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LAYOFFS AREN’T A GOOD LOOK FOR BIG TECH’S GROWTH STORY
META PLATFORMS, TWITTER AND OTHER TECH COMPANIES HAVE SHOWN THEY ARE
ECONOMICALLY SENSITIVE, PUNCTURING THE MYTH OF ‘PERMANENT ACCELERATION’
META WAS ONE OF COMPANIES WHOSE ONLINE-BUSINESS BOOM SPARKED BY COVID LED IT TO
EXTRAPOLATE STRONG GROWTH TRAJECTORIES.
Photo: Paul Yeung/Bloomberg News
By
Justin Lahart and
Laura Forman
Nov. 10, 2022 7:00 am ET
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The long list of Big Tech companies laying people off surely says something
about the current state of the economy, but it might tell us more about the
sector’s prospects: Investors probably need to look elsewhere for growth.
In its first broad reductions in the company’s 18-year history, Facebook parent
Meta Platforms on Wednesday said it would cut more than 11,000 workers, or 13%
of its staff. Business software company Salesforce also started dismissing some
employees this week. Marking one of his first moves since taking the company
over, Elon Musk axed about half of Twitter’s workforce last week, while
ride-hailing company Lyft , payments company Stripe and iBuyer Opendoor
Technologies also just announced major reductions. Those followed a dizzying
list of earlier announcements from Netflix, Shopify, Tesla, Snap, Compass,
Peloton, Twilio and more. Meanwhile, Amazon.com has said it would freeze
corporate hiring for months, and Alphabet ’s Google has asked some employees to
apply for new jobs to remain at the company.
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