The tech sector is facing a monumental shift as some of the world's biggest tech companies like Microsoft, Google, Amazon, and Facebook announce massive job cuts in response to the current economic downturn. Dubai, U.A.E. - March 27, 2023 - These are unprecedented times and the effect on the largest companies in the world should not be underestimated. Microsoft has cut 10,000 jobs, Google 12,000, Amazon 18,000, and Facebook 11,000. Wall Street analyst Dan Ives has attributed the spending habits of these companies to those of 1980s rock stars and believes the companies are now having to cut costs in non-strategic areas.
The job cuts signal a major shift in the tech industry, as these firms are reacting to the economic reality of the pandemic by resetting and preparing for the future. Microsoft is investing heavily in artificial intelligence research, and Apple is looking to make more technology in-house. This news has caused some to feel that big tech is in trouble, as the total number of job cuts from these companies has risen to over 200,000 in just over a year.
The reasons for the job cuts include over-recruitment during the peak of the pandemic, poor future planning, and a deteriorating economic climate. Companies in Ireland at the unicorn growth stage have also had to pull back on recent hiring plans due to the current crisis in the economy. The future of the tech sector is uncertain, as there are concerns that big tech companies could lose their dominance and regulators could step in to split them up. Follow this story here.
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Ariff Azraei Bin Mohammed Kamal is an experienced market research analyst with an educational background in finance, banking, economics, and investment. Graduated from Mara University of Technology with a bachelor's degree in Investment Management. Skilled in technical analysis and previously traded stocks, derivatives, futures, and foreign exchange. He is dedicated to providing value by delivering market-moving information in simple formats.
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