Tech
GitLab loses one-third of its value after software company issues weak revenue forecast
Published
1 week agoon
By
ironity
Source: Nasdaq
Here’s how the company did:
- Earnings: Loss of 3 cents per share, adjusted, vs. loss of 14 cents per share as expected by analysts, according to Refinitiv.
- Revenue: $122.9 million, vs. $119.6 million as expected by analysts, according to Refinitiv.
Revenue increased 58% year over year in the quarter that ended Jan. 31, according to a statement.
GitLab called for a fiscal first-quarter adjusted loss of 14 cents to 15 cents per share on $117 million to $118 million in revenue. Analysts surveyed by Refinitiv had expected an adjusted loss of 16 cents per share and revenue of $126.2 million.
For the 2024 fiscal year, the company sees an adjusted loss of 24 cents to 29 cents per share and $529 million to $533 million in revenue. That works out to 25% growth at the middle of the range. The consensus among analysts polled by Refinitiv was an adjusted loss of 54 cents per share and $586.4 million in revenue.
During the quarter Gitlab said that in April its premium service tier will go up to $29 per month from $19. GitLab said last month that it was cutting 130 employees, or about 7% of its workforce.
The company’s shares debuted on Nasdaq in 2021, when revenue growth was at 69%. Last year, the stock fell 48% as investors rotated out of money-losing tech companies. Prior to the after-hours drop, the stock was down close to 2% in 2023.
WATCH: We’re very happy with our ability to hire and who we were able to hire, says GitLab CEO

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Tech
TikTok CEO appeals to U.S. users ahead of House testimony
Published
2 hours agoon
March 22, 2023By
ironity

Filming from Washington, D.C., Chew emphasized the large scale of TikTok users, small and medium-sized businesses and its own employees based in the U.S. that rely on the company. The message may preview his appeal to lawmakers Thursday, where he will be faced with questions about the ability of its Chinese parent company ByteDance, and the Chinese government, to access U.S. user information collected by the app.
TikTok says it has worked to create a risk mitigation plan to ensure that U.S. data doesn’t get into the hands of a foreign adversary through its app. The company has said U.S. user data is already stored outside of China.
But many lawmakers and intelligence officials seem to remain unconvinced that the information can be safe while TikTok is owned by a Chinese company. TikTok said last week that the Committee on Foreign Investment in the U.S., which is reviewing risks related to the app, is pushing for ByteDance to sell its stake or face a ban.
Chew disclosed in the video that TikTok has more than 150 million monthly active users, or MAUs, in the U.S., representing massive growth from August 2020, when it said for the first time that it has about 100 million MAUs in the country. That number includes 5 million businesses that use the app to reach their customers, with most of those being small or medium-sized businesses. He also said TikTok has 7,000 U.S.-based employees.
“This comes at a pivotal moment for us,” Chew said, referencing lawmakers’ threats of a TikTok ban. “This could take TikTok away from all 150 million of you.”
Chew then appealed to users directly to share in the comments what they want their representatives to know about why they love TikTok.

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Tech
Bill Gates says OpenAI’s GPT is the most important advance in technology since 1980
Published
5 hours agoon
March 22, 2023By
ironity
Mandel Ngan | AFP | Getty Images
Before that, people used their computers through a command line. Gates took the “GUI” technology and based Windows around it, creating a modern-day software juggernaut.
Now, Gates sees parallels with OpenAI’s GPT models, which can write text that resembles human output and generate nearly usable computer code.
He wrote in a blog post on Tuesday that he challenged the OpenAI team last year to develop an artificial intelligence model that could pass the Advanced Placement Biology exam. GPT-4, released to the public last week, scored the maximum score, according to OpenAI.
“The whole experience was stunning,” Gates wrote. “I knew I had just seen the most important advance in technology since the graphical user interface.”
“The development of AI is as fundamental as the creation of the microprocessor, the personal computer, the Internet, and the mobile phone. It will change the way people work, learn, travel, get health care, and communicate with each other. Entire industries will reorient around it. Businesses will distinguish themselves by how well they use it,” he continued.
Gates is the latest big name technologist to take a position on recent advancements in AI as a major shift in the technology industry. He joins former Google CEO Eric Schmidt and former Amazon CEO Jeff Bezos who have predicted that data-based machine learning could change entire industries.
Current CEOs also see major business opportunities in AI applications and tools. Nvidia CEO Jensen Huang said on Tuesday that the field is experiencing an “iPhone moment,” referring to the time when a new technology becomes widely adopted and entrepreneurs see opportunities for new businesses and products.
Gates and Microsoft have close ties to OpenAI, which developed the GPT model. Microsoft invested $10 billion in the startup and sells some of its AI software through Azure cloud services.
Gates suggests that people talking about AI should “balance fears” of biased, wrong or unfriendly tools with its potential to improve lives. He also believes governments and philanthropies should back AI tools to improve education and health in the developing world, because companies won’t necessarily choose to make those investments themselves.
The entire post from Gates is worth a read over at his blog.
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Tech
Google CEO tells employees that 80,000 of them helped test Bard AI, warns ‘things will go wrong’
Published
9 hours agoon
March 21, 2023By
ironity
Fabrice COFFRINI | AFP | Getty Images
“As more people start to use Bard and test its capabilities, they’ll surprise us. Things will go wrong,” Pichai wrote in an internal email to employees Tuesday viewed by CNBC. “But the user feedback is critical to improving the product and the underlying technology.”
The message to employees comes as Google launched Bard as “an experiment” Tuesday morning, after months of anticipation. The product, which is built on Google’s LaMDA, or Language Model for Dialogue Applications, can offer chatty responses to complicated or open-ended questions, such as “give me ideas on how to introduce my daughter to fly fishing.”
Alphabet shares were up almost 4% in mid-day trading following the announcement.
In many disclaimers in the product, the company warns that Bard may make mistakes or “give inaccurate or inappropriate responses.”
The latest internal messaging comes as the company tries to keep apace with the quickly evolving advancements in generative AI technology over the last several months — especially Microsoft-backed OpenAI and its ChatGPT technology.
Employees and investors criticized Google after Bard’s initial announcement in January, which appeared rushed to compete with Microsoft’s just-announced Bing integration of ChatGPT. In a recent all-hands meeting, employees’ top-rated questions included confusion around the purpose of Bard. At that meeting, executives defended Bard as an experiment and tried to make distinctions between the chatbot and its core search product.
Pichai’s Tuesday email also said 80,000 Google employees contributed to testing Bard, responding to Pichai’s all-hands-on-deck call to action last month, which included a plea for workers to re-write the chatbot’s bad answers.
Pichai’s Tuesday note also said the company is trying to test responsibly and invited 10,000 trusted testers “from a variety of backgrounds and perspectives.”
Pichai also said employees “should be proud of this work and the years of tech breakthroughs that led us here, including our 2017 Transformer research and foundational models such as PalM and BERT.” He added: “Even after all this progress, we’re still in the early stages of a long Al journey.”
“For now, I’m excited to see how Bard sparks more creativity and curiosity in the people who use it,” he said, adding he looks forward to sharing “the breadth of our progress in AI” at Google’s annual developer conference in May.
Here’s the full memo:
Hi, Googlers
Last week was an important week in Al with our announcements around Cloud, Developer, and Workspace. There’s even more to come this week as we begin to expand access to Bard, which we first announced in February.
Starting today, people in the US and the UK can sign up at bard google.com. This is just a first step, and we’ll continue to roll it out to more countries and languages over time.
I’m grateful to the Bard team who has probably spent more time with Bard than anything or anyone else over the past few weeks. Also hugely appreciative of the 80,000 Googlers who have helped test it in the company-wide dogfood. We should be proud of this work and the years of tech breakthroughs that led us here, including our 2017 Transformer research and foundational models such as PalM and BERT.
Even after all this progress, we’re still in the early stages of a long Al journey. As more people start to use Bard and test its capabilities, they’ll surprise us. Things will go wrong. But the user feedback is critical to improving the product and the underlying technology.
We’ve taken a responsible approach to development, including inviting 10,000 trusted testers from a variety of backgrounds and perspectives, and we’ll continue to welcome all the feedback that’s about to come our way. We will learn from it and keep iterating and improving.
For now, I’m excited to see how Bard sparks more creativity and curiosity in the people who use it. And I look forward to sharing the full breadth of our progress in Al to help people, businesses and communities as we approach I/O in May.
—Sundar
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