The Grand Tech Parties
WFH is working for many and Google is capturing massive savings: approximating $1 billion per year.
Pre-pandemic, Google employees traveled regularly and enjoyed an exceptional array of in-office amenities. But since March, 2020, the vast majority of its workforce has been remote, and the tech behemoth is banking some remarkable savings. Google pocketed $268 million in related savings during the last quarter, which equates to $1 billion on an annual basis. Despite the financial benefits of a remote workforce, the company is eager to begin reopening its offices later this year. Chief Financial Officer Ruth Porat has confirmed Google is plotting a “hybrid” schedule that combines in-office and remote work and will modify offices so that desks are spaced "less densely than before."
As Google partied, Amazon had a bigger one, notes LinkedIn.
While the pandemic may be easing its grip on America, consumers are not easing up on their Amazon shopping carts. The e-commerce giant posted $108.52 billion in revenue, or a 44% increase from last year in its first quarter earnings. Combined revenue from online stores, third-party and subscription segments jumped 49%. In addition, Amazon CEO Jeff Bezos noted over 175 million Prime members watched Prime Video in the past year, with streaming hours up 70% year over year. While results blew away expectations, analysts say the growth "seems unsustainable" and Amazon may be due for a "comedown."