Tech companies are trimming staff and slowing hiring as they face higher interest rates and sluggish consumer spending in the US and a strong dollar abroad.
In recent earnings reports, Alphabet, Amazon, Meta, Microsoft, and others fell short of projections, sending shares plunging and shaving hundreds of billions of dollars from their market valuations. Meta, for instance, has lost more than 67% of its value so far this year.The e-commerce titan plans to cut aboutjobs.
Dapper Labs created the NBA Top Shot marketplace for nonfungible tokens, a digital asset class that has seen a steep drop in demand since the crypto market downturn.Cryptocurrency conglomerate Digital Currency Group embarked on a restructuring last month that saw aboutemployees exit the company. As part of the shake-up, Mark Murphy was promoted to president from chief operating officer.Galaxy Digital Holdings Ltd.
“I want to take accountability for these decisions and for how we got here,” CEO Mark Zuckerberg said in the statement. “I know this is tough for everyone, and I’m especially sorry to those impacted.”employees — roughly 18% of its headcount. The company, which practices a data-driven spin on home-flipping called iBuying, is coping with slowing housing demand because of higher mortgage rates.employees globally, or about 12% of the workforce, in October.