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Prominent technology companies, including Google, Amazon, Snap, and Zillow, have recently announced a new round of layoffs as part of their ongoing workforce reduction efforts. Analysts suggest that these layoffs are a response to the companies evaluating their financial performance amidst an uncertain economic outlook.
The tech industry has been witnessing a significant wave of aggressive layoffs, although the exact number of job cuts by Google and Amazon in this round remains undisclosed. The ongoing impact of the pandemic is widely believed to be a major contributing factor to these decisions. In addition to the pandemic, economic shifts such as inflation and fluctuating interest rates are playing a role in the job cuts. Google has experienced five rounds of job cuts since September, while its parent company, Alphabet, has gone through three rounds. Amazon's recent layoffs are affecting employees across Europe, Latin America, and North America, while Snap and Zillow are reducing their workforce by approximately two dozen employees.
Talking with KTVU, Abby Raisz from the Bay Area Council Economic Institute highlights the influence of high-interest rates on companies' cost-cutting decisions. These decisions, in turn, hamper economic growth and limit the need for hiring or retaining additional personnel. While economic factors are significant, it should also be noted that some layoffs may not solely result from financial issues. Companies sometimes choose to cut jobs associated with divisions or projects that are no longer viable or sustainable.
Speaking of job cuts, Telltale Games, a studio well-known for narrative adventure games like The Expanse and the upcoming The Wolf Among Us 2, recently laid off a large number of its employees. The same thing happened to Bungie, which let go 8% of its 1200 employees, and Zen Studios – half of its workforce.
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