during the pandemic. The parent companies of both Facebook and Google, for example, grew more than 20 percent last year, while other large tech companies have doubled since before the pandemic.the Fed raised interest rates and the economy softened dramatically — just as many people were returning to pre-pandemic methods of working and shopping. Tech, for all its vast scale and high profit margins, was never going to be immune from that kind of shift.
Online advertising has been hit particularly hard, with Google, Meta, Microsoft and others all noting a pronounced slowdown beginning mid-2022. Many tech companieswhose products had been in short supply, is now having to deal with a glut.Intel has alreadyThe next two years are probably going to be the most challenging," Microsoft CEO Satya NadellaThis isn't the dot-com bust, especially for the biggest companies.
The layoff numbers suggest retrenchment rather than collapse. There are outliers — like Elon Musk's debt-saddled Twitter, which has shed roughly two-thirds of its 7000+ employees — but the most common cutbacks have been in the 10% range. "They are right-sizing to some degree," O'Mara said. "In a way the pandemic might have delayed a reset that was coming.": Layoffs are likely to continue as companies that have yet to pare back staff feel compelled to do so — whether to boost profits and please investors, to keep their cost structure competitive with rivals, or to adjust to reduced demand at a time when everyone seems to be cutting back at the same time.
Big tech has been doing layoffs for a long time, especially any who are listed on the stock market. It’s strategic and they are comfortable with it.
There’s nothing new about it to the Y2K crews who did disaster recovery for 9-11
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