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US-based software company F5 has announced layoff of close to 9 per cent of its workforce or about 623 employees globally amid macroeconomic uncertainty.

"As we look at the past six months, it's clear that rising interest rates, geopolitical events, and macroeconomic uncertainty have dramatically affected our customers' spending patterns. We do not believe this environment will persist, but we also do not know what the new normal will look like when it comes," Francois Locoh-Donou, F5's president, CEO and director, wrote in a memo to F5 workers.

"Because of this uncertainty, we must take measures to decrease our costs without jeopardizing our future growth trajectory," he added.

Regions to be impacted

According to the company, the workforce reduction will affect employees from various regions, including the US, EMEA (Europe, the Middle East and Africa), Australia, Japan, New Zealand, Canada, Latin America, APCJ, and India.

Severance benefits

Moreover, the software firm said that it plans to spend $45 million on severance benefits and anticipates annual savings of $130 million from reducing its headcount.

Those affected will receive generous severance compensation, their Q2 FY23 MBO (Management by Objectives) payout and May 1 stock vest, outplacement assistance, retention of F5 laptops where possible, and immigration support.

In addition, the company will implement further reductions to travel and expense budgets and shift large internal company events to a virtual format.

Executive leadership takes cost cut in bonuses

F5's CEO also said that he will forgo his annual cash bonus for this fiscal year in addition to the executive leadership taking a 70 per cent cut in their bonuses.

Prior cost cuts and layoffs

This move comes after the company had already taken steps to reduce expenses earlier this year. The steps include slowing hiring, minimizing travel and reducing office space. The company also had a round of layoffs earlier in October 2022.

The company earlier this week reported a 11 per cent revenue growth to $703 million for its fiscal second quarter, with Non-GAAP income increased to $154 million from $131 million for the same period in the last year.

With input from IANS

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US software firm F5 lays off 9% of workforce; Executive leadership bonus cut by 70% - Free Press Journal

If you've spent any amount of time looking at user-made content around the Internet, I'd be willing to bet a sizable sum of cash that a free image hosting service provided most of the images you saw. They've been around for well over a decade, but each one eventually finds the same inevitable fate of a gradual to complete shutdown. Hosting millions of guest images for free doesn't sound sustainable on paper, and Imgur.com (opens in new tab) looks to follow the predecessors that proved it.

Imgur is a website offering free hosting for photos, digital images, animated GIFs, and videos. A popular choice for social media users, anyone can upload files from their computer or mobile device to share with or without registering for an account. Ads can be removed via a paid subscription.

Upcoming changes in the recent Imgur terms of service update are set to apply from May 15, 2023. Although it seems to focus mainly on explicit adult content, a significant section relating to images uploaded by guest accounts could affect a massive portion of the web. Sneaking in plans to remove all images uploaded by anonymous guests by bunching it in with subjecting 'inactive' content to mass deletion was sly. However, it's not gone unnoticed by the meme-loving masses who rely on Imgur.

Our new Terms of Service will go into effect on May 15, 2023. We will be focused on removing old, unused, and inactive content that is not tied to a user account from our platform ... You will need to download/save any images that you wish to save if they no longer adhere to these Terms.

But is this really such a big deal, and does anyone actually care? I can tell you firsthand that I've used Imgur and similar free image hosts for over a decade, moving to the new hotness whenever the current leader decides it's time to purge its servers and attempt to recoup the enormous server costs. It's undoubtedly an entitled opinion to assume that someone should host my silly memes for free, but a new service always comes along.

Removing every image uploaded without a registered account will send a Thanos-style ripple through the web that'll see broken thumbnails everywhere. Your favorite Twitch streamer probably uploaded their bio images to Imgur, and that step-by-step guide for replacing an obscure part in your car's engine is about to be reduced to a collection of dead links and plain text since the photos were in the same place.

I usually upload anything I generate with Bing Image Creator to Imgur, but I've never bothered signing up for an account. Anyone who relies on the free service, like me, should take a moment and think if you have anything in need of a backup. It doesn't take long to sign up for a free account, and you can pay for an ad-free experience if you're somehow still browsing the web without an ad blocker.

Still, the new policy to remove (mostly adult) content could have similar effects on Imgur's traffic as Tumblr experienced. Not to mention the proverbial graveyard filled with free image hosting services of the past, leaving fan-filled Internet forums littered with broken image signatures and unanswered questions attached to dead screenshots. What a shame. For now, back up your photos, memes, and cat GIFs to share in the Windows Central Forums (opens in new tab) before the Imgur change happens in May.

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Major unpopular changes are coming to free image host Imgur - Windows Central

3. PDF Escape

Sticking with online editors, PDF Escape might have a weird name, but it also boasts some decent features on the free tier. Like PDF Candy, you upload documents to the web and work from there. Its a little less powerful, but this is due to there being paid tiers which naturally keep some of the more useful tools back. That being said, you can still get a lot done for free.

The workspace is similar to that of PDF Candy, in that the tools are on the left and the page layout is in the central pane. You can select from three types of features Insert, Annotate, and Page. As these suggest, each section has tools for certain types of jobs. Insert allows for text, images, hotlinks and other elements to be added to the document. Annotate is where youll find the highlighting, underlining, notes and similar things. While Page gives you the ability to reorder, reorientate, crop and append the pages within the PDF.

Theres a 10MB file size limit on the free tier though, and you cant digitally sign a document, unless youre really good with the freehand pencil option or have an image of one that you can upload. Theres also no option to edit the existing text or images in a PDF, convert to Word formats or redact information without moving up to one of the paid tiers. That will cost you $5.99 per month or $35.88 per year for Premium (around 4.80 and 29), or $8.99 per month ($71.88 per year) for Ultimate. Thats around 7 and 58 if youre in the UK, although youll pay in dollars. Ultimate allows for digitally signing and sealing of a document as well as the redaction tool.

PDF Escape isnt as good as PDF Candy (we saw a few glitches while testing it) and lacks some of features. Still, its does have some good tools and, since its free, is another option if PDF Candy doesnt do what you want it to.

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The Best Free PDF Editors Online in 2023 - Tech Advisor

As the crypto industry has expanded, blockchain tracking has become increasingly important. These days, some of the largest crypto companies hire blockchain analytics firms to help monitor their customers activity and comply with laws designed to stop money laundering. In bankruptcy proceedings, analytics firms sort through the remains of collapsed crypto companies, investigating public transaction logs to locate missing funds.

The crypto industrys recent downturn has taken a toll on the tracking business. Elliptic, one of Chainalysis competitors, cut 10 percent of its staff in February. The same month, Chainalysis laid off about 40 employees, a roughly 5 percent cut.

But blockchain analysis companies have been insulated from the worst effects of the market crash. Chainalysis declined to reveal its exact sales figures, but Mr. Gronager said the companys revenue increased 70 percent last year despite the crisis in crypto markets. That growth is partly a function of the companys business model: Two-thirds of its revenue comes from partnerships with public institutions, including law-enforcement agencies, the company says, a source of income that remains relatively stable even when the market implodes.

The Justice Department paid Chainalysis $12,500 for its work on the Ryan Felton case, according to federal records. But that assignment was a drop in the bucket. The Justice Department, the Treasury Department and other federal agencies pay for the ability to use Chainalysis blockchain-tracing software, including a tool called Reactor, which maps transactions. In total, Chainalysis has active contracts with the federal government worth about $65 million, according to an analysis of federal records by Jack Poulson, the executive director of the nonprofit Tech Inquiry, which tracks contracts.

Lately, though, Chainalysis has faced competition from smaller rivals including TRM Labs, a tracking firm that has gained prominence by selling software for new types of cryptocurrencies with names like Solana.

In 2021, an official at TRM emailed the Treasury Department to question its decision to award an exclusive contract to Chainalysis, according to email logs obtained through a public records request.

Visit link:
The Crypto Detectives Are Cleaning Up - The New York Times

IBM Chairman and CEO Arvind Krishna appears on a panel session at the World Economic Forum in Davos, Switzerland, on Jan. 17, 2023.

Stefan Wermuth | Bloomberg | Getty Images

IBM issued stronger-than-expected first-quarter earnings on Wednesday even as the technology and consulting company reported disappointing revenue.

Here's how the company did:

IBM's revenue increased 0.4% from a year earlier in the quarter, according to a statement. Net income rose 26% to $927 million, or $1.02 a share, for continuing operations.

Profit rose faster than revenue as IBM's total expenses and other income declined 4% to $6.45 billion, with reductions coming in research, development and engineering. IBM has taken steps to operate more efficiently, including by optimizing its infrastructure and application environment and adopting IBM Red Hat OpenShift software, finance chief Jim Kavanaugh said on a conference call with analysts. "We continue to evaluate additional actions," he said.

Net income was about $260 million lower because of changes in the company's portfolio. Last year, IBM said it was selling health-care data and analytics assets to Francisco Partners.

Revenue in the company's software segment rose about 3% to $5.92 billion year over year, higher than the $5.83 billion consensus among analysts polled by StreetAccount.

IBM's consulting unit delivered $4.96 billion in revenue, up almost 3% compared to the year-earlier period, but lower than the StreetAccount consensus of $5.01 billion.

"We are seeing some deceleration in consulting from the previous robust growth levels, especially in the United States," CEO Arvind Krishna said on Wednesday's call, adding later that clients are delaying rather than canceling engagements. They are keen on lowering their costs, Kavanaugh said.

Sales in the infrastructure segment, which includes IBM's mainframes, fell 4% to $3.1 billion, trailing the $3.19 billion StreetAccount consensus. Declines came in the distributed infrastructure and infrastructure support categories, even as sales of Z mainframe computer systems increased by 7% following the release in May of the Z16 model.

Gross margins for the software, consulting and infrastructure divisions all widened year over year.

In terms of guidance, IBM called for full-year revenue growth of 3% to 5% in constant currency. Kavanaugh said three months ago that "as we enter this year, I think it's prudent to expect the low end of the mid-single-digitmodel." IBM maintained guidance for $10.5 billion in 2023 free cash flow.

During the quarter, IBM said its technology was behind artificial intelligence-powered commentary on videos in the Masters Tournament golf app. In recent months, following the launch of startup OpenAI's ChatGPT chatbot, several technology companies have sought to showcase their generative AI capabilities for creating images, text and videos.

"AI techniques such as foundation models, large language models and generative AI give businesses the ability to create 100 AI models from a single dataset," Krishna said. "Early client engagements experience a 70% faster time to value. That is why we are seeing a lot more interest from business in using AI to boost productivity and reduce cost." He said IBM was working with Citi to use AI for auditing and compliance.

The shares rose as much as 4% in extended trading. Prior to the move, IBM stock was down about 11% year to date, underperforming the S&P 500, which has climbed 8% over the same period.

WATCH: Technology is a deflationary answer to today's macro struggles, says IBM CEO Arvind Krishna

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IBM earnings top estimates as margins expand - CNBC