Why Tech Companies are Laying Off Mass Employees

100 thousand people - that's how many Google, Microsoft, Amazon, Meta, and Twitter collectively fired in the past few months. And more layoffs are yet to come!

Why is this happening?
Leaders of large tech companies may initiate these mass layoffs because they fear the upcoming recession. Soon, all industries will take precautionary measures to guard against recession.

While in quarantine, people worked remotely, ordered food, and watched Netflix, all without leaving their houses. Technology usage increased considerably, tech companies saw record-high profits, and it also sparked a hiring frenzy to meet the rising demand. As an example, Meta nearly doubled its employee head count. While this year, they announced they would be laying off nearly 11,000 employees!

Finally, investors want companies to decrease expenses as revenues slow down. Meta and Microsoft probably faced backlash from investors about their high headcount compared to other companies.

Do you think layoffs will continue?
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