Update: Does Facebook create jobs outside of Palo Alto?… Why recruiters like Yahoo… And Paypal tells us how much money it handles. All on this Week’s Update.
The University of Maryland says the economy in and around Facebook applications has added at least 182,000 new jobs — and contributed more than $12 billion in wages — to the U.S. economy this year. An even more optimistic analysis says the numbers are more like 236,000 jobs and $15.7 billion in wages. Both were included in a study that estimated jobs created in the app industry, in other sectors as a result of Facebook’s ecosystem, and the economic value of all those jobs.
Recruiters have their eyes on the armies of potentially disgruntled Yahoo! employees who see no way for the company to find its way out of its current mess. With revenues falling and good ideas reportedly going nowhere, one employee told SiliconValley.com that the company is “lost in the fog” and behaving more like an old-line firm than a Google-like innovator. A former executive said “Yahoo has a ton of great and innovative ideas, but the execution is the problem.”
Over the weekend Paypal offered a glimpse of just how much money it handles on a regular basis. According to a fact sheet just released by the eBay unit, the total amount of money moved via PayPal during the second quarter totaled — a staggering $28.7 billion. 34 percent more than the year-ago quarter. Just more than a third of these transactions came from eBay. Boiled down, this means PayPal processes $3,650 each second. Each second. Paypal’s revenues exceeded $1 billion in the second quarter of 2011. That represents 31 percent growth. It also makes it clear the business is doing better than any number of other businesses – banks included. With revenues and transactions rising each year by at least 20 percent, PayPal is a lot more profitable than many companies out there.