May 2023 has started poorly for the tech industry, with companies like Panasonic and Match Group announcing job layoffs. Panasonic plans to cut about 10,000 jobs, roughly 4% of its workforce, to pivot towards growth areas such as AI. CEO Yuki Kusumi expressed regret over these cuts, stating they are necessary for future growth. Meanwhile, Match Group, facing shifts in user engagement among younger generations, announced it would reduce its workforce by 13% under new CEO Spencer Rascof, indicating a need for improvement in user experience rather than just metrics.
"If we don't make drastic cuts to our fixed cost structure, we won't be able to chase growth again." - Yuki Kusumi, Panasonic CEO.
"Too often, our apps have felt like a numbers game rather than a place to build real connections." - Spencer Rascoff, Match Group CEO.
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