Why the tech sector has suffered massive layoffs
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- Опубліковано 22 січ 2024
- Tencent's Riot Games (TCEHY, 0700.HK) announced it will lay off 11% of its staff, about 530 employees. The company joins a list of tech companies that have announced layoffs, bringing the total number to just short of 11,000 in 2024, according to Layoffs.fyi. Layoffs.fyi Creator Roger Lee joins Yahoo Finance to give insight into the recent round of layoffs in the tech sector and what it could mean for the broader labor market. "A lot of the recent layoffs are still about tech companies trying to overcorrect for their overhiring during the pandemic," Lee says. "Given that the high interest rate environment and the tech downturn have both lasted longer than initially expected, companies like Amazon (AMZN) and Google (GOOG, GOOGL) are finding that maybe they didn't cut enough people in last year's large rounds of layoffs so they're going back to the well and continuing to implement smaller, targeted additional layoffs." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note:
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Wait, wait, wait... before I even watch this video, let me guess... "We over hired during the pandemic."
... and also saw what mass layoffs do to your stock price
all rights reserved
Never believe the reason companies state for layoffs. Streamlining and over hiring is just pr garbage. A CEO will never say we're cutting because we're hemorrhaging money due to our bad decisions.
greed is killing America.
envy is not a long term strategy
@@billmoyer3254 greed isn't either.
"...on average, CEOs received more than 344 times the annual average salary of production and nonsupervisory workers in the key industry of their firm" - Statista. And we, or rather Wall Street, likes it, loves it, and wants some more of it.
Did I read that graph right? The number of over all layoffs has dropped to its lowest sense Q2 2022 with its peak back in Q1 2023
If Nobody have a job how Will there havde custemers
11% gone. still have 89 left
I working in tcs .....my project has affected due to this ......as of now 50% of staff in my project is downsized ...and lot of people are in bench .....im somehow luckily still in project
tech companies hired too many useless powerpoint warriors (MBA types) in recent years. They should fire more of these useless middle managers.
Over hired , over fired, over reacted
I hope AI can buy your products and/or services, but we gonna be broken out here baby.
We human are gonna be the species for robot maintenance service or worse: their slaves or pets.
They Will repeat the. Self look at skidrow. Our future
What they don't tell u is Ai engineering jobs are engineering themselves out of employment over next 2 yrs
Just like self driving car jobs paid for training the cars to then layoff those same people permanently 😂
were the companies incentivised to overhire during covid 19????
Fun Fact: Amazon has employed more PhD economists than any company in the world, 2nd only to the US Federal Reserve.
These experts play a crucial role in steering Amazon into becoming the world’s most diversified company, with involvement across various sectors of the US economy. Amazon is renowned for being the most customer-centric company ever and they have the quarterly revenue to show for it.
Any source? I'd like to share it with my studentz
@@manhoosnick just look up “Amazon’s Insatiable Appetite for PhD Economists”
Do computer science courses in the universities teach AI or is there another major to study AI?
You usually have to get a masters degree which is more specialised.
@@phetrusrodrigues8710 Thanks for the info
AI also needs some strong math background so you can always start with math and CS second
@@doords I thought computer science major is mostly about advanced math?
@@containedhurricane Not at the undergraduate level. Your highest math is going to be like linear algebra.
hopefully theyre letting go of all the extraneous staff like bloated product owner teams, bloated marketing and sales, bloated HR, basically most of the employees that benefit from the hard work of the software engineers actually building the thing that drives the business engine. tech still needs hard skills like software engineering, but it doesnt need more managers and trendy product staff. they should go.
wow!
I don't know why Anchor is smiling while talking about layoffs?
Damn shame !
now how will they pay for repair when they crash their tesla
I'm sure all the jobs can be filled by Green Energy and DEI positions ...
Why tech layoff? It is simple . The sale is down . Everything is getting expensive. Even more there is no ending in sight.
I swear CEOs are useless. All of them didn't have the foresight in 2021 that over hiring wasn't sustainable?
How to settle fora job without ping pong tables and free massages🤔
Not true Ai robotics did it
Layoffs will happen in America but not in India
We need you to build my iPhone faster (before I get laid off).
It is happening in India as well
Already happening
@@jaym9846 😂😂
I suspect the AI roles most in demand are those which are linked to embedding AI like technology into existing IT systems. In simple terms developers, architects and BA’s with some AI knowledge. As the term AI can mean a lot of different things and by itself the term is not helpful, you may need to focus on a specific technology which is classed as AI these days. Risk management, analytics, business intelligence, etc. Most useful AI business intelligence solutions most likely reside on a CLOUD based platform, so C, C++, Python, Java, Linux skills may be a good starting point. You can learn this type of stuff by yourself if you have the incentive. Download a Linux distro, like Zorin, load it on an old PC or laptop and start learning. Once you have the basics I would expect you would then need to focus on specific higher level produces used in AI, databases, BI tools, etc. These are normally not free so its hard to teach yourself. A good strategy would to come in at an entry level AI engineering developer role where you will gain access to these products. Customer support tends to be the best entry point.
there u go
There should be reparations for layed-off tech workers.
Nope
but, how get to lambo now?: happiness,in slavery; so - how to get to lambo?..
Risky is the new safe now, running a business is more safe than job this days
the tech sector suffered layoffs.....uhhh no. the people that got laid off suffered layoffs, the c suite folks just bought their fourth vacation home on vancouver island, cash.
You wanna get into AI?😂 better know how to take derivatives and integrals
Statistics and programming too
Usually already learn that in CS lol
Seems like it’s all due to AI and a lesson learned from Elon Musk
answer is no more cheap low/zero interest dollars, over hiring
Tips for Roger: 1. Look into the camera. Or place the camera lower so even if you're looking at the reporter it looks like you're looking into the camera. 2. Situate your desk so that the pictures on the wall are not at an angle. We're staring at the butt of the baseball player. 3. Maybe use a different, darker shade of red for your accent wall.
For Yahoo Finance: 175 employees/company in January isn't really that bad, considering the companies at least let their employees have the holidays (but sucks no matter what, but there's a natural bell curve of performers and it's unlikely they'd lay off the high performers). What these reports should really do is follow a select number of these laid off employees to understand their next steps over time -- how long did it take them to find new employment, and where (same job, same industry, etc.), or did they remove themselves from the employment pool, or other. THAT would be a real indicator on how the job market is. Just reporting the 200k layoffs in the tech sector because of the overhearing during the pandemic doesn't really give you a comparison -- how many did they actually overhire? If 500k, then 200k is not really unexpected.
According to Tom-Lee-conomics, these are all indicators for the SP500 to hit 5500 this quarter. 😂
maybe rename the channel to Greater Mongolia Finance ?
Too many work from home people aren’t doing the job. That’s why. They’re shopping online, at Target, at the gym, the park, whatever…all on the clock. We wonder why iOS updates are crappy?!
Oh stop it boomer. I work from home and I’m very productive
@@qwerty1994ize boomer? I’m a millennial lmao
Ai robotics
europeans have rights to the tech companies
All these kind of layoff news in software sector are completely false,,, majority of Indian IT employees are receiving tremendous salary packages and enjoying a rich luxurious life.
AI is temporary!!
The anchor is smiling as if announcing a good news. How dumb are these anchors? They don't even know what they are reading off the teleprompter.
Good job to those Ai engineers developing tech that will make most jobs reduntant someday, including them lol 😂😂😂 Greedy corporate America 🤮
Go get a real job building houses
Those jobs will also get replaced by AI. The construction companies just need cheaper energy sources to replace human workers, which could be possible with space-based solar panel technology
Who will build houses without having any jobs uf no infra who will employ all those workers everything is related specially in India a lot of real estate is developing due to IT
The latest prefab homes made in the factory are not our father's modular prefab homes. They will dominate so we won't need home builders. But yes your general point is correct. Blue collar jobs are less affected by AI than white collar for sure and esp right now.
Keep voting Democrat keep voting biden.
There's no other sane option. Sorry I refuse to co-sign christofascism from your side.
Bidenomics!
Trump2024