December 9, 2022

Huge Tech Tightens Belt Among Global Economic Woes

Amazon . com has frozen hiring, whilst two other technology companies have announced job cuts

Amazon and two some other major US tech companies are the latest big names in corporate America to audio the economic alarm, launching job cuts and other cost-control measures as they brace for  “ leaner times. ”

Ride-hailing giant Lyft Inc. revealed on Thursday night that it will slash the staffing by 13%, eliminating about 700 jobs. Red stripe Inc., a major payments processor, announced a 14% decrease in its workforce, putting around 1, 000 people out of work. Amazon, the world’s largest retailer, told employees that it’s freezing corporate hiring regarding at least the next few months.

“ We are facing stubborn inflation, energy shock absorbers, higher interest rates, reduced investment budgets and sparser startup company funding, ”   Red stripe co-founders Patrick and Sara Collison said in a note to employees.   The company underestimated the impact of a broad economic slowdown, these people added, and now must reduce costs  “ to adapt ourselves to the world we’re headed into. ”

Many areas of the developed world is very much headed for recession. We think that 2022 represents the start of a different economic climate.

Lyft offered an identical explanation to its staffers, saying that it must turn out to be leaner to cope with a  “ probable recession”   plus rising insurance costs.   “ We worked hard to bring down costs this summer, ”   co-founders Logan Green plus John Zimmer said, adding that job cuts became necessary after an earlier employing freeze and other steps did not tighten expenses enough.

Amazon cited economic uncertainty in announcing the hiring freeze.   “ We’re facing an unusual macroeconomic environment and want to balance the hiring and investments along with being thoughtful about this economic climate, ”   Beth Galetti, senior vice president for individuals experience and technology, informed employees. Amazon CEO Andy Jassy has taken other measures in recent months to cut costs, such as closing call facilities, discontinuing a tele-health program, and canceling or stalling new warehouse construction.

The latest Big Technology belt-tightening follows job cut announcements in recent days by companies such as Ms Corp., Oracle Corp., and Facebook parent Meta Systems Inc. Like Amazon, Google and Apple Inc. have got announced hiring freezes. Billionaire Elon Musk plans to fireplace nearly half of the seven, 500 employees at Twitter after completing his $44 billion takeover of the social networking platform last week, according to a Bloomberg report.

Nevertheless, with US midterm congressional elections approaching next week, Chief executive Joe Biden and members of his administration possess denied that the nation’s economic climate is slumping. Biden, in fact , called the US economy  “ strong as hell. ”   Even as Thursday introduced more announcements of job cuts, White House spokeswoman Karine Jean-Pierre told reporters that the strength of the ALL OF US labor market is  “ just not consistent with a economic downturn, or with even a pre-recession. We believe our economic climate is incredibly resilient. ”

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