Tech layoffs balloon in January as Wall Street rally lifts Alphabet, Meta, Microsoft to records
Publishing timestamp: 2024-01-26 08:30:01
Summary
Tech companies are downsizing and laying off workers at an accelerating pace, with 23,670 workers laid off in January, the highest number since March. Despite this, investors remain bullish on tech, with Nasdaq reaching its highest level since early 2022 and companies like Alphabet, Meta, and Microsoft reaching all-time highs. The layoffs are seen as a cost-cutting measure and a way for companies to become more focused. The surge in layoffs may be due to companies budgeting for the year ahead and investing more heavily in developing AI products. While the layoffs are concerning, some companies have seen positive outcomes from similar cost-cutting measures in the past. The overall economic outlook is improving, with GDP growth and inflation cooling, leading to optimism among corporate leaders.
Sentiment: MIXED
Tickers: MSFT, AMZN, SAP, CRM, C, GOOGL, META, U, EBAY, LEVI,
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