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Recent layoff announcements: - Salesforce cuts 300 roles (TODAY) - SolarEdge cuts 8.5% of workforce (TODAY) - Intuit cuts 10% of workforce (LAST WEEK) - Dyson cuts 1,000 roles (LAST WEEK) - UiPath cuts 10% of workforce (LAST WEEK) - UKG cuts 14% of workforce (2 WEEKS AGO) - OpenText cuts 1,200 roles (2 WEEKS AGO) - Microsoft lays off hundreds in Azure division (LAST MONTH) - ByteDance (TikTok) cuts 450 roles (LAST MONTH) - Fisker files for bankruptcy (LAST MONTH) In 2024, tech companies have laid off over 106,630 employees. Is this because of AI or the economy?
Thanks Gen , salesforce has everyone coming for their lunch and they need to cut costs. Can’t charge $500 pm and co pilot can do most of the same for $30 or even worse a startup charging $5 pm for 75% of the same functionality. Everyone looking for next winner and should also be very careful of the big losers from AI disruption . Those big moats are getting smaller for a lot of companies that got complacent
To be fair - it would make sense to go through company financials to also include all those that had net positive hires for the year. Just that you only ever hear about the unfortunate lay-offs - rarely if ever the net positive hires.
In my opinion you cant just look at the figure without looking at how much jobs were created in the last 4 years. It's like nvidia which grows 1,000% and than goes down for 20%. But yes i think we are seeing step by step a weaker economy plus inflation plus AI. So lets see what Mr. Matkets will say🤣
This would increase their bottom line, thus maybe give a boost to the stock price.
Most companies should have 10% turnover. A lot of people are milking a pay check.
The Fed’s rate cutting cycle will start soon.
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