Latest Round of Technology Job Cuts Comes From IBM, Lam Research
(Bloomberg) — Mass job cuts are accelerating at technology companies and being felt around the world.
International Business Machines Corp. was the latest to announce it would cut about 3,900 jobs. Layoffs at Google’s parent company, Alphabet Inc., Microsoft Corp., Amazon.com Inc. and IBM combined have eliminated nearly 44,000 positions in January. It’s a continuation of a worrying trend from last year: The tech sector announced 97,171 job cuts in 2022, up 649% compared to the previous year, according to consulting firm Challenger, Gray & Christmas Inc.
Big tech companies benefitted from a boom in online spending and remote work that kicked off during the Covid-19 pandemic lockdowns in 2020. Now, many of these businesses are reporting disappointing growth rates and dealing with sagging share prices as customer behavior returns to normal. Their leaders are saying they expanded too quickly and are looking to slash costs.
Here’s a running list of who’s cutting jobs.
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