Microsoft, Amazon and Other Tech Companies Have Laid Off More Than 60,000 Employees in the Last Year

in a memo to staff

that the cuts were necessary amid rising inflation, fears of a looming recession, higher interest rates, energy shocks, tighter investment budgets and sparser startup funding. Taken together, these factors signal"that 2022 represents the beginning of a different economic climate," he said. Stripe was valued at $95 billion last year, and reportedly lowered its internal valuation to $74 billion in July., which equals 10% of its global workforce.

In a memo to staff, CEO Tobi Lutke acknowledged he had misjudged how long the pandemic-driven e-commerce boom would last, and said the company is being hit by a broader pullback in online spending. Its stock price is down 78% in 2022.

Good start.

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Microsoft confirms plans to lay off about 10,000 workers as tech companies cut backMicrosoft Corp. confirmed plans to lay off about 10,000 workers Wednesday amid a continued wave of job cuts in the technology sector.
Source: MarketWatch - 🏆 3. / 97 Read more »

Microsoft to Lay Off 10,000 Employees as Tech Industry Struggles ContinueThe Satya Nadella-led tech giant follows Amazon, Meta and other companies in significantly scaling back its staff. I wonder what the total savings of those layoffs will be…to get some perspective, Microsoft’s CEO total compensation for 2022 was $54.9 million. Is one executive really worth that much per year to impact the operations of the company by laying off 10,000 employees?
Source: THR - 🏆 411. / 53 Read more »