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Laid-off Techies Face 'Sense of Impending Doom' With Job Cuts at Highest Since Dot-com Crash
An anonymous reader shares a report: Since the start of the year, more than 50,000 workers have been laid off from over 200 tech companies, according to tracking website Layoffs.fyi. It's a continuation of the predominant theme of 2023, when more than 260,000 workers across nearly 1,200 tech compani...
Wall Street has largely cheered on the cost-cutting, sending many tech stocks to record highs on optimism that spending discipline coupled with efficiency gains from artificial intelligence will lead to rising profits. All told, 2023 was the second-biggest year of cuts on record in the technology sector, behind only the dot-com crash in 2001, according to outplacement firm Challenger, Gray & Christmas. Last month's job cut count was the highest of any February since 2009, when the financial crisis forced companies into cash preservation mode.
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