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Tech Titan curbs employment in a “challenge macro environment”

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Amazon has increased employment to handle the surge in online shopping demand during the pandemic, but has found it overstaffed as inflation tightens consumer budgets.

From the e-commerce colossal statue Amazon to social networking star Facebook, once abandoned and growing US tech companies have curtailed hiring to withstand the turbulent times.

Internet giants who saw a business boom during the pandemic were hit by inflation, war, supply line troubles, and people returning to their pre-COVID lifestyle.

Corporate belt tightening was a common theme as major tech companies reported revenues from the first three months of the year.

Facebook parent Meta told analysts that recruitment goals have been adjusted as they look to the bright future.

“We regularly reassess our talent pipeline according to our business needs and slow down growth accordingly in the light of the expense guidance given during this revenue period,” said a Meta spokeswoman. Told AFP.

“But we will continue to increase our workforce to focus on the long-term implications.”

Seattle-based Amazon, the second-largest employer in the United States, has revealed that its rank has skyrocketed with more than double the number of workers in 2019 after it ended last year.

As the spread of the Omicron variant of COVID-19 slowed in the first quarter of this year and workers returned from vacation, Amazon “shifted rapidly from understaffed to overstaffed,” said Brian Orsa, chief financial officer. Mr. Husky told analysts.

Twitter has confirmed that recruitment has been completely suspended and has shown an exit to several senior executives as it faces an acquisition by Elon Musk, the wealthiest person on the planet.

Musk sent a mixed message on Friday about his proposed Twitter acquisition.

Twitter has stopped hiring to see if Elon Musk will buy the company.

In an early morning tweet, Musk said the $ 44 billion acquisition was “temporarily pending” and pending questions about social media companies estimating the number of fake accounts or “bots.” ..

Two hours later, the unpredictable Tesla CEO tweeted, “We’re still working on an acquisition.”

“Our industry is currently in a very difficult macro environment,” Twitter CEO Parag Agrawal said in a tweet on Friday.

“We will not use this transaction as an excuse to avoid making important decisions for the health of our company, nor will we use Twitter readers.”

Rideshare pioneer Uber and CEO Dara Khosrowshahi said “employment is a privilege” according to CNBC’s email to employees.

Big Tech players have avoided budget-driven layoffs, but that’s not the case with the stock trading platforms Robin Hood and Cameo, which sell custom video messages from celebrities.

Robin Hood announced in April that it would cut nearly 350 jobs, about 9% of its workforce. According to the news website The Information, Cameo has recently terminated its 80-employee contract.

The reason behind the cut

There are many reasons to use curbs, freezes and cuts.

For example, Meta is responsible for the tweaks Apple makes to software running popular mobile devices, blocking the collection of user data and targeting ads more effectively.

Uber states that it treats employment as a “privilege” because it is trying to deal with investment losses and get out of the pandemic.

Meanwhile, Uber reported that despite the recovery of its ride-sharing business, it suffered significant losses in the first three months of the year.

According to earnings reports, the loss was almost entirely due to a revaluation of shares in Asia’s Grab and Didi, as well as the US-based self-driving company Aurora.

However, a common factor for many Internet companies was that the active employment that took place during the pandemic’s surge in demand led to over-staffing during the slimmer period.

Terry Kramer, an assistant professor at UCLA Business School, said:

“I believe that a reasonable part of what we’re seeing right now is the normal maturity of technology adoption, where companies can’t / need not keep growing at the same rate.”

Another factor that weighs heavily is inflation, which pushes up overall costs and tightens consumer budgets.

Central banks in the United States are steadily raising interest rates this year, making it more expensive for businesses to borrow money.

On Wall Street, the S & P 500 index, which consists of tech sector equities, has fallen by more than 22% since the beginning of the year, while technology-intensive Nasdaq has fallen slightly overall.

Wedbush analyst Daniel Ives advised investors not to be afraid of a recurrence of the crash of a spectacular dot-com company in the late 1990s.

“This isn’t dot-com bubble 2.0,” Ives said in a note to investors.

“This is a massive overcorrection in a higher rate environment, causing forked tech tapes with what they have and what they don’t.”

Mask sends mixed messages on Twitter trading to put pressure on stocks

2022 AFP

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