After a massive growth spurt, big tech is cutting jobs
- IBM: Profits fell in the most recent quarter at the technology and consulting company, but it said the 3,900 job cuts announced in late January were due to earlier sale of parts of its business.
- Large and small tech companies went on a hiring spree in over the past several years due to a demand for their products, software and services surged with millions of people working remotely.
- Here’s a look at some of the companies that have announced layoffs so far.Dell: The computer maker reduced its payroll by 5%, or about 6,600 jobs, saying that the steps it’s taken to stay ahead of eroding market conditions are no longer enough.
- However, even with all of the layoffs announced this year, most tech companies are still vastly larger than they were three years ago.
- Profits have slipped over the past two quarters at the company, which employed about 133,000 people at the start of last year.
- Snap: The parent company of social media platform Snapchat said that it was letting go of 20% of its staff.
The tech industry started the year with a wave of job cuts, around 50,000 in January alone, and there doesnt appear to be any let up this month. The computer maker Dell said Monday that its cutting [+3380 chars]