Amazon, Meta, Twitter and other big US tech companies cutting thousands of jobs

Hewlett Packard has joined the ranks of businesses laying off staff as a slumping world economy affects the sector

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It has been a rough period for the US technology sector as companies cut staff or slow hiring amid rising interest rates and weak consumer spending.

Third-quarter earnings disappointed, with Amazon posting a more than 9.3 per cent drop in third-quarter net income and issuing disappointing fourth-quarter revenue guidance, while Meta reported a 52 per cent annual drop in third-quarter net profit.

The technology industry shed 9,587 jobs in October, the highest monthly total since November 2020, according to consulting company Challenger, Gray & Christmas.

PC maker Hewlett Packard on Tuesday said it would lay-off as many as 6,000 employees over the next three years.

HP, which has a payroll of about 61,000 people, said it aimed to secure $1.4 billion in annual savings through 2025.

The plan “will enable us to better serve our customers and drive long-term value creation by reducing our costs and reinvesting in key growth initiatives to position our business for the future”, HP chief executive Enrique Lores said.

Meanwhile, Twitter has gone through a tumultuous period in which half of its 7,500-strong employees were culled a few days after the social media platform was taken over by billionaire Elon Musk in late October.

See the slide show at the top for how many jobs have been cut across the big US technology companies.

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Updated: November 25, 2022, 5:49 AM
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