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Update Tech Layoffs $AMZN, $META, Twitter, $GOOG
As operating profit margins have plummeted at most of the big tech companies, investors have been calling for more layoffs. Meta (Facebook), Twitter, and Amazon have already announced huge layoffs. Recently, Alphabet (Google) has had one of its large investors TCI based in London call for layoffs there as well.

Steve @interrobangbros recently brought to my attention a software company $PERI Perion Network. Reading through their earnings transcript, I picked up this little nugget:


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It made me think twice about all of the layoffs and how beneficial they will be. I'm sure a lot of the employees they hired during the COVID-19 tech boom are no longer needed, but it's very important to keep your best engineers.

Update: Looks like TikTok is now hiring these employees. I think when we look back in a few years these companies will realize this wasn't the best move.



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Rihard Jarc's avatar
Good point. But I wonder if the best engineers are really getting fired. Would make sense to keep the best, no?
Conor's avatar
@rihardjarc they also cost the most amount of money. I'm sure they can't keep all of the best. Seems like Perion and TikTok are having luck already.
Rihard Jarc's avatar
@conorvalue Had to google Perion :) With TikTok I think it also has to do with the fact that they need more people in the US for optics. I don't think Bytedance is doing mass employing right now on the whole company level (they just reduced their goal for revenue for this year).

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