Thread: Biden’s economy: Major companies continue to lay off thousands of workers as recessio

Biden’s economy: Major companies continue to lay off thousands of workers as recession worsens

Tuesday, January 24, 2023 by: JD Heyes
Tags: Alphabet, Biden economy, Bubble, Collapse, democrats, dollar demise, economic riot, Facebook, Google, hypocrisy, Inflation, Joe Biden, layoffs, Left-wing, mainstream media, market crash, Media Lies, recession, risk, Salesforce, tech jobs, tech sector
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(Natural News) The Democratic left’s grotesque hypocrisy continues to be exposed the longer Joe Biden’s disastrous presidency lasts.
The deep state-aligned ‘Justice’ Department only cracks down on conservatives; Biden’s document scandal is getting worse without much of a mention in the Democrat-aligned press; two quarters of negative growth is no longer considered the telltale sign of a recession; and now Biden’s tanking economy has led to a massive increase in layoffs by major companies, which would have been top-of-the-hour news for weeks on end if a Republican president were in the White House.
As reported by Fox Business, “large companies across various sectors are laying off workers at staggering rates, putting the state of the economy in question.”
The outlet continues:
Among the latest announcements is Microsoft, which said Wednesday the company plans to cut 10,000 workers after shares of Microsoft fell more than 20% during the past 12 months.
An even bigger round of layoffs went into effect this week at Amazon after CEO Andy Jassy announced this month that roughly 18,000 workers would be let go, mainly from the retail division and PXT (People Experience and Technology), which deals with human resources and other matters.
“Amazon has weathered uncertain and difficult economies in the past, and we will continue to do so,” Jassy wrote in a blog post on Jan. 4. “These changes will help us pursue our long-term opportunities with a stronger cost structure.”
The downsizing trend is actually months old. Facebook parent company Meta noted in November that 11,000 jobs were on the chopping block as the company also implemented a hiring freeze for the first quarter of 2023.
“I want to take accountability for these decisions and for how we got here,” CEO Mark Zuckerberg said at the time. “I know this is tough for everyone, and I’m especially sorry to those impacted.”
Zuckerberg also pointed to the aftermath of the Wuhan coronavirus (COVID-19) lockdowns. According to him, the public health mandate triggered a surge in e-commerce activity – leading him to project a bigger-than-expected growth in revenue.
“Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected.”
Other reports, meanwhile, honed in on the company’s heavy investment in the Metaverse that utilizes virtual reality and augmented reality headsets. The endeavor has cost Meta $9.4 billion for 2022 alone, with the company anticipating that losses “will grow significantly year-over-year.”
The Meta CEO noted in a call with analysts that the company plans to “focus investments on a small number of high-priority growth areas” this year.
“That means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. In aggregate, we expect to end 2023 as either roughly the same size or even a slightly smaller organization than we are today,” he added.
But there has been more hemorrhaging of jobs, especially in the tech sector. Alphabet, Google’s parent company, has slashed 15 percent of the staff at health sciences division Verily, which impacted 200 jobs. In an email to employees last week, CEO Stephen Gillett noted that the staff reduction means work will stop on the Verily Value Suite medical software and other products that were early in their developmental stages, according to The Wall Street Journal.
Twitter, Salesforce and others were laying off as the end of 2022 approached. Around 100,000 employees have lost their jobs since the beginning of last year, including 20,300 employees in November alone.
Despite the layoffs, the White House tweeted an Orwellian message, saying, remarkably, that is cause for “optimism” when it comes to the economy. In addition, the post featured an image of an “Economic To-Do List,” which included the items “Create good jobs” and “Keep a strong job market.”



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President Biden is building an economy from the bottom up and the middle out – with more reasons for optimism this year.



12:00 PM · Jan 19, 2023

Sources include:
FoxBusiness.com
CNBC.com

Biden’s economy: Major companies continue to lay off thousands of workers as recession worsens – NaturalNews.com

IBM announces 3,900 layoffs as Big Tech financial struggles continue

Friday, January 27, 2023 by: Cassie B.
Tags: Big Tech, Bubble, Collapse, debt bomb, debt collapse, economic collapse, economic riot, economy, finance riot, IBM, layoffs, market crash, money supply, risk, tech giants, technocrats

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(Natural News) The latest company to join the Big Tech mass firing trend is IBM, who has cut nearly 4,000 jobs after missing its annual cash target.
This week, the computer company announced that it would be laying off 3,900 individuals, which amounts to around 1.5 percent of its workforce. These cuts are estimated to lead to a $300 million charge during the January to March period.
Although it sounds like a very large cut, the fact that the company’s shares fell 2 percent following the news prompted some analysts to conclude that investors wanted to see bigger cost-cutting measures.
Investing.com Senior Analyst Jesse Cohen said: “It seems as if the market is disappointed by the size of its announced job cuts, which only amounted to 1.5 percent of its workforce.”
The company’s cash flow for 2022 was $9.3 billion, which was well below its $10 billion target and stemmed from working capital needs that were higher than expected. In addition, their forecasted annual revenue growth fell below the 12 percent that was reported last year.
IBM has seen its software and consulting business’s growth slowing down, although there were some positive movements in cloud spending, with its hybrid cloud revenue climbing 2 percent during the quarter that ended on December 31.
However, a spokesperson for IBM told CNN that the cuts were related to the reorganization of two business units and were “not an action based on 2022 performance or 2023 expectations.” The affected units were their IT infrastructure services business Kyndryl and their healthcare analytics business, which is being acquired by an investment firm.
IBM CEO Arvind Krishna noted that the company’s lack of a consumer business gives them confidence, saying that most of their clients expect to “emerge stronger.”
“So I think, consequently, we might be seeing a little bit different subset of the economy than those who might have a large direct exposure to a consumer business,” he noted.
IBM joins other Big Tech names in laying off thousands of workers

The layoffs at IBM are just the latest in a series of similar announcements from major tech firms like Microsoft, Google and Amazon. Earlier this week, the music streaming service Spotify announced that it would be culling 6 percent of staff, which amounted to 600 jobs, as its advertisers reduce their spending. The move will see them take on $38 million in charges related to severance.
Earlier this month, Microsoft began laying off 10,000 employees in the face of the current economic climate and slowing customer demand. These layoffs impacted 5 percent of the company’s global workforce and followed a previous round of layoffs that affected 1000 employees across different divisions last year.
CEO Satya Nadella wrote in a company memo: “We’re also seeing organizations in every industry and geography exercise caution as some parts of the world are in a recession and other parts are anticipating one.”
Last week, Alphabet, the parent company of Google, announced that it would be cutting 12,000 jobs in a brutal round of layoffs that are expected to affect its engineering, products and recruiting teams.
Retail giant Amazon, meanwhile, announced layoffs that will affect more than 18,000 jobs at the company, and Facebook parent company Meta said it would be cutting more than 11,000 employees, or 13 percent of its workforce, last November in the face of rising costs and a weak advertising market.
Rideshare firm Lyft recently laid off 13 percent of its workforce, while cloud software company Salesforce cut 10 percent of its workforce, which amounted to 8,000 workers, due in part to over-hiring during the pandemic.
Apple is one of the few tech companies that has yet to announce major layoffs, but their CEO, Tim Cook, announced that they have been slowing their hiring.
Sources for this article include:
DailyMail.co.uk
Edition.CNN.com

IBM announces 3,900 layoffs as Big Tech financial struggles continue – NaturalNews.com