Nike Layoffs: The cuts are expected to start on Friday, and a second phase would be completed by the end of the current quarter, Nike Plans to Cut Over 1,600 Jobs or 2% Workforce, know details
Last year, tech giants like Meta, Amazon, Google, and Microsoft laid off employees and saw their stock prices rise. This year, they are making smaller, targeted job cuts while focusing on key products like AI. Smaller tech startups are also slashing jobs to survive. The layoffs are a correction after years of a booming global economy and near-zero interest rates. Tech executives are now admitting to over-hiring during the pandemic. In the first 30 days of 2024, approximately 100 tech companies have seen 25,000 job cuts. Consolidation and cost-cutting are expected to continue in the industry.
After last year s widespread layoffs, the largest firms including Amazon, Google and Microsoft have in recent weeks made smaller, targeted job trims while focusing on fewer projects and shifting resources to key products such as artificial intelligence. Some tech startups such as Flexport, Bolt and Brex have slashed more deeply to stave off potential extinction. The mandate from the top is the same: Do more with less.