Hi there. Settle in — today's edition is filled with news about reorgs, hirings, and compensation in the tech industry.
Let's get started.
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1. Apple is planning a major reorg. The tech giant wants to shake up its massive $76 billion Services business. Here's what sources told Insider:
- Apple Services — which houses the App Store, Apple Music, iCloud, AppleCare, Apple Pay, Apple News, advertising, and Apple TV+ — grew 17% to $19.8 billion in its last quarter and reported 825 million paying subscribers globally.
- One person, who has spoken directly to senior vice president Eddy Cue, said he's considering how to unleash growth by reorganizing its management structure and pushing harder into areas like streaming and advertising.
- Cue has already changed responsibilities for one executive who spearheads Apple's sports portfolio, and a vice president responsible for Apple's ad business was quietly promoted at the beginning of the year.
Here's what else sources told us.
In other news:
2. Data shows which tech companies could soon implement cost cuts and layoffs. An Insider chart shows hiring activity by major US tech companies during 2020 and 2021, along with the performance of their shares since mid-November. See the full chart here.
3. Uber's CEO said hiring will be treated as a "privilege." In an email to staff obtained by CNBC, Dara Khosrowshahi said the company will cut spending on hiring, incentives, and marketing. What we know about Uber's hiring squeeze.
4. Get ready, the Forever Resignation is coming. The number of Americans quitting their jobs not only spiked to record levels during the pandemic — it may remain permanently elevated, ushering in an era of endless resignations. What happens if the Great Resignation never ends?
5. Tons of electric-car charging stations don't actually work. While the stations are becoming more common, a new study found they still have major reliability issues, and that more than 25% of the stations in California's Bay Area were unusable. Read more of the study's findings.
6. Tech employees say their companies' retention efforts don't do enough to tackle uneven compensation and low morale. Employees at companies like Google, Amazon, and Microsoft told Insider their management has been dismissive about their concerns, and that they feel undervalued and underpaid compared with new hires. Here's what else they told us.
7. NFT support is coming to Instagram. Adam Mosseri, the company's head, announced it would be allowing people to "share NFTs that they've made or that they've bought, either in feed or in stories or in messaging." Everything you need to know about NFTs on Insta.
8. Bitcoin dropped below $30,000 for the first time since July 2021. The plunge comes amid a wider crypto market sell-off. Early on Tuesday, Terra Network's luna token also fell by as much as 61%. Here is the latest.
Odds and ends:
9. We checked out Bored and Hungry, a new Bored Ape Yacht Club-themed restaurant. An Insider reporter ate at the wildly hyped new fast-food concept, and still isn't convinced NFTs are the future of restaurants. She shares her experience here.
10. Meditation app Calm just launched a contest to find TikTok's "smoothest voice." The app wants entrants to post TikTok videos narrating something original, from a text to a grocery list. The winner will be paid $5,000, joining a list of narrators — including celebrities like Matthew McConaughey and Harry Styles. Get the full rundown here.
What we're watching today:
- Coinbase, Sony, Peloton, and SoFi are reporting earnings today. Keep up with earnings here.
- The Robotics Summit & Expo starts today in Boston.
- SpaceX is set to launch a rocket carrying 60 Starlink satellites for the company's internet satellite constellation system.
- IBM Think starts today in Boston.
- Intel Vision 2022 starts today in Texas.
Keep updated with the latest tech news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.
Curated by Jordan Parker Erb in New York. (Feedback or tips? Email [email protected] or tweet @jordanparkererb.) Edited by Hallam Bullock (tweet @hallam_bullock) in London.