdaq Composite
    COMP,
    -3.51%
    lost 375 points, or 2.9%, to trade at about 12,630.

Monday saw the biggest intraday reversal since February for the Dow, which rose 238 points, or 0.7%, erasing a loss of nearly 500 points. The S&P 500 rose 0.6%, and the Nasdaq Composite gained 1.3%.

Also read: U.S. stocks ended a Manic Monday in the green — but intraday bounces like this aren’t bullish

What’s driving markets?

Stocks were sinking Tuesday afternoon, with all three major benchmarks down after Monday’s rally.

“Investors are not necessarily secure” in the strength of the market, with “fragility” on display since the beginning of the year, said Aoifinn Devitt, chief investment officer at Moneta, in a phone interview Tuesday. “There is this fear of slowing growth.” 

The CBOE Volatility Index
VIX,
+14.62%
jumped about 15% to around 31 Tuesday afternoon, according to FactSet data. That compares with a 200-day moving average of around 21.

Consumer discretionary
SP500.25,
-4.08%,
information technology
SP500.45,
-2.79%
and communication services
SP500.50,
-2.00%
were the hardest hit sectors of the S&P 500 in early afternoon trading Tuesday, according to FactSet data. Tech and communications services had posted the strongest performance for the S&P 500 in Monday’s stock market rally.

“Now we have this giveback today,” said Devitt. “Markets are trying to figure out a level.”

The S&P 500 is trading not far off its closing low this year of 4,170.70 on March 8, according to Dow Jones Market Data. The Nasdaq was trading near its 2022 low of 12,581.22, hit March 14.

U.S. stocks were falling as investors wade further into the busiest week of the U.S. company-earnings reporting season, digesting results from a number of corporate heavyweights released before the opening bell. They’re also looking ahead to results from megacap tech companies Microsoft Corp.
MSFT,
-3.23%
and Google parent Alphabet Inc.
GOOG,
-2.58%
after the closing bell.

Tech giants are “big movers in the market,” said Paul Nolte, a portfolio manager at Kingsview Investment Management, by phone Tuesday. Both the S&P 500 and Nasdaq are “dramatically impacted by tech.” 

Formerly high-flying Netflix
NFLX,
-4.49%
shares have dropped more than 40% since announcing last week that it had lost 200,000 subscribers in the first quarter.

While around 80% of companies so far reporting earnings for the quarter have beaten profit expectations, including General Electric Co., United Parcel Service Inc. and Pepsico Inc., disappointing earnings forecasts are weighing on shares.

Read: First major Wall Street bank to call for a recession now sees clear outside risk it could be `more severe’

In U.S. economic data, orders at U.S. factories for durable goods rose 0.8% in March and business investment rebounded after the first decline in a year, signaling the economy is still growing at a steady pace. The rise in durable-goods orders matched the consensus expectation produced by a survey of economists by The Wall Street Journal.

 A survey of consumer confidence dipped in April to 107.3 from 107.6, but Americans signaled they are optimistic enough about the economy to keep buying big-ticket items such as news cars and appliances.

The S&P CoreLogic Case-Shiller 20-city house price index posted a 20.2% year-over-year gain in February, up markedly from 18.9% the previous month, but U.S. new-home sales decreased 8.6% to an annual rate of 763,000 in March, the government said Tuesday. 

The Federal Reserve’s policy meeting next week is meanwhile weighing on investors, who are anticipating the central bank may announce a large rate hike, potentially of 50 basis points, in an effort to tame hot inflation, according to Nolte.

“The Fed will raise rates until something breaks, and that will be the economy,” he said. “Concerns may be rising for the potential for a recession.”

Which companies are in focus?
  • Twitter Inc.
    TWTR,
    -3.28%
    shares fell about 2.7% Tuesday to around $50 after its board agreed Monday to accept Tesla chief Elon Musk’s $54.20 a share bid for the social-media platform.
  • 3M Co.
    MMM,
    -3.00%
    shares dropped 2.8% after the maker of post-it notes and industrial equipment posted better-than-expected first-quarter earnings.
  • Shares of PepsiCo Inc.
    PEP,
    -0.06%
    rose 0.3% after delivering earnings and revenue that exceeded Wall Street forecasts.
  • United Parcel Service Inc.
    UPS,
    -3.02%
    shares fell 2.6% after the package-delivery giant reported first-quarter profit and revenue that beat expectations.
  • General Electric Co.
    GE,
    -10.91%
    shares plunged 10.6% after the industrial conglomerate reported first-quarter adjusted profit and revenue that beat expectations, but missed on free cash flow and provided a somewhat downbeat outlook.
  • Shares of JetBlue Airways Corp.
    JBLU,
    -10.60%
    plummeted 10.1% after the air carrier reported a narrower-than-expected loss and revenue that more than doubled to match forecasts, but said it planned to reduce capacity growth further to help restore operational reliability. United Airlines Holdings Inc.
    UAL,
    -4.22%
    said Tuesday it is launching the biggest transatlantic expansion in its history with 30 new or resumed flights coming from mid-April through early June. United Airline shares fell 3.5%.
How are other assets are faring?
  • The yield on the 10-year Treasury note
    TMUBMUSD10Y,
    2.774%
    fell about 5 basis points to around 2.77%. Yields and debt prices move opposite each other.
  • The ICE U.S. Dollar Index
    DXY,
    +0.56%,
    a measure of the currency against a basket of six major rivals, rose 0.5%.
  • Bitcoin
    BTCUSD,
    -4.79%
    fell 4.6% to trade around $38,314.
  • Oil futures
    CL.1,
    +3.01%
    climbed, with West Texas Intermediate crude for June
    CLM22,
    +3.01%
    delivery rising 2.8% to trade around $101.37 a barrel.
  • In gold futures
    GC00,
    +0.11%,
    gold for June delivery
    GCM22,
    +0.11%
    rose 0.1% to trade at $1,898.10 an ounce.
  • In European equities, the Stoxx Europe 600
    SXXP,
    -0.90%
    closed 0.9% lower, while London’s FTSE 100
    UKX,
    +0.08%
    gained 0.1%.
  • In Asia, the Shanghai Composite
    SHCOMP,
    -1.44%
    fell 1.4%, while the Hang Seng Index
    HSI,
    +0.33%
    rose 0.3% in Hong Kong and Japan’s Nikkei 225
    NIK,
    +0.41%
    gained 0.4%.

—Steve Goldstein contributed to this report.

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Brave Browser and Duckduckgo Debut Features Blocking Google AMP

Illustration: Kirill KUDRYAVTSEV/Getty/Wikimedia Commons/Fair Use (Getty Images)

When Google first rolled out its Accelerated Mobile Page (or AMP) protocol back in 2015, the search company promised that the tech would bring faster surfing to handheld gadgets everywhere. That may be the case, but what has also become clear in the years since is that AMP has become less about speed and more about ceding more power and more user data to a data-guzzling behemoth.

“AMP technology is bad for privacy because it enables Google to track users even more (which is already a ton),” search engine DuckDuckGo tweeted out Tuesday.

It was only a matter of time before some major players in the tech space figured out a way to bypass it.

That’s exactly what we saw this week when the privacy pros at Brave and DuckDuckGo announced two separate initiatives meant to undercut the extra tracking that Google lobs onto AMP-enabled web pages. Brave’s new feature, called “De-AMP,” will be enabled “by default” in the desktop and Android versions of its namesake browser (with iOS functionality in the works), according to a company blog posted Tuesday afternoon. Not long after that post went up, DuckDuckGo took to Twitter to announce that all of its apps and extensions would protect against AMP tracking, too.

Google uses AMP to further entrench its monopoly, forcing the technology on publishers by prioritizing AMP links in search and favoring Google ads on AMP pages,” DuckDuckGo tweeted.

In that respect, the company is absolutely correct. While there’s full diatribes against AMP that you can read elsewhere, what you need to know is that AMP-enabled pages are ones where Google controls 99% of the embedded analytics and advertising tech by design—which means when those pieces of software gobble your data, it’s going straight into Google’s hands. You’ve probably come across one of these sites when you try to open, say, a story on some cool news site, only to open a Google URL that’s hosting that story instead.

DuckDuckGo’s tweet didn’t go into the specifics of how it plans to circumvent that tech, though Gizmodo’s reached out for additional details. The company’s tweet simply stated that when a person loads a Google AMP-enabled page using a DuckDuckGo app or browser extension, “the original publisher’s webpage will be used in place of the Google AMP version.”

Brave, meanwhile, offered a clearer picture of how De-AMP is expected to work. “Where possible,” the company explained in its blog, the browser will “rewrite links and URLs,” to prevent users from landing on those Google-fied versions of pages altogether. When that’s not possible, the Brave browser will watch webpages for potential AMP-ified code rendering onsite—if that’s spotted, it will stop loading the current page, and redirect users to the “true” version of that site, all before the page is even fully rendered.

“An ethical Web must be a user-first web, where users are in control of their browsing, and are aware of who they are communicating with,” Brave wrote in its blog. Hopefully, this new update will make that a little bit easier.



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