Microsoft has joined other big tech companies in slowing global hiring and cutting costs to reflect the global economic slowdown. Google CEO Sundar Pichai told employees to expect a slowdown in hiring for the rest of 2022.
Andy Jassy, CEO of Amazon assured that Amazon belt tightening due to economic uncertainty, but will continue to invest in long-term bets. “Of course, none of us know for sure what’s going to happen, but there are a lot of signs that we’re in for a tough economic situation. I don’t know how long it’s going to last, but one of the things we’re thinking about and have decided is that we are going to be more agile with our expansion in 2023,” he said.
A year ago around this time, the sector was euphoric. Tech stocks soared. The number of employees at many large companies had nearly doubled since the start of the pandemic.
However, with persistent inflation and the hawkish attitude of the Federal Reserve, the economic outlook has been seriously deteriorating. Many economists and business leaders are now forecasting a crisis looming; the big question is how deep it will be. According to analysts, the technological ones that will be most affected will be those associated with consumption.
Source: Ambito
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