Tech giants keep cutting costs, what’s going on?
Many technology giants have given negative information – Photo: DECCAN HERALD
Snap on May 23 cut its sales and profit forecasts and said it would slow down the hiring process.
The next day (May 24), ride-hailing provider Lyft said it would hire fewer workers and look for other cost-cutting measures.
A few days later Microsoft Corporation reduced hiring in several key departments. Grocery retail service via mobile app Instacart said it will return to hiring plans to reduce costs.
The suspense continued when Tesla CEO, billionaire Elon Musk, informed employees that the electric vehicle maker needed to reduce its salaried workforce by 10% and suspend hiring on the internet. all over the world.
Cryptocurrency exchange Coinbase Global also said it will extend hiring pauses and cancel some job offers that have been accepted by candidates, citing the deteriorating market situation.
Similarly, Amazon also publishes gloomy information. This group has too many workers, as well as business operations are affected by inflation, causing costs to increase rapidly.
Facebook’s parent company, Meta, is cutting recruiting costs and cutting costs.
And Twitter Group has begun to stop hiring and withdraw some job offers before billionaire Elon Musk takes over as planned.
In April, Apple Corporation warned that limited production – related to the COVID-19 lockdown in China – would cost the company $8 billion in revenue for the current quarter.
The specter of job cuts has begun to haunt the psyche of workers in Silicon Valley. On the Blind app — an app employees can use to anonymously talk to their employer — discussions about the hiring halt increased 13-fold between April 19 and May 19. compared with a year earlier.
More than 126,000 tech workers have lost their jobs since the beginning of the pandemic.
“Everybody realizes that technology is not only good, but also good,” said Russell Hancock, chief executive officer of Silicon Valley Ventures, a nonprofit that researches the economy of Silicon Valley. What’s happening now seems to be a market correction.”
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