The Blubber

Per Yahoo Finance

Goldman Sachs chief economist Jan Hatzius denies the notion that big tech layoffs are a sign of an impending recession. In a note to clients, Hatzius shared their standing on the big tech layoffs.

Hatzius: "Tech layoffs are not a sign of an impending recession,"

A post by Crunchbase shared the major tech layoffs that happened in 2022. While it was unclear as to how many workers some companies laid off, other major companies let go of over at least a thousand workers.

Here are some of the top companies and how many workers they laid off.

• Twillo - let go of 17% of its workforce - 1,500 employees laid off
• Yahoo - let go of 20% of its workforce - 1,600 employees laid off
• Zoom - let go of 15% of its workforce - 1,300 employees laid off
• Dell  - let go of 5% of its workforce - 6,650 employees laid off
• PayPal - let go of 7% of its workforce - 2,000 employees laid off
• SAP - let go of 3% of its workforce - 3,000 employees laid off
• IBM - let go of 2% of its workforce - 3,900 employees laid off
• Vacasa  - let go of 17% of its workforce - 1,300 employees laid off
• Microsoft - let go of 5% of its workforce - 10,000 employees laid off
• Alphabet - let go of an unspecified percentage of its workforce - 12,000 employees laid off
• Better  - let go of 33% of its workforce - 3,000 employees laid off
• Cisco - let go of 5% of its workforce - 4,100 employees laid off
• Salesforce  - let go of 10% of its workforce - 8,000 employees laid off

We published a report to see the correlation between how tech layoffs affected stocks. The data showed almost 120,000 people were laid off in the tech industries throughout 2022.

The layoffs have reportedly been costly for different companies. Meta, for example, spent almost $1 billion in Q4 to lay off its employees.

See flow at unusualwhales.com/flow.

Other News:

• How have tech layoffs affected stocks? A quick look at the data.
• Meta spent almost a billion in Q4 just to layoff its employees

Resources:

Yahoo Finance

Crunchbase