Microsoft, Google, Meta, other tech companies slash more than 21,000 jobs this year
Microsoft said today it is laying off 1,900 employees. It joins dozens of other tech companies, including Google, Amazon, TikTok and Meta, in slashing tech jobs. It's the latest sign that Silicon Valley is still trying to adjust from the boom times of the pandemic. NPR's Bobby Allyn reports.
So far, in 2024, over 75 tech companies have laid off over 21,000 employees.
The tech industry has been shedding jobs for years now. Last year marked one of the worst in recent memory, with some 260,000 techies losing their jobs. This year isn't expected to be anywhere near that total, but the layoffs haven't stopped. The way executives are defending the continuation of job cuts may sound familiar. And no, it's not AI.
The biggest driver of the recent tech layoffs we've been seeing is still companies trying to correct for their overhiring during the pandemic surge given that the high-interest-rate environment and tech downturn have both lasted longer than initially expected.
Estimates that just about 20% of the job losses in tech have been explained away by artificial intelligence, with tech companies trimming and reshuffling staff and investing more in automation. The big focus is on generative AI, which is the next gold rush in Silicon Valley. And while the economy is improving, sticky inflation and still historically high interest rates are dampening the outlook.
Microsoft said today it is laying off 1,900 employees. It joins dozens of other tech companies, including Google, Amazon, TikTok and Meta, in slashing tech jobs. It's the latest sign that Silicon Valley is still trying to adjust from the boom times of the pandemic. NPR's Bobby Allyn reports.
So far, in 2024, over 75 tech companies have laid off over 21,000 employees.
The tech industry has been shedding jobs for years now. Last year marked one of the worst in recent memory, with some 260,000 techies losing their jobs. This year isn't expected to be anywhere near that total, but the layoffs haven't stopped. The way executives are defending the continuation of job cuts may sound familiar. And no, it's not AI.
The biggest driver of the recent tech layoffs we've been seeing is still companies trying to correct for their overhiring during the pandemic surge given that the high-interest-rate environment and tech downturn have both lasted longer than initially expected.
Estimates that just about 20% of the job losses in tech have been explained away by artificial intelligence, with tech companies trimming and reshuffling staff and investing more in automation. The big focus is on generative AI, which is the next gold rush in Silicon Valley. And while the economy is improving, sticky inflation and still historically high interest rates are dampening the outlook.
Microsoft, Google, Meta, other tech companies slash more than 21,000 jobs this year
Microsoft said today it is laying off 1,900 employees. It joins dozens of other tech companies, including Google, Amazon, TikTok and Meta, in slashing tech jobs. It's the latest sign that Silicon Valley is still trying to adjust from the boom times of the pandemic. NPR's Bobby Allyn reports.
So far, in 2024, over 75 tech companies have laid off over 21,000 employees.
The tech industry has been shedding jobs for years now. Last year marked one of the worst in recent memory, with some 260,000 techies losing their jobs. This year isn't expected to be anywhere near that total, but the layoffs haven't stopped. The way executives are defending the continuation of job cuts may sound familiar. And no, it's not AI.
The biggest driver of the recent tech layoffs we've been seeing is still companies trying to correct for their overhiring during the pandemic surge given that the high-interest-rate environment and tech downturn have both lasted longer than initially expected.
Estimates that just about 20% of the job losses in tech have been explained away by artificial intelligence, with tech companies trimming and reshuffling staff and investing more in automation. The big focus is on generative AI, which is the next gold rush in Silicon Valley. And while the economy is improving, sticky inflation and still historically high interest rates are dampening the outlook.
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