It’s been a rough few months for tech companies. In March, Microsoft announced plans to cut 18,000 jobs — its largest round of layoffs in its history. Then in April, Amazon revealed it would be cutting 15% of its workforce (or over 30,000 jobs) as part of an effort to “streamline our operations” and increase profits. And today comes news that Google has also let go of more than 5% of its workforce (or around 10,000 employees).
It’s going to be a long, bumpy ride.
The economic downturn is likely going to last for a long time. In fact, it may not end until 2020 when the next presidential election takes place and we get our first female president (or vice president).
The recession isn’t going to be smooth and easy; there will be bumps along the way. It’ll affect people from all walks of life: young professionals who can’t get jobs; middle-aged men who lost their jobs when their companies went out of business; older women who were forced into early retirement because they couldn’t find another job after being laid off at 60 years old… And that’s just naming a few examples!
COVID-19 will have long-lasting impacts.
The COVID-19 will have long-lasting impacts.
The COVID-19 will have a long-lasting impact on the economy and stock market.
Over the past three months, more than 50,000 employees at Amazon, Google, Microsoft and Facebook-parent Meta get the axe.
Over the past three months, more than 50,000 employees at Amazon, Google, Microsoft and Facebook-parent Meta get the axe.
The number of employees affected by layoffs is staggering. Over the past three months, more than 50,000 employees at Amazon (AMZN), Google (GOOG) and Microsoft (MSFT) have been laid off or terminated in what appears to be a wave of mass firings across Silicon Valley’s largest tech firms. The reason why these companies are firing so many people remains unclear; however there are some reasons we can speculate about:
- The first reason for these layoffs may be that there are fewer jobs available due to smaller companies shutting down or not growing as quickly as they did before because their product isn’t selling well enough anymore.* There’s also been talk about how artificial intelligence will replace certain jobs such as customer service reps who answer questions over phone calls.* Additionally some experts believe that companies like Uber might go bankrupt soon due to recent scandals surrounding its founder Travis Kalanick.* In either case we think it’s important that everyone stay tuned into current events so they don’t miss out on any opportunities coming down the pipeline!
Conclusion
As the industry continues to grow and evolve, it is important for companies to stay ahead of the curve. This means making tough decisions about how best to invest their resources and in what areas they need more talent. Some areas of focus have been in artificial intelligence (AI), machine learning (ML), data science, blockchain technology and cloud computing—all areas that require highly specialized skillsets that are difficult to find today.