Focused Cuts and Fewer Layers: Tech Layoffs Enter a New Phase
Last year, Mark Zuckerberg declared 2023 to be a “year of efficiency.” His company, Meta, soon laid off a third of its employees. Amazon, Google and Microsoft also cut tens of thousands of workers.Their worlds did not stop. Not only that, the companies were rewarded. Their stock prices soared. Some divisions were more productive. And the companies — including X, formerly known as Twitter, which has chopped nearly 80 percent of its staff since late 2022 — continued operating.Other chief executives took notice. And a month into 2024, tech companies have entered a new phase of cost cutting.After last year’s widespread layoffs, the largest firms — including Amazon, Google and Microsoft — have in recent weeks made smaller, targeted job trims while focusing on fewer projects and shifting resourc...