June 22, 2024

Image for article titled Apple earnings, Big Tech layoffs, and Google on trial: This week in tech

Graphic: Images: Idrees Abbas/SOPA Images/LightRocket, Idrees Abbas/SOPA Images/LightRocket, Bennett Raglin, Kevin Frayer

This week was a mixed bag for the tech industry.

The AI talent shortage continues to challenge companies, and Meta was put on blast for advertising AI “girlfriend” chatbots in violation of its own policy. Google laid off 200 employees, and Meta’s Oversight Board is planning job cuts. But those reductions aren’t a sign of struggle. Google’s profits have surged, and Meta’s stock price is up 85% from last year.

Apple also had a good week. While the company reported weaker iPhone sales, its second-quarter earnings beat expectations. And the company’s stock price surged as investors cheered the company’s approval of its largest-ever $110 billion stock buybacks.

Google and the Department of Justice are also presenting their closing arguments in a landmark antitrust trial, which is said to be the biggest of the 21st century.

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