Posted 2/5/2024, 10:03:06 AM
Tech Giants Shed Jobs to Funnel Billions Into A.I. Despite Healthy Profits
- Tech companies like Google, Amazon, Meta, and Microsoft cut jobs in early 2024 despite strong profits and sales growth
- These companies had hired aggressively during the pandemic to meet surging demand
- Now they aim to control costs in order to invest billions in developing A.I. technology
- Meta CEO Mark Zuckerberg said laying off workers allows them to focus on "ambitious visions around A.I."
- The tech industry realizes it "operates better as a leaner company" even amid high consumer demand