Tag Archives: layoffs

As Big Tech continues to reel from its massively difficult 2022, some of the sector’s biggest names are beginning 2023 by laying off employees by the thousands. In 2022, companies like Meta (META), Amazon (AMZN), and Intel (INTC) announced major job cuts following years of expansion. There’s hope that Big Tech is set up for a better year in 2023, but high interest rates, inflation, a hawkish Fed, and spending slowdowns among both advertisers and consumers have created a storm that’s not… Source link

Alphabet today has confirmed that it plans to cut 12,000 jobs, reportedly the largest round of layoffs in its history, a development that comes as advertisers note a gradual shift in how Google deals with its largest paying customers. The Google parent company ended weeks of speculation with confirmation of the job losses, amounting to 6% of its workforce, implemented to deal with the “economic reality… we face today,” according to Alphabet CEO Sundar Pichai. In a blog post, he… Source link

Microsoft (MSFT) announced on Wednesday that it is cutting 10,000 jobs as the tech giant contends with slowing PC and cloud sales. But according to at least one analyst, the layoffs are a proactive move as Microsoft and its Big Tech counterparts are forced to reckon with the unsustainable growth they saw during the pandemic. “It was a rip-the-Band-Aid-off moment from Nadella and Microsoft, and we’re seeing it across tech,” Wedbush analyst Dan Ives told Yahoo Finance Live. “These… Source link

Microsoft (MSFT) announced on Wednesday that it is cutting 10,000 jobs as the tech giant contends with slowing PC and cloud sales. But according to at least one analyst, the layoffs are a proactive move as Microsoft and its Big Tech counterparts are forced to reckon with the unsustainable growth they saw during the pandemic. “It was a rip-the-Band-Aid-off moment from Nadella and Microsoft, and we’re seeing it across tech,” Wedbush analyst Dan Ives told Yahoo Finance Live. “These… Source link

Some firms across the financial industry are giving workers the boot after dealmaking activity tumbled last year and as a potential recession looms. But the picture among Wall Street’s six biggest banks is mixed when it comes to the scale of these layoffs. And some firms are even adding staff in this environment — as JPMorgan chief Jamie Dimon said last week, his bank is in “hiring mode.” Along with financial results for the fourth quarter, Goldman Sachs (GS) and Morgan Stanley (MS) each… Source link

(Bloomberg) — Microsoft Corp. plans to cut jobs in a number of engineering divisions on Wednesday, according to a person familiar with the matter, joining the ranks of technology giants that are scaling back as the industry prepares for a prolonged slump in demand. Most Read from Bloomberg The magnitude of the cuts couldn’t be learned, but the person, who asked not to be identified discussing confidential matters, said the reduction will be significantly larger than other rounds at… Source link

[unable to retrieve full-text content]Bank earnings: Goldman Sachs and others see investment banking slowdown, layoffs  Yahoo Finance Source link

There’s still a lot to like about Amazon (AMZN) stock, even though the company’s coming off a hard year, JMP Securities Equity Research Analyst Nick Jones recently told Yahoo Finance Live (video above). Amazon had a rough 2022, one in which the company’s stock tumbled more than 40% throughout the year. The company’s been battling high inflation, rising rates, and a slow advertising market, and recently announced it would up the number of layoffs it was doing in its corporate workforce from Source link

In the wake of Salesforce’s (CRM) mass layoff announcement last week, Wall Street may have overlooked one key element in its haste to predict better profit margins from the tech giant. According to Bernstein analyst Mark Moerdler, who published a critical client note on Salesforce Wednesday, mass firings may actually hinder sales growth and, as a result, profit margins. “Salesforce recently announced a ~10% employee reduction, in addition to comments on other cuts, which will only drive… Source link

A version of this article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe Wednesday, January 11, 2023 Today’s newsletter is by Myles Udland, senior markets editor at Yahoo Finance. Follow him on Twitter @MylesUdland and on LinkedIn. Read this and more market news on the go with Yahoo Finance App. Coinbase (COIN) announced Tuesday it would be laying off 950 staff members, or around another 20% of its team. As… Source link