Tough economic times have apparently begun to have effect on the Big Tech companies. Facebook has announced that it would freeze new corporate hires. The uncertain economic environment has cast even darker shadow in light of possible mass layoffs in Twitter, now acquired by Elon Musk for USD 44 billion.
Media reports said that Musk is preparing to eliminate thousands of jobs as early as Friday in an attempt to find ways to help pay for the massive buyout.
“Amazon’s hiring freeze sends a clear and unfortunate signal that the mood music of the retail and consumer economy is shifting,” said GlobalData managing director Neil Saunders.
“The heady days of growth have now ended and have given away to an environment in which more caution is necessary to protect the bottom line,” he added.
Media reports have suggested that Apple too has put a freeze on new hiring in certain sections of the company. According to a report in Business Insider, Apple has “paused almost all hiring” due to economic concerns. The company has reported told the staff that it won’t be hiring more people. Apple has reportedly asserted that it doesn’t have a “budget for additional headcount for company positions in the coming year.”
Apple reported solid profits on rising revenues, but its iPhone sales missed estimates while it saw slowing growth in services revenues.
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