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.

 

More stories like this are available on

bloomberg.com

 

©2023 Bloomberg L.P.

 

 

 

Follow us on social media for the latest updates in B2B!

Image

Latest

One-of-a-kind shopping experiences
The Resurgence of Brick-and-Mortar Stores: One-of-a-kind Shopping Experiences Are Turning Customers into Brand Ambassadors
April 24, 2024

In the convenient world of e-commerce, big box stores are seeing a resurgence. Chains like Dick’s Sporting Goods, Walmart, and Target are experimenting with one-of-a-kind shopping experiences that can turn casual shoppers into loyal fans. In a recent Experts Talk roundtable, Allen Adamson, Co-Founder at Metaforce, highlighted how one-of-a-kind shopping experiences make for exciting […]

Read More
digital augmentations
Revolutionize Customer Engagement Through Digital Augmentations in Physical Retail
April 24, 2024

The digital transformation of retail experiences in physical stores has become crucial as big-box retailers strive to maintain their relevance and competitive edge in a digital era. These retailers are embedding interactive features and digital augmentations in their physical locations to offer unique, engaging customer experiences. This approach merges the tactile allure of in-store […]

Read More
experiences
Enthusiastic and Trained Employees can Enhance Experiences and Drive Success in Physical Retail
April 24, 2024

In today’s retail landscape, big-box retailers are emphasizing the importance of their physical locations, even as the digital marketplace continues to expand. Stores like Dick’s Sporting Goods and Walmart are not just maintaining their brick-and-mortar presence but are actively enhancing it with features like interactive elements and new store openings. This reassertion of the […]

Read More
The Coexistence of Big Box and Small Retail Relies on Synergistic Relationships
April 24, 2024

Despite being long time competitors, big box retailers and small local businesses can both coexist in ways that benefit the other. Of course, both retail formats are different but by maintaining their core business models, the two can bank and leverage their strengths and still be open to synergistic relationships. During an episode of […]

Read More