(Bloomberg) — Technology companies are accelerating mass layoffs, and the effects are being felt around the world.
International Business Machines Corp. is the latest company to announce that it will cut about 3,900 jobs. Google parent Alphabet Inc., Microsoft Corp., and Amazon.com Inc. cut jobs. Together, IBM and IBM cut nearly 44,000 jobs in January. It’s a continuation of a worrying trend from last year: The tech industry announced it would cut 97,171 jobs in 2022, a 649% jump from the previous year, according to consultancy Challenger, Gray & Christmas Inc.
Big tech companies have benefited from a boom in online consumption and remote work that began during the 2020 Covid-19 pandemic lockdown. Now, many of them are seeing disappointing growth rates and falling stock prices as customer behavior returns to normal. Their leaders say they have expanded too quickly and are looking to cut costs.
This is a layoff list.
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