Despite major tech companies like Amazon, Microsoft, and Meta making substantial profits, they are undergoing massive layoffs totaling tens of thousands of employees. This apparent contradiction highlights a significant shift in workforce demands, influenced significantly by the rise of automation and AI which reduces the need for mid-level engineering roles. Furthermore, tepid forward guidance from these firms suggests that additional layoffs may be forthcoming as they prioritize efficiency and operational margins in a challenging economic climate.
You would think the tech industry was doing well if you looked at the stock prices until recently, earnings, tech earnings for the most part have been above average, but they, for some reason, they're shedding employees.
It makes you wonder if things are going so good. Why are they having these big layoffs? And clearly it's because products paid. And ideas.
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