The pace of tech job cuts is reaching early pandemic levels
BNN Bloomberg
Job cuts in the technology industry are accelerating, nearing levels seen in the early stages of the COVID-19 pandemic, as companies both large and small curtail ambitions and brace for tough times ahead.
In recent weeks, a spate of tech companies have said they will pause hiring or cut jobs outright in the face of sluggish consumer spending, spiraling inflation and a strong dollar undercutting sales overseas. Leaders in the industry, a major driver of the global economy for the last decade, sense that they're in a higher-risk environment, making them less willing to spend to grow their businesses like in years past.
Meta Platforms Inc., the owner of Facebook and Instagram, is poised to cut thousands of workers this week, the Wall Street Journal reported. That follows Elon Musk's decision to halve Twitter Inc.'s staff last week after acquiring the social network. Apple Inc., Amazon.com Inc. and Alphabet Inc. have all slowed or paused hiring.
Investments in more speculative technology will receive greater scrutiny, said Jo-Ellen Pozner, an assistant professor of management at Santa Clara University's Leavey School of Business.
