Qwest just became interesting again. Shares of the smallest of the Baby Bells are on the upswing this morning following reports that it is considering selling its long-haul voice and data network. Sources familiar with the matter say Qwest is in the early stages of seeking a buyer for the unit, which could be valued at about $2 billion to $3 billion.
To hear tell from the National Venture Capital Association, the VC landscape is as burned out and desolate as the ashen vistas of Cormac McCarthy’s “The Road.” According to its latest data, not a single venture-backed company went public in the first quarter of 2009 or the one that preceded it. That’s the first time the association has ever recorded two consecutive quarters with no issues.
Optimism over the Pre’s chances of lifting Palm out of its downward spiral may be a bit… overly optimistic. In better times, the device might have proven to be just the curative the handset maker’s ailing business needs, but with the economy mired in the worst recession we’ve seen in decades, it may be more difficult than imagined for the Pre to restore Palm to its former glory.
We’re not likely see a repeat performance of the surprisingly strong results Google reported in its fourth quarter when the search giant next reports earnings. Certainly, that’s the impression given by Google CEO Eric Schmidt’s grim economic commentary at the Morgan Stanley Technology Conference in San Francisco Tuesday.
Well, there’s one thing on the rise amid this declining economy: job cuts.
The technology industry was supposed to cut 180,000 jobs in 2008; instead it cut 186,955–up 74.2 percent from the 107,295 job cuts recorded in 2007. That’s the dismal word from recruitment outfit Challenger, Gray & Christmas, which helpfully notes that this is the largest industry workforce reduction since 2003, when tech suffered 228,325 layoffs.
With IBM quietly contributing another 2,800 or so employees to the next Bureau of Labor Statistics Unemployment report, this seems like a fine time to pay respects to those who’ve gone before them. And there are many. In the past six months, thousands of workers have been right-sized and offboarded. Rebalanced and rationalized. “Smartsized.” Sacked. A quick scan of the carnage.
With the economy continuing to sour and consumer tech spending slowing, speculation is running rampant that Microsoft may soon join the sad conga line of tech companies announcing layoffs. According to an unsubstantiated, poorly sourced report currently making the rounds, Redmond is steeling itself for a massive staff reduction.
Tech may be done with layoffs for 2008, but 2009 is another matter entirely. Now that the souring economy has had its way with Yahoo and AMD and Palm and Sun and Nortel, it’s moving on to bigger fare. We’ve already heard predictions that Google will sack as much as 15 percent of its workforce next year. Now come rumors that Microsoft is steeling itself for large-scale job cuts as well.
With the economy in contraction and the stock market going all to hell, 2008 was not a good year for the IPO market. In fact, volumewise, it’s looking like it was one of the worst in the last 13 years. Global IPO activity has more than halved since 2007, according to Ernst & Young’s year-end Global IPO update.
John Paczkowski has been poking fun at the tech industry and the personalities that drive it since 1997. From 1999 to 2007, he wrote the award-winning tech news Web log Good Morning Silicon Valley for the San Jose Mercury News, Silicon Valley's daily newspaper. Read more »
Here is a statement of my ethics and coverage policies. It is more than most of you want to know, but, in the age of suspicion of the media, I am laying it all out.
12:58 AM: Breakfast: Two schools of fish from Tokyo Bay. Calories: 782,000. How I was feeling when I ate this: confused, irradiated, hating my size.
11:37 AM: Exercise: “Taxi Stomp” (alternating legs, for 30 blocks). Calories burned: 148,900,183.
1983. The Beatles announce their first tour in thirteen years, but likewise announce that Michael Jackson will be going on tour with them as a one gigantic mega-concert event.
Best video mashup ever.
A Facebook Memorial
Wow.
Worth it for the Rickrolling photo alone.
Excellent.
Flughumor!
… you vacuous, toffee-nosed, malodorous perverts
Stephen Fry and zoologist Mark Carwardine meet the kakapo — a fat, flightless and very randy rare parrot.
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