Tech companies are reportedly cutting down on chip manufacturing orders to TSMC due to economic slowdown and lower chip demand worldwide. The trend will continue to be seen until Q1 2023.
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E-commerce giant Amazon is planning to lay off around 10,000 employees in corporate and technology jobs as soon as this week. The job cuts will affect people in Amazon's devices org, including Alexa.
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Meta has reportedly killed off its Portal display business completely instead of repositioning it as an enterprise category. Investment is being winded down on its smartwatch project too.
Elon Musk has asked Twitter employees to brace for a difficult time ahead due to economic turmoil, while also permanently banning remote work much like his other companies SpaceX and Tesla.
Meta has announced that it will be laying off more than 11,000 of its employees. The mass layoffs are part of the company's transition to become a leaner and more efficient company.
Meta and Google have so far avoided reducing their workforce. Instead of announcing layoffs, these tech giants are restructuring their departments and asking employees to join active projects.
Anonymous Accenture representatives have told Facebook contractors that they will have to let go of their work on the 2nd of September, with the option to reapply and no guarantee of being rehired.
