Major Tech Firms Cut Over 60,000 Jobs Amid Economic Slowdown
Tech giants like Amazon, Meta, Google, and Microsoft are slashing tens of thousands of jobs as they face slowing growth, rising interest rates, and recession fears. The industry-wide cuts mark a stark reversal from the massive hiring sprees seen during the pandemic.
Leading technology companies are slashing tens of thousands of jobs as the industry adjusts to a new economic reality. Amazon, Meta, Google, and Microsoft collectively cut over 60,000 employees in recent months, marking a stark reversal from the massive hiring sprees seen during the pandemic.
Amazon leads the cuts with 27,000 eliminated positions, breaking its own historical records for workforce reduction. Meta follows closely with 21,000 cuts across two separate layoff rounds, while Google and Microsoft each let go of 10,000 and 12,000 employees, respectively.
These widespread layoffs stem from a combination of slowing growth, higher interest rates used to battle inflation, and mounting fears of a potential recession. Company executives state they are streamlining costs and focusing on long-term priorities rather than the rapid expansion strategies that defined the previous decade.