As Amazon axes 18,000 roles and Tesla loses 65% of its value, we examine the causes of the glitch hitting Silicon Valley
In fact this week’s events have been a continuation of a downward trend for tech over the course of 2022, during which Tesla’s share price fell by 65%, Mark Zuckerberg’s Meta by 64%, Netflix by 51% and Apple by 27%. Here we look at some of the factors behind the sector’s woes.Amazon expanded planned job cuts this week from 10,000 to 18,000 as its chief executive admitted “we’ve hired rapidly over the last several years”.
Also this week, the business software firm Salesforce said it was laying off about 8,000 employees, or 10% of its workforce. Marc Benioff, its chief executive, said the company had overexpanded. “When CEOs are this pessimistic it suggests corporate America is looking to batten down the hatches, which implies a growing threat of job losses and falling capital expenditure,” says Knightley. He adds that advertising, which supplies the vast majority of revenues for the likes of Meta andinterest rate rises around the world
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Amazon CEO says job cuts to exceed 18,000 rolesAmazon.com's lay-offs will increase to more than 18,000 roles as part of a workforce reduction it previously disclosed, chief executive Andy Jassy says.
Read more »
Amazon to slash more than 18,000 jobs in escalation of cutsAmazon is laying off more than 18,000 employees — a significantly bigger number than previously planned — in the latest sign that a technology slump is deepening.
Read more »
Amazon, Salesforce slash 26,000 jobs between themAmazon plans to cut 18,000 jobs, mostly at its brick-and-mortar shops, while Salesforce says it will sack 8000 workers, about 10 per cent of its workforce.
Read more »
Amazon to axe more than 18,000 jobsAmazon will shed six per cent of its 300,000 strong corporate workforce, with layoffs to commence from mid-January.
Read more »
Amazon to axe 18,000 jobs citing economic uncertaintyAmazon chief points to company’s rapid hiring in recent years while saying layoffs mainly to hit its brick-and-mortar stores
Read more »