From Great Resignation to Forced Resignation: Tech companies are shifting to layoffs after a huge ramp up in hiring
MarketWatchBy Jon Swartz
Thousands of layoffs in the tech sector, compounded by hiring freezes and a slowdown in hiring, highlight the abrupt shift in fortunes over the past several months as a result of rampant inflation, fear of stagflation and recession, supply-chain interruptions, the war in Ukraine, an ailing stock market and other red-alert economic factors.
The latest blows came Tuesday, when Coinbase Global Inc. COIN, +5.99% announced an 18% layoff of about 1,100 people and real-estate brokerage Redfin Corp. RDFN, -0.74% said it would reduce head count by about 470 people, or 6% of its workforce.
Everybody needs to batten down the hatches. We are in stormy, stormy seas with choppy weather on the horizon, media titan Jeffrey Katzenberg, a board member and investor in cybersecurity startup Aura, told MarketWatch.
In recent weeks, a broad cross-section of companies across all sectors have announced layoffs or plans to limit hiring amid the economic crucible. In addition to Coinbase and Redfin, Peloton Interactive Inc. PTON, +3.65%, PayPal Holdings Inc. PYPL, +1.77%, Tesla Inc. TSLA, +2.04%, Carvana Co. CVNA, +13.72% and others said they intend to slash staff. At the same time, some of techs biggest players Facebook parent company Meta Platforms Inc. META, +1.39%, Intel Corp.s INTC, +1.36% client-computing group, Microsoft Corp. MSFT, +1.82%, Uber Technologies Inc. UBER, +3.11% and Lyft Inc. LYFT, +4.52% are slowing down or freezing hires.
Source:https://www.iqstock.news/n/great-re...es-shifting-layoffs-huge-ramp-hiring-4051216/
