“Job openings across the country are seemingly endless,” writes longtime Slashdot reader smooth wombat. “Millions of jobs are listed, but are they real? Companies may post job openings with no intent to ever fill it. These are known as ghost jobs and there are more than most people realize. The BBC reports: Clarify Capital, a New York-based business loan provider, surveyed 1,000 hiring managers, and found nearly seven in 10 jobs stay open for more than 30 days, with 10% unfilled for more than half a year. Half the respondents reported they keep job listings open indefinitely because they “always open to new people.” More than one in three respondents said they kept the listings active to build a pool of applicants in case of turnover — not because a role needs to be filled in a timely manner.

The posted roles are more than just a talent vacuum sucking up resumes from applicants. They are also a tool for shaping perception inside and outside of the company. More than 40% of hiring managers said they list jobs they aren’t actively trying to fill to give the impression that the company is growing. A similar share said the job listings are made to motivate employees, while 34% said the jobs are posted to placate overworked staff who may be hoping for additional help to be brought on.

“Ghost jobs are everywhere,” says Geoffrey Scott, senior content manager and hiring manager at Resume Genius, a US company that helps workers design their resumes. “We discovered a massive 1.7 million potential ghost job openings on LinkedIn just in the US,” says Scott. In the UK, StandOut CV, a London-based career resources company, found more than a third of job listings in 2023 were ghost jobs, defined as listings posted for more than 30 days. “Experts caution not every posting that seems like a ghost job is one,” notes the report. “Still, whether these postings are ghost jobs — or simply look and feel like them — the result is similar. Jobseekers end up discouraged and burnt out.”

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Press2ToContinue quotes a report from the Gateway Pundit: Stephen Scherr, chief executive officer of Hertz Global Holdings Inc. and a member of its board of directors, will step down on March 31, following the car rental company’s largest quarterly loss since 2020 after a risky bet on electric vehicles. According to Fox Business, Scherr is working with Gil West, former chief operating officer of Delta Airlines and General Motors’ Cruise unit, to ensure a smooth transition. West will officially start his new role at Hertz on April 1.

Scherr, 59, joined Hertz two years ago as the company was emerging from bankruptcy and putting a big focus on EVs during that time. Hertz soon discovered that EVs are more expensive to maintain than they had initially thought. Scherr reportedly told investors that Hertz’s profits experienced a $348 million loss, which he blamed EVs for. In January, Hertz announced its plan to offload 20,000 electric vehicles from its U.S. fleet throughout 2024, and switch back to gas cars.

In November, the Associated Press reported on a Consumer Reports survey that found EVs from the 2021 to 2023 model years are significantly less reliable than gasoline-powered vehicles. A whopping eighty percent less reliable, according to the AP, particularly with battery and charging systems, as well as fit issues with body panels and interiors. Car dealers and manufacturers are reportedly also struggling to sell EVs despite using deep discounts and promotional tactics. In 2021, Hertz announced plans to order 100,000 Tesla vehicles by the end of 2022. It later said it would buy “up to” 65,000 Polestar EVs for its rental fleet over the next five years.

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According to the Wall Street Journal (paywalled), former Activision CEO Bobby Kotick is reportedly considering buying TikTok. PCMag reports: Kotick floated the idea at a dinner at an Allen & Co. conference earlier this week with a group of potential partners, including OpenAI CEO Sam Altman, the Journal says. Kotick left Activision in late December after more than 30 years following the approval of the Microsoft merger and a tumultuous period that included a damaging discrimination lawsuit. And while he got a hefty golden parachute, it’s probably not enough to buy TikTok, so he’ll need partners with deep pockets. The report comes amid a vote in the House that would require TikTok to be sold or banned in the United States.

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An article in Inc notes a “wild projection” in Reddit’s SEC filing that Reddit’s global market opportunity by 2027 is $1.4 trillion.”
Some of the numbers lead back to a single individual: Sam Altman. The co-founder and chief executive of ChatGPT-maker OpenAI owns an 8.7 percent stake in Reddit, more than its co-founder and CEO, Steve Huffman, who owns 3.3 percent… Altman, through various funds and holding companies he owns or manages, controls more than a million shares of Reddit at $60 million in aggregate purchase price — and holds more than 9 percent of voting rights…
Discussing Reddit’s future, financial analyst and journalist Herb Greenberg recently told CNBC, “This is an AI play.”

But the senior investing editor for Kiplinger.com argues that retail investors “may want to hold tight before rushing out to buy the Reddit IPO.”
While IPO stocks tend to have strong first-day showings, returns for the first year are generally weak, says the team of analysts at Trivariate Research, a market research firm based in New York. And since 2020, “the average IPO has lagged its industry average by 30% over the subsequent three years following its first closing price…”

Other commenters have noted that Reddit’s allotment of shares to select Redditors could lower demand on the first day of trading, which would work against any IPO pop.

“Over the past few years, there have been a bunch of IPOs in the U.S. in which overhyped names enjoyed flashy stock-market debuts only to drop sharply soon after,” notes the Street.
Notable examples include Coinbase, which plummeted by almost 90% after its debut, Robinhood, still down 53% since its IPO, and Rivian, down over 91% since its debut. However, it’s crucial to note that all of these IPOs occurred in 2021 amid market euphoria fueled by low interest rates, significant economic stimulus, and the lingering effects of the Covid-19 pandemic. Although the current macroeconomic landscape differs from three years ago, valuations of tech and growth stocks remain stretched.

Kiplingers.com concludes it “boils down to your own personal investing goals and risk tolerance. If you do decide to buy Reddit stock when it first begins trading, do so in a small amount that you can afford to lose.”

But they also cite analysis from David Trainer, CEO of New Constructs, a research firm powered by artificial intelligence. “Reddit’s IPO marks the return of the junk IPO,” Trainer wrote in Forbes. “[The valuation] implies that Reddit will grow its user base to 26 times current levels, which would be nearly five times the size of [Snapchat-maker] Snap, and a highly unlikely feat. Reddit looks overvalued, and we think investors should pass on this IPO.”
Trainer writes:
[T]he company has never been profitable and should not be a publicly traded company… I think the company may never monetize its platform without angering its users and the entire premise of Reddit is user-generated content. This business model is inescapably built on a catch-22: make money or please users… Reddit looks overvalued, and I think investors should pass on this IPO.

Buyers and analysts told the site Marketing Brew “that they see the platform as nice-to-have, but that it is not an essential part of their media plans, like Meta or Google are.”

“They’ve always been solidly in the second or third tier of social networks,” alongside Snap, Pinterest, and X, Brian Wieser, a former GroupM exec who’s now author of the industry newsletter Madison and Wall, told Marketing Brew.

Yet Trainer notes that “98% of Reddit’s revenue in 2023 came from third-party advertising on the site and 28% of all revenue came from ten customers,” and “Reddit’s cost of revenue, sales & marketing, general & administrative, and research & development costs were 117% of revenue in 2023.”

Trainer concludes “Reddit is nowhere near breakeven. Reddit is an unprofitable social media company fighting for users.”

Bloomberg adds that the subreddit r/WallStreetBets “has threatened to bet against the stock, with many people noting that the company still loses money two decades into its existence. (Reddit lost $90.8 million last year, down from $158.6 million the year before.)”

Some have complained that the invitation to invest fails to make up for the unpaid labor they’ve invested making the site work… In 2021 the platform’s WallStreetBets forum ignited a meme-stock frenzy, propelling skyward the stocks of nostalgic but struggling companies like GameStop Corp. and AMC Entertainment Holdings Inc. and sending shockwaves through the financial industry… When it goes public, the platform that invented meme stocks runs the risk of becoming one itself.

Reddit noted the possibility as a risk in its IPO filing. “Given the broad awareness and brand recognition of Reddit, including as a result of the popularity of r/wallstreetbets among retail investors,” the company warned that its stock could “experience extreme volatility … which could cause you to lose all or part of your investment if you are unable to sell your shares at or above the initial offering price.”
Users on WallStreetBets got a kick out of the fact that the company listed the forum as a risk factor, posting about it with a sly smiling emoji…

Meanwhile, reports that marketers are infiltrating subreddits have been confirmed. Over 200 businesses have “integrated Reddit Pro into their digital strategies,” reports Search Engine Land, including “well-known names such as Taco Bell, the NFL, and The Wall Street Journal…
“During the initial alpha testing phase with approximately 20 businesses, Reddit reported its Pro partners, on average, generated 11 additional posts and comments per month.”

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dcblogs writes: A recent study in the National Bureau of Economic Research has found that companies are quietly adapting to rising temperatures by shifting operations from hotter to cooler locations. The researchers analyzed data from 50,000 companies between 2009 and 2020. “To illustrate the economic impact, the researchers found that when a company with equal employment across two counties experiences a heat shock in one county, there is a subsequent 0.7% increase in employment growth in the unaffected county over a three-year horizon,” reports TechTarget. “The finding is significant, given that the mean employment growth for the sample of businesses in the study is 2.4%.”

Heat shocks are characterized by their severe impact on health, energy grids, and increased fire risks, influencing companies with multiple locations to reconsider their geographical distribution of operations. Despite this trend, states like Arizona and Nevada, which have some of the highest heat-related death tolls, continue to experience rapid business expansion. Experts believe that factors such as labor pool, taxes, and regulations still outweigh environmental climate risks when it comes to business site selection. But heat associated deaths are on the rise. In the Phoenix area alone, it experienced 425 heat related deaths in 2022 and a similar number in 2023 — record highs for this region.
The study suggests that the implications of climate change on business operations are becoming more apparent. Companies are beginning to evaluate climate risks as part of their regular risk assessment process.

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Since implementing a remote-first policy in 2021, Yelp says it’s experienced a surge in job applications and a more satisfied workforce. Fortune reports: Last year, the total number of job applicants was 43% higher compared to 2021, according to Yelp’s 2024 Remote Work Report released earlier this month. The number of applicants for sales roles skyrocketed by 103%, and prospects for its general and administrative (G&A) positions shot up 52% over the same time period. Those increases fall in line with data that shows a tidal wave of applicants clamoring for remote jobs. “It’s rewarding to see both the level of interest and the quality of our applicants,” Carmen Amara, chief people officer at Yelp, told Fortune. “Remote work has allowed us to attract a number of candidates who previously would not have applied to Yelp due to their location.”

Despite arguments that remote work weakens workers’ connections and growth opportunities, Yelp says it has found the opposite to be true. About 90% of the company’s more than 4,700 employees say they have found effective ways to collaborate remotely, and 91% say they are confident in upward career mobility while working out of the office. Flexible schedules have also facilitated a healthy work-life balance — about 89% of the company’s workers say they can manage personal and professional demands, and the same amount say that the remote model has allowed them to make positive changes for their wellbeing.

Notably, Yelp’s global tenure has increased to 3.5 years in 2023, compared to 2.8 years the year prior. The company says it’s using the money it saved from shutting down its underutilized offices in New York City, Chicago, and Washington D.C., to funnel back into employee benefits, professional development, and wellness reimbursements.

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Reddit has filed its initial public offering (IPO) with the SEC on Thursday. “The company plans to trade on the New York Stock Exchange under the ticker symbol ‘RDDT,'” reports CNBC. From the report: Its market debut, expected in March, will be the first major tech initial public offering of the year. It’s the first social media IPO since Pinterest went public in 2019. Reddit said it had $804 million in annual sales for 2023, up 20% from the $666.7 million it brought in the previous year, according to the filing. The social networking company’s core business is reliant on online advertising sales stemming from its website and mobile app.

The company, founded in 2005 by technology entrepreneurs Alexis Ohanian and Steve Huffman, said it has incurred net losses since its inception. It reported a net loss of $90.8 million for the year ended Dec. 31, 2023, compared with a net loss of $158.6 million the year prior. […] Reddit said it plans to use artificial intelligence to improve its ad business and that it expects to open new revenue channels by offering tools and incentives to “drive continued creation, improvements, and commerce.” It’s also in the early stages of developing and monetizing a data-licensing business in which third parties would be allowed to access and search data on its platform.

For example, Google on Thursday announced an expanded partnership with Reddit that will give the search giant access to the company’s data to, among other uses, train its AI models. “In January 2024, we entered into certain data licensing arrangements with an aggregate contract value of $203.0 million and terms ranging from two to three years,” Reddit said, regarding its data-licensing business. “We expect a minimum of $66.4 million of revenue to be recognized during the year ending December 31, 2024 and the remaining thereafter.” On Wednesday, Reddit said it plans to sell a chunk of its IPO shares to 75,000 of its most loyal users.

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In its fourth quarter earnings report today, Nvidia beat Wall Street’s forecast for earnings and sales, causing shares to rise about 10% in extended trading. CNBC reports: Here’s what the company reported compared with what Wall Street was expecting for the quarter ending in January, based on a survey of analysts by LSEG, formerly known as Refinitiv:

Earnings per share: $5.16 adjusted vs. $4.64 expected
Revenue: $22.10 billion vs. $20.62 billion expected
Nvidia said it expected $24.0 billion in sales in the current quarter. Analysts polled by LSEG were looking for $5.00 per share on $22.17 billion in sales. Nvidia CEO Jensen Huang addressed investor fears that the company may not be able to keep up this growth or level of sales for the whole year on a call with analysts. “Fundamentally, the conditions are excellent for continued growth” in 2025 and beyond, Huang told analysts. He says demand for the company’s GPUs will remain high due to generative AI and an industry-wide shift away from central processors to the accelerators that Nvidia makes.

Nvidia reported $12.29 billion in net income during the quarter, or $4.93 per share, up 769% versus last year’s $1.41 billion or 57 cents per share. Nvidia’s total revenue rose 265% from a year ago, based on strong sales for AI chips for servers, particularly the company’s “Hopper” chips such as the H100, it said. “Strong demand was driven by enterprise software and consumer internet applications, and multiple industry verticals including automotive, financial services and health care,” the company said in commentary provided to investors. Those sales are reported in the company’s Data Center business, which now comprises the majority of Nvidia’s revenue. Data center sales were up 409% to $18.40 billion. Over half the company’s data center sales went to large cloud providers. […]

The company’s gaming business, which includes graphics cards for laptops and PCs, was merely up 56% year over year to $2.87 billion. Graphics cards for gaming used to be Nvidia’s primary business before its AI chips started taking off, and some of Nvidia’s graphics cards can be used for AI. Nvidia’s smaller businesses did not show the same meteoric growth. Its automotive business declined 4% to $281 million in sales, and its OEM and other business, which includes crypto chips, rose 7% to $90 million. Nvidia’s business making graphics hardware for professional applications rose 105% to $463 million.

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Meizu is quitting the smartphone business. The company, owned by car maker Geely, said AI is the future and will invest “All in AI”. From a report: According to a post on Weibo, the FlymeOS team will be restructured into working on new AI terminal devices that will use globally available LLM (large language model) such as Open AI. Meizu already laid the cornerstones of its multi-terminal experience when it announced Flyme Auto — an infotainment system for Geely-made vehicles, including Polestar and Lotus, which connects seamlessly with FlymeOS 10 devices, such as the Meizu 20 and Meizu 21 flagships.

According to Shen Ziyu, Chairman and CEO of Xingji Meizu Group, smartphone users take longer to upgrade — an average of 51 months, which is more than 4 years. The added companies now offer comparable performance in smoothness, photography, and software features. That’s why there will be no Meizu 21 Pro, Meizu 22 and Meizu 23 series.

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Cargo theft from freight trains in the Los Angeles area has surged, with detectives estimating over 90 containers being opened daily and that theft on their freight trains in the Union Pacific area was up some 160 percent from the previous year. Nationally, cargo theft neared $1 billion in losses last year. Companies decline comment but California’s governor publicly questioned the widespread railroad theft. Most arrested were not organized; many were homeless people nearby opportunistically taking fallen boxes off tracks. Theft stems largely from e-commerce boom that reshaped freight shipping to meet consumer demand, opening vulnerabilities. Railroad police forces and online retailers aim to combat this but concede difficulty tracking stolen goods resold anonymously online. Some products stolen from containers even get resold back on Amazon. The New York Times Magazine: Sometimes products stolen out of Amazon containers are resold by third-party sellers back on Amazon in a kind of strange ouroboros, in which the snakehead of capitalism hungrily swallows its piracy tail. Last June, California’s attorney general created what was touted as a first-of-its-kind agreement among online retailers that committed them to doing a better job tracking, reporting and preventing stolen items from being resold on their platforms. While declining to comment on specific cases, a spokesperson for Amazon told me that the company is working to improve the process of vetting sellers: The number of “bad actor attempts” to create new selling accounts on Amazon decreased to 800,000 in 2022 from six million in 2020.

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