Tech Industry Layoffs Surge Despite Booming Economy
TL;DR Summary
Layoffs continue to impact the tech industry, with over 32,000 employees laid off by more than 120 tech companies in the first five weeks of 2024. Snap plans to cut 10% of its workforce, Okta is cutting 7%, Zoom is letting go of 2%, Salesforce shed 700 jobs, and PayPal is slashing 9% of its workforce. Other tech giants like Google, Wayfair, Microsoft, and eBay have also announced significant layoffs, reflecting the industry's efforts to streamline costs and respond to a cooling labor market.
- Layoff season continues to roil across tech industry (NYSE:SNAP) Seeking Alpha
- Why Is Big Tech Still Cutting Jobs? The New York Times
- Spate of job cuts continues unabated at Big Tech, media firms Reuters
- Layoffs skyrocketing in 2024: Here are the companies axing jobs Fox Business
- The U.S. economy is booming. So why are tech companies laying off workers? Yahoo Finance
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