A rude awakening for the tech industry this year has triggered a slew of layoffs at major companies.
The downturn has sent stocks tumbling and companies reeling. A slew of industry stalwarts have cut a combined tens of thousands of workers in an effort to slash costs.Meta: Cut about 11,000 employeesthat the company would be laying off about 11,000 employees -- an estimated 13% of its workforce.a second consecutive quarter of declining sales last month, as the company contends with a widespread drop in online ad spending and rising competition from TikTok.
"We're restructuring teams to increase our efficiency. But these measures alone won't bring our expenses in line with our revenue growth, so I've also made the hard decision to let people go," he added.Days after Elon Musk acquired Twitter, the company earlier this month began"Today is your last working day at the company," the company said in an email to employees, which ABC News has reviewed.
Musk, who said he overpaid for the platform at the purchasing price of $44 billion, faces pressure to boost the company's profits. Earlier this month, he said the company is losing $4 million each day.Amazon is set to lay off about 10,000 workers, marking the largest job cuts in the company's history and the latest employee losses in a battered tech industry, theThe cuts amount to less than 1% of the company's 1.
The company's stock has fallen about 71% this year, more than double the decline in the tech-heavy Nasdaq index over that period.
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