Mastodawn

L4sBot Mar 1, 2024

Despite Booming Economy And Record Profits Google, Amazon, Microsoft And More Lay Off Over 42,000 So Far In 2024

Despite Booming Economy And Record Profits Google, Amazon, Microsoft And More Lay Off Over 42,000 So Far In 2024 - Lemmy.World

Despite Booming Economy And Record Profits Google, Amazon, Microsoft And More Lay Off Over 42,000 So Far In 2024::Despite a booming U.S. economy and significant advancements in the tech sector, including a robust performance by companies like Nvidia Corp. and a thriving artificial intelligence (AI) industry, tech companies have continued to lay off workers at an alarming rate in 2024. The tech-heavy Nasdaq index has shown an impressive uptick and the U.S. economy added 353,000 jobs in January, outpacing economists’ forecasts. However, this overall economic strength masks a wave of layoffs in the tech sector

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Vlyn Mar 1, 2024

Now compare those numbers to how much they hired during Covid and it no longer looks that bleak.

They overhired like crazy, vacuuming up all the talent so smaller companies and competitors couldn’t get any. Now the interest rates are up (no more ‘free’ money) and they have to cut the fat.

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Gakomi

What do you mean over hiring during Covid cause I remember them laying people off at least in my country

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Vlyn Mar 1, 2024

All those companies still have more employees that they did before the pandemic: …medium.com/big-tech-employee-numbers-before-and-…

So including the recent firings they are more on a headcount level of 2021 or so.

Big Tech Employee Numbers Before and After the Pandemic Tells the Real Story

The tech industry has been making headlines for laying off thousands of employees since the COVID-19 pandemic hit. However, the truth behind the numbers is more complex than sensationalist headlines…

Medium