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Though technology companies announced massive layoffs last year, 2023 is looking much worse, as tech giants including Amazon, Microsoft, Google, IBM, SAP, Salesforce, and Facebook parent company Alphabet announce sweeping jobs cuts.
The problem: Big Tech went on a hiring binge during the pandemic when lockdowns sparked a tech buying spree to support remote work and an uptick in e-commerce, and now they face revenue declines.
It's not only tech giants who are conducting layoffs. Smaller tech firms were also caught up in pandemic-generated hypergrowth and are now suffering the consequences.
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