Microsoft, Amazon To Lay Off Thousands Due To Possible Recession
Microsoft, Amazon To Lay Off Thousands Due To Possible Recession
The first month of 2023 has been rocky for the tech industry to say the least, and unfortunately, it seems that the situation is not getting any better. Many corporations are in the midst of conducting mass layoffs, with tech giants such as Microsoft and Amazon facing tough decisions ahead.
Microsoft has announced that it plans to lay off as much as 5% of its workforce, with chief executive Satya Nadella sharing with Reuters that the company is exercising caution during these tough economic times. "Some parts of the world are in a recession and other parts are anticipating one," he said. Microsoft had 221,000 full-time employees by the end of June 2022, which was a 22% increase in staff from the year before. Now, such growth will be counteracted by a substantial drop in staffing that is to be expected this year.
Amazon continues to hold the top spot for the most lay-offs yet at 18,000. Doug Herrington, the chief of retail, wrote in a memo this week explaining that expansions during the Covid era were one of the main reasons for the current setbacks.
Wikipedia
“During Covid, our first priority was scaling to meet the needs of our customers while ensuring the safety of our employees. I’m incredibly proud of this team’s work during this period,” he said. “Although other companies might have balked at the short-term economics, we prioritized investing for customers and employees during these unprecedented times.”
So far this year, both companies have let go of a combined 28,000 employees, and that number is still expected to grow. Given the current trend, it's possible that such a number could surpass that seen in November 2022, when the tech industry saw upwards of 50,000 layoffs due to the ongoing economic downturn.
According to various reports, Microsoft, Amazon, and their contemporaries have resorted to layoffs due to unstable macroeconomic conditions and the possibility of a future recession.
Sources: 1, 2, 3
READ MORE
The first sign was a damp patch that wouldn’t stop spreading, and suddenly the whole place felt upside down. Fixing the damage was the easy part. Figuring out who’s actually financially responsible became the part no one warns you about.
You can cut a few expenses without much trouble, but dropping health coverage rarely works out that way because many people who cancel a policy to save money end up facing a medical bill that hits harder than the injury itself.
A broken leg changes the math immediately, and the real question becomes how the costs unfold without active coverage. Understanding what happens next gives you a clear view of your options, what you’ll owe, and how quickly costs can climb.
In 2013, Red Bull was hit by a class action lawsuit that challenged the brand’s claims of boosting mental and physical performance.
Your dad left equal shares of the estate to all the siblings, but your sister wants a larger share because she feels she did more for him in his last days. We look at how to navigate this delicate situation.
That sinking feeling in your stomach right now is real. Your palms warm up, your chest tightens a little, and the number 84 sits in your mind like a blinking warning light. The kicker to this whole story is that many people chased fast gains during meme-stock surges and watched their savings evaporate.
But there is an evident silver lining because you’re not frozen in place. There are steps that pull you out of the panic spiral and into something steadier. Here’s the breakdown on how to rebuild this from the ground up, so you know exactly where to move next.
The world of Pokémon card collecting has grown from a childhood hobby into a high-stakes game for serious collectors, investors, and nostalgic fans alike. From one-of-a-kind tournament trophies to mysterious misprints and elusive promos, these cards are the crown jewels of the Pokémon Trading Card Game.
Disclaimer
The information on MoneyMade.com is intended to support financial literacy and should not be considered tax or legal advice. It is not meant to serve as a forecast, research report, or investment recommendation, nor should it be taken as an offer or solicitation to buy or sell any securities or adopt any particular investment strategy. All financial, tax, and legal decisions should be made with the help of a qualified professional. We do not guarantee the accuracy, timeliness, or outcomes associated with the use of this content.
Dear reader,
It’s true what they say: money makes the world go round. In order to succeed in this life, you need to have a good grasp of key financial concepts. That’s where Moneymade comes in. Our mission is to provide you with the best financial advice and information to help you navigate this ever-changing world. Sometimes, generating wealth just requires common sense. Don’t max out your credit card if you can’t afford the interest payments. Don’t overspend on Christmas shopping. When ordering gifts on Amazon, make sure you factor in taxes and shipping costs. If you need a new car, consider a model that’s easy to repair instead of an expensive BMW or Mercedes. Sometimes you dream vacation to Hawaii or the Bahamas just isn’t in the budget, but there may be more affordable all-inclusive hotels if you know where to look.
Looking for a new home? Make sure you get a mortgage rate that works for you. That means understanding the difference between fixed and variable interest rates. Whether you’re looking to learn how to make money, save money, or invest your money, our well-researched and insightful content will set you on the path to financial success. Passionate about mortgage rates, real estate, investing, saving, or anything money-related? Looking to learn how to generate wealth? Improve your life today with Moneymade. If you have any feedback for the MoneyMade team, please reach out to [email protected]. Thanks for your help!
Warmest regards,
The Moneymade team
