Amazon the Latest in Huge Tech Layoffs, Just the Start or A Healthy Rationalization?

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    In this down cycle of the economy, more specifically the growth sector technology has been particularly hit. These companies were some of the most to
    [See the full post at: Amazon the Latest in Huge Tech Layoffs, Just the Start or A Healthy Rationalization?]


    Amazon CEO Jassy:
    There will be more role reductions.
    I don’t know exactly how many roles impacted


    HP $HPQ adds to Tech job cuts:
    – To slash up to 12% of its workforce (4,000 to 6,000) with sharp slump in demand for personal computers.
    – Aims to achieve $1.4 billion in annualized cost savings.
    – About $1 billion in upfront costs

    “We think that at this point it’s prudent not to assume that the market will turn during 2023,” Chief Executive Enrique Lores said in an interview.

    HP announced the layoffs as it reported an 11.2% drop in quarterly revenue to $14.8 billion. The company also posted a small net loss for the period, largely reflecting costs from a legal settlement.

    A day earlier, HP rival Dell Technologies Inc. also suggested the lull in PC buying this year would continue after a surge early in the pandemic.

    Dell late Monday reported a 6% drop in overall revenue for the company’s third quarter, including a 17% drop in the unit that includes sales of laptops and desktops to consumers and commercial clients.

    Dell expects revenue from PC sales to fall at an even steeper rate in the fourth quarter from the same period a year earlier, Chief Financial Officer Thomas Sweet said on a Monday earnings call.

    “We expect ongoing global macroeconomic factors, including slowing economic growth, inflation, rising interest rates and currency pressure, to weigh on our customers,” he said.

    The results come a month after data showed that PC demand in October slid at its fastest pace in more than two decades.

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