Companies are cutting staff and slowing down hiring.
As a result of rising interest rates, decreasing consumer spending in the US and abroad, and a strong dollar, tech businesses are halting hiring and eliminating workers.
According to Challenges, the tech sector shed 9,587 employees in October, the most since November.
Tech company reports fall short of forecasts.
Because the major tech companies’ earnings results fell short of expectations, their stocks plummeted, and their market valuation was reduced by hundreds of billions of dollars.
This year, Meta Platforms Inc. lost more than 67% of its value, and 11,000 employees were eliminated.
The Alexa digital assistant and the Echo smart speakers are produced by the Amazon device group, which expects to lay off around 10,000 employees.
Under Elon Musk’s leadership, Twitter has eliminated the work-from-anywhere policy and cut about 3,700 email jobs.