Snap layoffs follow Big Tech and everyone else: Morning Brief

[edjr 6,579]

https://finance.yahoo.com/news/snap-layoffs-follow-big-tech-and-everyone-else-morning-brief-110010545.html

Quote

 

Snap (SNAP) on Monday became the latest tech company to announce layoffs, cutting 10% of its staff "to ensure we have the capacity to invest incrementally to support our growth over time." This followed the company's 2022 decision to cut 20% of its staff, in addition to smaller cuts last year.

And in doing so, Snap made the easiest decision available to every tech company today — trim head count, cut costs, and frame it as offering flexibility to invest tomorrow.

This logic invoked by Snap and so many others during head count reductions holds water because it is plainly true. The tech industry at large underwent an enormous hiring binge during the pandemic, and many dynamics these investments were designed to target have either cooled off or never materialized.

Cutting costs to ensure future flexibility, by this logic, just makes business sense. According to data from layoffs.fyi, job cuts in the tech industry this year now total more than 32,000, with giants ranging from Microsoft (MSFT) to PayPal (PYPL) and eBay (EBAY) all participating.

 

Everything is fine. No need to worry. 

[DonS 3,292]

But when these folks start working 2 menial jobs to make rent it will be a net win for job creation!!!! 

[weepaws 3,158]

The government plan. 

[edjr 6,579]

10 minutes ago, DonS said:

But when these folks start working 2 menial jobs to make rent it will be a net win for job creation!!!! 

2 x 20 = 40  

[TimHauck 2,655]

Ed still hoping for the housing market to crash I see

[Maximum Overkill 1,840]

Wait, the economy is doing very well under The Biden Administration

[edjr 6,579]

6 minutes ago, TimHauck said:

Ed still hoping for the housing market to crash I see

We looked at this Saturday.

https://www.redfin.com/MA/Gloucester/6-Beacon-St-01930/home/11287515

It will go for over asking  

[weepaws 3,158]

29 minutes ago, Maximum Overkill said:

Wait, the economy is doing very well under The Biden Administration

For everyone that’s not homeless, jobless, and can’t eat or afford clothing, everyone else is find.