Not just Twitter, Facebook and Amazon: tens of thousands of layoffs in the tech sector

The tech sectorin particular that of social networks, is going through a difficult time: to bear witness to the problems of these large companies, one has arrived in recent months series of layoffs which have focused attention on the health conditions of the sector

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The most recent case is that of Alphabeth, the holding company that controls Google: as reported by the Corriere della Sera the hi-tech giant has announced the cutting 12,000 workersor about 6 percent of the global workforce

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And also Microsoft confirmed in recent days the cut by March of approx 10 thousand workers, corresponding to 5% of the total. The two companies thus extend one already long list of companies in the sector which in recent months have announced downsizing of the workforce

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Among the most recent announcements is that of Salesforcea US group active in the cloud computing sector based in San Francisco: a few weeks ago the company announced the dismissal of about 8,000 employeescorresponding to 10% of its workforce

Particularly serious were the decisions of two of the best-known tech companies: Twitter has indeed announced the layoff of half of its employees, only to then retrace their steps and recall some of them. According to Bloomberg the company would attracted dozens of peoplesome because they were removed by mistake, others because they are important to implement the new functions wanted by Elon Musk

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And if Twitter leaves some of its staff at home, Meta is no different: the company it owns Facebook and Instagramin fact, in the past few months announced the layoff of 11,000 employeesin what is the largest workforce cut in its 18-year history: “It’s a sad time,” said Mark Zuckerberg

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As seen, however, it’s not just these two big companies that are in trouble: in the sector they would be over 60,000 people have been made redundant in recent months as reported by the newspaper of via Solferino. Snapchat has also cut some staff

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Among the companies to have announced cuts of staff in the past months there is also Amazonwhich he left at home about 18 thousand employees out of 1.5 million globally

Where do the sector’s difficulties come from? An explanation came directly from Meta’s boss, Mark Zuckerberg. Between 2020 and 2021 there was a hiring boom, a reflection of the bet on sustained growth even after the Covid emergencyduring which the work of these companies has grown tremendously

THE calculations however – according to what Ansa reports – they turned out to be wrong: At the onset of the pandemic the “world quickly moved online and the growth of e-commerce translated into an acceleration in revenues. Many predicted this would be a permanent acceleration that would continue,” he said said Zuckerberg. “Among these I too, and so I decided to significantly increase investments. Unfortunately it didn’t go as I had anticipated”

There the end of the emergency has in fact led to a slowdown to which war and inflation have been added, not to mention the fierce competition and the effects of the restrictions imposed by Apple. A mix that has weighed on the accounts in addition to cause stocks to crash on Wall Streetwhere in 2022 they marked a decline of up to 70%

Problems, these, which did not concern only Meta but all companies in the sector: after the pandemic crisis, the war in Ukraine (in the photo) and inflation intervened to make the macroeconomic situation even more complex. Finally the recession is coming slows down investments, causing the sector to lose share

Among the indirect consequences of the coming recession is also the decline in advertising revenue, among the most important sources of revenue for companies in the sector. And so even those who are on the rise have to deal with the new situation: according to what the Post reports, in fact, TikTok has had to reduce its revenue targets of at least $2 billion

Other companies in the sector, such as Microsoft and Apple, are also in difficulty: in this case it is above all that weighs the performance of the real economybetween the coming recession and difficulty in finding some essential components such as microchips

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