Global tech giants from Microsoft and Google to SAP have laid off thousands of employees since the start of the year despite being profitable.
Some of the world's largest internet companies may have strong balance sheets, but their employees haven't been able to avoid layoffs.
Tech companies that have laid off people have cited a slowdown in growth and that they are hedging against economic uncertainties. With interest rates and inflation remaining elevated, consumers are pulling back spending amid uncertainty in the global economy. With interest rates rising, capital has become more expensive and companies started reining in their headcount costs.
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