Revenues dip, tech giants cut jobs

Winter is coming and tech giants are bracing themselves for the worst.

Meta, which unveiled plans to layoff 11,000 employees on Wednesday, joined a growing group of tech companies to downsize in recent weeks or freeze hiring, as revenue from digital ads dropped after their clients slashed marketing budgets amid rising global economic uncertainty.

Microsoft and Twitter have cut jobs, while Apple, Amazon and Alphabet have all slowed or paused hiring.

“Miscalculations, like assuming that pandemic-induced behaviours were permanent, can result in layoffs. Layoffs at Meta and Twitter fall into this category,” said T N Hari, an HR expert who is also the co-founder of Artha School of Entrepreneurship.