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