Ashley Capoot and Sofia Pitt, CNBC:
Google announced plans to lay off 12,000 people from its workforce Friday, while Microsoft said Wednesday that it’s letting go of 10,000 employees. Amazon also began a fresh round of job cuts that are expected to eliminate more than 18,000 employees and become the largest workforce reduction in the e-retailer’s 28-year history.
The layoffs come in a period of slowing growth, higher interest rates to battle inflation, and fears of a possible recession next year.
All the credit these companies are getting for their severance packages does little to mitigate how awful this is for tens of thousands of people who will be looking for a job, and who often found out they were laid off in cruel ways. But the investor class is happy because of course it is.