After 10 years of growth in the stock market, big tech companies are rushing to cut staff to adapt to the new reality.
On Wednesday, Microsoft announced that it would lay off 10,000 employees, cutting the company’s workforce by less than 5%.
And before that, Amazon began a new round of job cuts that are expected to end the contracts of more than 18,000 employees and be the largest workforce cut in the history of the e-commerce giant.
According to a CNBC report seen by Al Arabiya.net, the layoffs come at a time of slower growth, rising interest rates to fight inflation and fears of a possible economic downturn next year.
Below are a number of tech companies that are looking to cut their employment and have a planned workforce of more than 64,000 employees:
Amazon: 18,000 employees, Microsoft: 10,000 employees, Alphabet, Google’s parent company: 230 employees, Crypto.com: 500 employees, Coinbase: 2,000 employees, Salesforce: 7,000 employees, Meta Platforms: 11,000 employees, Twitter: 3 700 employees, Lyft: 700 employees, Strip: 1100 employees, Shopify: 1000 employees, Netflix: 450 employees, Snap: 1000 employees, Robin Hood: 1100 employees, Tesla: 6000 employees.
