As Big Tech continues to reel from its massively difficult 2022, some of the sector's biggest names are beginning 2023 by laying off employees by the thousands.
that Big Tech is set up for a better year in 2023, but high interest rates, inflation, a hawkish Fed, and spending slowdowns among both advertisers and consumers have created a storm that's not passing just yet.
Spotify is the latest of Big Tech's sector leaders to lay off workers in droves. To date, tech's biggest names have slashed more than 50,000 jobs. Here's a roundup of major layoffs that have rattled the sector just a few weeks into the new year.Monday that it would lay off 6% of its workforce, which shakes out to about 600 affected employees.
"In a challenging economic environment, efficiency takes on greater importance," Spotify CEO Daniel Ek wrote in a on Monday. "So, in an effort to drive more efficiency, control costs, and speed up decision-making, I have decided to restructure our organization."
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