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Tech Companies Are Tightening Their Belts and Laying Off Staff

By Fortune

November 4, 2022

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Many tech giants froze hiring or cut departments earlier this year to rein in costs, but some of the tech industry's biggest firms are finding that they now need to take more dramatic steps to trim expenses.

Amazon said Thursday that it would pause adding new corporate workers, citing an "uncertain" economy and its hiring boom in recent years. Lyft is going further: It will eliminate 13% of staff, or around 683 people. Even Apple Inc. is slowing spending.

Twitter's cutbacks are under particular scrutiny as new owner Elon Musk shakes up the social-networking business and pares roughly half its jobs. Intel, Seagate, Stripe, and Galaxy Digital are also cutting jobs.

Broadly, Challenger, Gray & Christmas said that job-cut announcements were up 48% year-over-year in October, with more layoffs "on the way."

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