SAN FRANCISCO – The tech sector slowdown slowed down further on Thursday when Amazon announced that it would temporarily halt its hiring of employees and other tech companies announced job reductions.
Amazon He saidTop executives decided to stop hiring more corporate employees this week because the economy was “in uncertain waters”. This was in addition to the last month’s freeze when the ecommerce giant stopped hiring technology and companies for its retail business.
“We expect to keep this pause in place for the next few months, and we will continue to monitor what we see in the economy and business,” Beth Galletti, Amazon executive director in charge of human resources, said in an internally published note. And on the company Articles.
Lyft announced it would also reduce its workforce by 13%, or approximately 650 out of its 5,000 employees. Stripe, the payment processing platform He saidIt will lose around 1100 jobs, or 14 percent of its employees.
Meta and Amazon are tech giants that have been slowing down their hiring process for months. However, smaller tech companies like RobinhoodAnd the Queen PieceThere have been announcements of layoffs. However, so many industry job cuts and hiring freezes have not been announced on the same day.
The US economy has been led by tech companies for the past decade. They have lifted the stock markets during the worst days due to the coronavirus pandemic. Recent weeks have seen many of the largest companies lose their market share. Reported financial resultsThis indicates that they were feeling the effects of global economic turmoil, rising inflation and rising interest rates.
Particularly social media companies have seen a drop in digital advertising in the last few months. deadFacebook and Instagram are owned by. The company plans to reduce some of its teams and hire only for high-priority areas. Explode, ExplodeSnapchat’s parent company, laid off 20 per cent of its employees in August. They blamed difficult macroeconomic conditions.
Last week MicrosoftInvestors should not expect any new appointments in the current quarter. the alphabetGoogle and YouTube’s owners, also announced that it will hire half of the people it hired in the third quarter.
Amazon warned investors that revenue growth could slow to the slowest pace since 2000, including during the holiday shopping season. Amazon has seen its workforce shrink since the beginning this year, after it doubled its workforce in 2020-2021. At the end of the third quarter, the company employed 1.5 million people.
Tech companies are facing more layoffs. Elon Musk, who bought Twitter for $44 billion last week, has already announced his resignation. Order discounts through the companyIt employs approximately 7,500 people. Twitter workers began posting “layoff guideThese tips will help you to deal with layoffs.
Lyft announced on Thursday that it had decided to lay off employees in the face a “potential recession sometime next-year.” In an email to employees, Logan Green, John Zimmer, and John Zimmer, founders of Lyft, stated that all teams would be affected.
“It was important that we take these proactive actions to ensure that implementation is accelerated, and that we continue to focus on the best opportunities to drive profitable growth and deliver strong business results,” wrote Mr. Green and Mr. Zimmer.
Lyft laid off 2 percent of its employees this summer as a result closing its car-rental business and a hiring freeze. Its founders stressed that the company had to “get small”. It is also “not immune” to inflation and slowing economies, which have increased the cost of insuring a ride.
Lyft also announced that it will sell its first auto-service business and expects employees of that team to be offered employment at the acquiring company.
Patrick Collison, cofounder and CEO at Stripe, stated that the company has had too many employees and spent too fast on its operations during the pandemic. Only to face inflation, high interest rates and rising energy costs this year, Collison said. Start financing decline.
“We were very optimistic about the near-term growth of the Internet economy,” he said in an email to employees, adding that the company had “underestimated the potential and impact of a broader slowdown.”
Collison said that layoffs are not equal. Teams like RecruitmentThe company will also be reducing the number of employees next year. Ribbon lowered her internal ratingIn July, it was up to 28 percent to $74 trillion
Karen WiseContribute to the preparation and editing of reports.
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