Alphabet, Amazon, Meta and Microsoft have announced more than 50,000 job cuts in recent months.
For a stretch of the pandemic, tech companies couldn’t hire fast enough. Talent wars broke out in Silicon Valley, with firms vying for software engineers, often lavishing extravagant perks on their new and would-be hires. As profits soared, executives acted as if the party would never end.
Now, it has – and workers are bearing the brunt of pullbacks. Nearly 200,000 tech employees have been laid off since the start of 2022, according to Layoffs.fyi, a site that tracks job cuts in the sector. Four of the largest tech companies – Alphabet, Amazon, Meta and Microsoft – have announced a total of more than 50,000 job cuts in recent months.
But even after significant cuts, the largest tech companies are still behemoths. They grew enormously during the pandemic, adding tens of thousands of workers. The lay-offs announced in recent weeks reverse a fraction of the hiring done in recent years. In announcing the layoffs to employees, executives struck notably apologetic tones, expressing regrets about overzealous expansion and rapid hiring. They pointed to economic factors, made worse by inflation and rising interest rates. But they are also admitting that they over-hired, misreading the durability of the pandemic acceleration in the growth of online services.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Google's parent company Alphabet to sack 12,000 workers worldwideGoogle's parent company Alphabet is eliminating about 12,000 jobs, or 6 per cent of its workforce, marking the latest cuts to shake the technology sector.
Read more »
The ‘carbon pirates’ preying on Amazon’s Indigenous communitiesSelling credits should fund forest protection, but unscrupulous firms are making deals where local land stewards lose out, say Indigenous leaders
Read more »
Why there will never be a Last Dance for Australian cricketUnless there's a secret hard drive buried in a backyard somewhere, the hundreds of surplus hours of filming for The Test documentary have been destroyed.
Read more »
Tech share rally paces S&P 500, Nasdaq higherInvestors rushed into the mega techs after Alphabet became the latest to cut jobs. Netflix surged. $A, bitcoin also rise.
Read more »
Google parent company to axe 12,000 jobsGoogle's parent company, Alphabet Inc, has announced it will shed around 6 per cent of its workforce in the latest round of job cuts in the technology sector. The tech giant's CEO said 12,000 workers would be made redundant as the company re-evaluates a shift in economic reality. It's unclear how many Australian workers will be affected by the lay-offs.
Read more »
‘Strong’ interest: Sun Cable sale kicks off by month’s endThe sale process run by the administrators of the company leading the $35 billion solar power export project to Singapore is expected to be wrapped up in three months.
Read more »