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Tech companies collectively shed more than 390,000 jobs from the beginning of 2022 through the end of last month, according to Layoffs.fyi, a website that tracks such data. The players with the biggest layoffs include Google, Meta, Microsoft, Amazon and Salesforce.
Factors such as high interest rates, slowing customer demand and over-hiring during the COVID-19 pandemic have combined into a “perfect storm” that is now forcing technology-industry executives to adopt a more structured, long-term approach to ensuring profitability, according to the AlixPartners report.
“Unfortunately, we fear this storm isn’t over yet,” the report said. “The macro environment hasn’t turned and likely won’t for some time. Interest rates continue to pressure valuations and limit access to capital.”
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