Microsoft will be laying off 10,000 employees and Google will axing 12,000 employees over the coming weeks.
Wesley Hilliard for AppleInsider:
After a surge in hiring during the pandemic, many companies in the tech sector are laying off employees in droves to counterbalance a slowing economy. Even Apple has announced a hiring slowdown as a result, though other companies are taking more drastic measures.
Google and Microsoft have shared that they intend to lay off 12,000 and 10,000 employees, respectively. The companies blame inflation and a return to normal conditions post-COVID.
For Microsoft, this represents about 5% of the company’s total workforce, according to a CNN report. The company will incur a $1.2 billion charge in its second quarter related to severance costs, lease consolidation, and hardware portfolio changes.
Google’s reduction represents about 6% of its total workforce, according to a report from USA Today.
MacDailyNews Take: The responses to COVID-19 teach many lessons including one that some people already knew from the outset: feckless overreactions have long-reaching consequences.
The real virus is the panic. – MacDailyNews, March 9, 2020
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