Tag Archives: layoffs

It’s Monday, and you know what that means? After today, there are only two more Mondays left in 2022. This is Matt Weinberger, Insider’s deputy editor of tech analysis, filling in once again for Jordan Parker Erb. She’ll be back in time to write tomorrow’s edition, so never fear.  Last week was a big week for news, in a year that’s been full of big weeks for news — the FTC is suing to block Microsoft’s… Source link

Getty Images Key takeaways A report from tech-focused news site The Information suggests that Google layoffs could top 6%, or 10,000 employees, in early 2023 The report comes amid ongoing macroeconomic challenges, deflated tech stock prices and a letter from an activist investor If Google commits to downsizing, it will follow Big Tech peers like Meta and Amazon that have already slashed head counts this year As the global financial situation weighs on wallets and portfolios, big… Source link

Google CEO Sundar Pichai speaks on stage during the annual Google I/O developers conference in Mountain View, California, May 8, 2018. Stephen Lam | Reuters As industry-wide layoffs hit bigger tech names, some Google workers worry they’re next. While Google has so far avoided the widespread job cuts that have hit tech companies, particularly those supported by a slumping ad market, internal anxiety is on the rise, according to documents viewed by CNBC and employees who spoke on the condition… Source link

Layoffs have slammed Big Tech, as some of the sector’s biggest names, from Amazon (AMZN) to Meta (META) to Stripe, have cut thousands of employees. After at least a decade of expansion, tech companies have been rattled by inflation along with a slowdown in advertiser spending. The ad spending crunch has hit social media companies like Meta and Twitter hard, of course. Even Google parent Alphabet (GOOG, GOOGL) was slammed in its latest earnings cycle, as YouTube missed sales expectations by a… Source link

Google’s way of slimming down through attrition won’t work in the current economy, an analyst said. Google previously avoided making cuts because it would undermine its employee-friendly reputation. Google’s head count grew much faster than its revenue during the third quarter. … Source link

Goldman Sachs is pushing back on the notion that headline-grabbing layoffs from big-cap tech companies are a sign of a looming U.S. recession. “Tech layoffs are not a sign of an impending recession,” Goldman Sachs chief economist Jan Hatzius wrote in a note to clients on Tuesday. As the year nears a close, the layoffs announcements have picked up in tech land amid a terrible year for stock prices and slowing growth. In the past two weeks alone, Meta and Amazon have unveiled combined job cuts of… Source link

Meta’s (META) recent mass layoff marks a turning point for a company whose business model once seemed untouchable despite years of controversies over privacy and Russian election interference. While some might blame Meta’s fall on CEO Mark Zuckerberg’s obsession with the immersive online world known as the metaverse, that’s only one factor that helped send its stock price plummeting 70% in the last year. Other major blows include the rise of short-form video platform TikTok, Apple… Source link

Meta’s (META) supersized layoffs unveiled on Wednesday could serve up a major profit tailwind. “We believe Meta’s decision to lower the midpoint of FY23 total expense and capex guides by $1.5 billion and $1 billion, respectively, should provide a minimum 8% boost to FY23 EPS [earnings per share],” Jefferies Tech Analyst Brent Thill wrote in a note to clients. Meta said Wednesday it will slash 13% of its workforce, more than 11,000 employees, as it looks to redirect resources to Mark… Source link

U.S. Labor Secretary Marty Walsh is keeping a close eye on layoffs in the tech sector, including Elon Musk’s chaotic overhaul at Twitter. “As far as Twitter, that’s a whole different situation [than the broader tech layoffs],” Walsh said on Yahoo Finance Live (video above). “I don’t know enough about it, but I think that’s Elon Musk looking at the business model. I am sure at some point that will fix itself out as it moves forward.” To be sure, Musk’s changes to Twitter are moving forward this… Source link

Twitter sent employees an email Thursday notifying them that layoffs would begin on Friday morning, according to multiple news reports including The New York Times. The email told employees not to come into the office on Friday as the layoffs begin. The cuts will affect roughly half of Twitter’s workforce, according to The Times, which cited an investor and internal messages. “In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global… Source link