The future for big tech has a long way to go

Some SME predicts they'll be about another 100k layoffs this year. Read this: Big tech has been bleeding jobs for a few years now, after overspending and overhiring during the COVID-19 pandemic in anticipation of profits that never materialized. Amazon is cutting hundreds of employees at its Prime Video and MGM Studios and Audible divisions. And live-streaming platform Twitch (also owned by Amazon) is downsizing staff by 35% in order to “rightsize” the company. Google also recently laid off hundreds of employees working on core engineering, the Google Assistant product and hardware like the Pixel phone and Fitbit watches, in order to “responsibly” invest in the company’s “biggest priorities and the significant opportunities ahead.” And language app Duolingo reportedly cut 10% of its contract workers in a move toward using more artificial intelligence for generating content. Kayes, who predicts the industry could see around 100,000 layoffs throughout the year, says the industry is going through a correction and looking for ways to cut costs and maintain profit margins. “Companies like Google and Amazon, to some degree, they're struggling to redefine their business model,” Kayes explains. “The old ways of business are not working like they once did and they just can't grow at the pace that they did, say over the last decade.” Kayes offers Google as an example, as like many users, he's found the search engine has become increasingly inundated with advertisements. “They're really trying to figure out how they can squeeze every advertising dollar onto the eyeballs on the screen — and that, to me, says that the old business model … is no longer working and sustainable.” #google #amazon #duolingo Are big tech layoffs going to be worse this year?