The Biggest Tech layoffs of the year...
Tens of thousands of tech employees in jobs previously thought to be secure and high-paying have had to pack their bags in recent months. They’re seeking out new positions as a downturn in the wider economy hits the tech industry especially hard.
There's a lot going on in Silicon Valley and other tech industries. There seems to be a profuse amount of layoffs lately and promises for more to come. This is starting to feel a bit like 2008, when the housing bubble broke in the US. Once one market area starts falling, then more are affected in the cascade. Curious though, what do you think the core reasons for the "downsizing" of some of the tech companies like Facebook and Twitter are? Is it the economy, post pandemic layoffs, or is there something much deeper?
The Biggest Tech layoffs of the year...
Tens of thousands of tech employees in jobs previously thought to be secure and high-paying have had to pack their bags in recent months. They’re seeking out new positions as a downturn in the wider economy hits the tech industry especially hard.
[size= 12pt]There's a lot going on in Silicon Valley and other tech industries. There seems to be a profuse amount of layoffs lately and promises for more to come. This is starting to feel a bit like 2008, when the housing bubble broke in the US. Once one market area starts falling, then more are affected in the cascade. Curious though, what do you think the core reasons for the "downsizing" of some of the tech companies like Facebook and Twitter are? Is it the economy, post pandemic layoffs, or is there something much deeper?[/size]
And as the economy ran into trouble, many firms slashed their online advertising budgets.
In the financial technology sector, rising interest rates have also hit companies.
"It's been a really a disappointing quarter of earnings for many of the big tech companies," said technology analyst Paolo Pescatore of PP Foresight. "No-one's immune."
Even Apple has signalled caution, with chief executive Tim Cook saying the firm was "still hiring", but only on a "deliberate basis."
Amazon attributed its job cuts to an "unusual and uncertain macroeconomic environment" forcing it to prioritize on what mattered most to customer
The layoffs continue. Have you been affected by this tech downturn?
And as the economy ran into trouble, many firms slashed their online advertising budgets.
In the financial technology sector, rising interest rates have also hit companies.
"It's been a really a disappointing quarter of earnings for many of the big tech companies," said technology analyst Paolo Pescatore of PP Foresight. "No-one's immune."
Even Apple has signalled caution, with chief executive Tim Cook saying the firm was "still hiring", but only on a "deliberate basis."
Amazon [url=https://www.aboutamazon.com/news/company-news/a-team-update-from-dave-limp]attributed its job cuts[/url] to an "unusual and uncertain macroeconomic environment" forcing it to prioritize on what mattered most to customer
The layoffs continue. Have you been affected by this tech downturn?
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