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Amazon started widespread layoffs in corporate roles
Amazon $AMZN begins the process of laying off over 10,000 corporate workers. Things are looking bad for Q4 layoffs.
Hoping these people have some way of getting by until next year.
https://www.theinformation.com/articles/as-meta-and-twitter-lay-off-thousands-in-bay-area-tiktok-plans-to-double-staff
TikTok is hiring. I think the best engineers will get jobs right away and some of these companies will regret laying them off.
@conorvalue I agree, but the number of "best" engineers vs. the average ones is huge. Tons of workers will be struggling to find jobs
November has definitely been the worse in terms of big tech ....
Unfortunately I think they will do more layoffs also in the fulfilment centers after the holidays. They just over employed.
@rihardjarc Agreed.
Should this be a major concern for $ADP investors?
@dissectmarkets Possibly not, because these numbers still represent only a fraction of ADP's total business. And also it stands to reason that the individuals who were let go will take up new jobs at companies who are also clients of ADP.
Not here to generalize, but a lot of large tech companies hired way too many people too fast over the last 10 years and they knew it. Was only a matter of time before they needed people who worked remotely for 5 hours a week hardly making an impact to the company off their balance sheet. I feel for many of those legitImately impacted, but a lot of the remote work people milking the system’s time has finally come
@jensen I largely agree, they often over hire in good times, and trim fat in bad times. Because there was so much fat this time around, it looks worse.
That's why it didn't make sense to me when layoffs was announce and share price bounce. I took the opportunity to sell off the full batch and switch to shorting it.
@kckc Great point.
As we move into next year, It will be interesting to see if we start getting more layoffs in other industries like real estate 👀
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