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WSJ: Tech Layoffs Just Keep Coming - Microsoft, Snap, Zoom, Google, Amazon, eBay, etc.
Posted on 2/6/24 at 12:24 pm
Posted on 2/6/24 at 12:24 pm
quote:
Tech Layoffs Just Keep Coming as Sector Resets for AI
By Sarah E. Needleman and Will Feuer
Feb 6, 2024
Wall Street Journal
The drumbeat of job cuts in the tech industry continued on Tuesday when DocuSign DOCU -3.03%decrease; red down pointing triangle became the latest company to announce layoffs this year, as Silicon Valley signals its intention to keep a grip on costs while pouring more cash into artificial intelligence.
Since cutting tens of thousands of workers in late 2022 and early last year, the tech industry has continued its belt-tightening after years of growth with little restraint. While the popularity of the humanlike AI chatbot ChatGPT served as a bright spot of growth, the industry has been otherwise scaling back.
In the latest wave of reductions, DocuSign said it would cut about 6% of its workforce, or 400 jobs, as the e-signature company looks to bring costs down and reverse its struggling stock price. Last week, identification-software company Okta said it was laying off 400 employees, or about 7% of its workforce. Snap and Zoom this month have also said they are cutting jobs. Google, Amazon.com and others across tech have also moved recently to cut jobs.
quote:
The tech sector cut almost 16,000 workers last month, the most since May 2023, according to Challenger, Gray & Christmas, and was second only to the finance industry for the period.
Pandemic-fueled growth combined with low-interest rates at the time sent companies on a hiring and expansion spree. Since then, borrowing money has become more expensive.
quote:
Some layoffs happen because of common factors such as lost business or duplication from a merger.
Last month, Microsoft said it was letting go of about 8% of its videogaming staff, or roughly 1,900 employees, mainly in response to its October acquisition of Activision Blizzard. Robotic-vacuum maker iRobot started a plan to cut 350 job cuts, representing about 31% of the company’s workforce, after its deal to be acquired by Amazon fell apart.
The online marketplace eBay said it would lay off about 1,000 employees, or 9% of its full-time workforce, as part of efforts to boost performance amid rising competition and softer consumer spending. The language-learning software company Duolingo cut 10% of its contractors and said it would use artificial intelligence to handle some content creation.
Layoffs have hit other sectors of the economy, too. UPS said it would cut 12,000 jobs amid a shipping slowdown. Cosmetics maker Estée Lauder and retailer Macy’s have also said they are reducing staff, and financial companies, including Citigroup and BlackRock, are going through their own layoffs.
Posted on 2/6/24 at 12:25 pm to dewster
This is why I’m sending my boy to trade school
Posted on 2/6/24 at 12:26 pm to NIH
quote:
This is why I’m sending my boy to trade school
Can confirm that my plumber earns a shite load of money.
ETA: Also my HVAC tech
This post was edited on 2/6/24 at 12:27 pm
Posted on 2/6/24 at 12:26 pm to dewster
It's kind of nice to see tech have to bend the knee a little after they became the newest "my job is untouchable and the future" fart sniffers.
Posted on 2/6/24 at 12:27 pm to dewster
AI is coming for our jobs!!!
Posted on 2/6/24 at 12:27 pm to Blutarsky
quote:
Learn to coal mine!
Nah. These little computer soy boys are too stupid to do a trade. That’s why they had to get a computer job
Posted on 2/6/24 at 12:28 pm to dewster
Learn to code...
...Oh shite, we done.
...Oh shite, we done.
Posted on 2/6/24 at 12:28 pm to ipodking
quote:
AI is coming for our jobs!!!
Posted on 2/6/24 at 12:28 pm to goofball
Agreed. The wealthiest guys I know are plumbers and welders. I’m sitting in a cubicle eating wheat thins while they’re taking their ole ladies to Texas Roadhouse and Destin.
Posted on 2/6/24 at 12:28 pm to dewster
DocuSign surprises me slightly.
I guess the real estate slowdown is taking a chunk out of their business.
I guess the real estate slowdown is taking a chunk out of their business.
Posted on 2/6/24 at 12:29 pm to goofball
quote:
Also my HVAC tech
This field is getting over saturated in my area.
Posted on 2/6/24 at 12:30 pm to High C
quote:
This field is getting over saturated in my area.
Saturated with cash and customers in my area.
Landscaping companies are the same way. They are expensive and clearly stretched too thin. Ripe for competition.
Posted on 2/6/24 at 12:32 pm to NIH
quote:
I’m sitting in a cubicle eating wheat thins
Didn’t you have to move to texas just to find a job?
Posted on 2/6/24 at 12:42 pm to ipodking
quote:
AI is coming for our jobs!!!
These guys helped develop their own replacements. That got to sting.
Posted on 2/6/24 at 12:42 pm to el Gaucho
Yep. Was second most ashamed my daddy’s ever been of me
Posted on 2/6/24 at 12:46 pm to dewster
All following the footsteps of the great Elon and Twitter
Posted on 2/6/24 at 12:49 pm to NIH
quote:
This is why I’m sending my boy to trade school
Trying to get my son to look into more hands on trades as well. I know welders that make $150K or more. BIL did underwater welding here in NOLA for many years, made absolute bank, took the money up north and retired.
I'm been a Unix SysAdmin for almost 40 years (because I really enjoy it, even better since it means interacting with almost zero people). But not something I recommend to most everyone.
Long ago reached the conclusion that if I get laid off, that means more time to go fishing. Sad part is my program manager is well aware of my lack of concern and vows to do everything possible to keep me from 'going fishing' for as long as possible.
Posted on 2/6/24 at 12:55 pm to dakarx
Honestly there is probably a lot of very lucrative work in Texas, Oklahoma, and south Louisiana for welders and fabricators. There always seems to be major plant expansions and other big industry hiring sprees going on.
This post was edited on 2/6/24 at 12:56 pm
Posted on 2/6/24 at 1:03 pm to dewster
I used to love programming HVAC in the Johnson Control Metasys system. I missed my calling.
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