🔒 Why Are Tech Companies Laying Off So Many Workers?

TL;DR

Key takeaways - Layoffs have been sweeping the tech sector, including big names like Meta, Amazon, Shopify and Netflix.It would probably be quicker to list the companies that haven’t laid off workers this year, but the ones that have include many other big names like Uber, Airbnb, Zillow, Coinbase, Netflix, Spotify, Peloton, Shopify, Stripe and Robinhood.Netflix, Amazon Prime and the other myriad streaming services took the places of not just the cinema but also nights out at restaurants, work day lunch breaks and date nights.They pulled in record levels of revenue, which created record profits and fueled a hiring frenzy that drove big salaries and benefits for engineers, developers and other tech workers.Since the world has returned back to (pretty much) normal, it’s clear that the vision of the future from CEO’s like Mark Zuckerberg and Brian Armstrong (of Coinbase) wasn’t quite on the money."

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