Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Tech stocks headed for ‘bloodbath’ in 2023, more ‘job threats’ expected
- Amid wave of industry layoffs, mega cap tech like Amazon, Microsoft, Apple, and Alphabet extend losses into New Year
- In an interview with FOX Business on Friday, Eric Schiffer, CEO of the private equity firm, The Patriarch Organization, said: “Because tech is so oversold, there might be potential exits for a limited short-term bear rally, but there is a danger facing shareholders.”
- “Shareholders should brace themselves for a deeper brutal tech bloodbath driven by the Fed and its ‘Terminator’ like mission to raise rates and wipe out inflation,” he warned. “Many tech companies will enact job carnage in the first quarter, with Salesforce and Amazon just the start.”
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Silicon Valley layoffs go from bad to worse
- Amazon is cutting more than 18,000 jobs, nearly double the 10,000 that had previously been reported and marking the highest absolute number of layoffs of any tech company in the recent downturn.
- Cloud-computing company Salesforce said it was axing about 10% of its staff – a figure that easily amounts to thousands of workers
- Video-sharing outlet Vimeo said it was cutting 11% of its workforce.
- The following day, digital fashion platform Stitch Fix said it planned to cut 20% of its salaried staff, after having cut 15% of its salaried staff last year.
- According to Challenger, Gray & Christmas, tech layoffs “were up 649% in 2022”
- Heading into 2023, recession fears and economic uncertainties are still weighing heavily on consumers and policymakers’ minds, and interest rate hikes are expected to continue
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Tech industry has been laying off workers at fastest pace since the pandemic – with more than 150,000 jobs being cut in 2022 as companies like Meta and Amazon rein in costs
- Tech-driven companies are embarking on a layoff spree the likes of which not seen since the pandemic, a new report has revealed – laying off more than 150,000 workers within the course of a year.
- The worst offenders , the website discerned, were once-untouchable tech stalwarts Facebook parent Meta and Amazon, which both suffered heavy loses
- According to the report, the two hardest hit sections of the industry were in consumer and retail, which combined for nearly a third of all tech layoffs last year, with roughly 40,000
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- ‘The mood is really grim’: Washington Post staffers livid at publisher Fred Ryan after layoff announcement
- Of course, the news of the layoffs comes amid a horrible backdrop for the media industry at large. In recent weeks, CNN has laid off hundreds of staffers, Gannett has cut 200 staffers, NPR has said it needs to find $10 million in savings, and other organizations have implemented moves to slash costs.
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- PepsiCo layoffs point to corporate belt-tightening extending beyond big tech
- In a memo obtained by the Wall Street Journal, the company that markets everything from Lay’s potato chips and Quaker Oats to Gatorade energy drinks told staff that cuts would disproportionately hit its beverages business as snacks already undertook a number of redundancies.
- Hundreds of jobs will be eliminated, one of the people told the Journal, with company sites in Purchase, N.Y., Chicago and Plano, Texas, likely to be most affected.
- The layoffs while relatively small are notable in that recent headline-grabbing examples of corporate belt-tightening thus far affected chiefly the tech sector and digital asset firms.
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Job cuts surge 127% in November as companies brace for economic downturn
- Employers announced plans to cut 320,000 jobs this year, analysis shows
- Companies announced 76,835 job cuts in November, led by the technology sector, the analysis showed. That is 417% higher than the same time one year ago.
- Amazon, Apple, DoorDash, Meta, Morgan Stanley, Lyft and Twitter are among the companies either implementing hiring freezes or letting workers go as the Federal Reserve moves to raise interest rates at the fastest pace in decades in order to combat inflation.
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Gannett announces layoffs in its news division, citing a ‘news cost base’ that is too high
- Gannett, the owner of USA TODAY and local news operations in 45 states, announced Thursday another round of job cuts in the company’s news division after a third-quarter loss and an earlier series of cost-cutting measures.
- The company, which plans to cut 6% of its estimated 3,440 staff in the news division, will notify affected employees on Dec. 1 and 2.
- Earlier this month, Gannett announced a third-quarter net loss of $54.1 million as revenues fell. The latest quarterly loss compared with a net income of $14.7 million in the same period a year earlier. Gannett also forecast a total net loss of $60 million to $70 million for the year.
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Revelations 18:23 ‘For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- 50% of employers expect job cuts, survey finds. Here’s how to prepare for a potential layoff
- 50% of firms anticipate a reduction in overall headcount in the next 6 to 12 months, according to a PwC survey.
- Best Buy, Ford Motor, HBO Max, Peloton, Shopify, Re/Max, Walmart and Wayfair are among the firms that have announced layoffs in recent weeks.
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Revelations 18:2 ‘’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.
Important Takeaways:
- 50% of employers expect job cuts, survey finds. Here’s how to prepare for a potential layoff
- Best Buy, Ford Motor, HBO Max, Peloton, Shopify, Re/Max, Walmart and Wayfair are among the firms that have announced layoffs in recent weeks.
- 50% of firms anticipate a reduction in overall headcount in the next six to 12 months, according to a PwC survey.
- There are some steps workers worried about job cuts can do to prepare, according to employment and financial experts.
- “They’re focusing on what they can control,” Sethi said of employers. “They’re dealing with geopolitics, supply-chain issues, inflation, war in Ukraine, all these factors for which they have to determine what their strategies are.”
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Electric truck maker Rivian laying off 6% of its workforce
- Rivian, the Amazon-backed manufacturer of electric pickups, SUVs and delivery vans, is laying off about 6% of its workforce as the company adjusts as the “world has dramatically changed,” according to an email sent by CEO RJ Scaringe to Rivian’s roughly 14,000 employees.
- About 840 of those employees were told Wednesday that they will be leaving the company.
- Scaringe pointed to inflation, rising interest rates and increased commodity prices as factors that led the startup automaker to trim its workforce.
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