Current Events > Apple laying off 614 employees

(+) Yeah! (+)

https://www.kcra.com/article/apple-layoffs-santa-clara/60402991

Hopefully they are able to bounce back and get better jobs.

Hmmm sounds like the iCar got iCanned.

I believe that's heir first round of big lay offs too.

Thanks Joe...

Arcanine2009 posted...

I believe that's heir first round of big lay offs too.

Hopefully no more on the way.

hope those Apple employees will be OK. One imagines they may have to pull themselves up by their bootstraps and consume less avocado toast in this tight economy.

What are Apple's profits looking like?

shironinja posted...

hope those Apple employees will be OK. One imagines they may have to pull themselves up by their bootstraps and consume less avocado toast in this tight economy.

A number the employees could be on work visas and can be departed in 60 days if no new job is found. Layoffs shouldn't be treated as a joke. The tech industry is in a big shrink some look to AI as the cause but stock price and lining board pockets looks to be a factor.

https://www.npr.org/2024/01/28/1227326215/nearly-25-000-tech-workers-laid-off-in-the-first-weeks-of-2024-whats-going-on/

Last year was, by all accounts, a bloodbath for the tech industry, with more than 260,000 jobs vanishing the worst 12 months for Silicon Valley since the dot-com crash of the early 2000s.
Executives justified the mass layoffs by citing a pandemic hiring binge, high inflation and weak consumer demand.
Now in 2024, tech company workforces have largely returned to pre-pandemic levels, inflation is half of what it was this time last year and consumer confidence is rebounding.
Yet, in the first four weeks of this year, nearly 100 tech companies, including Meta, Amazon, Microsoft, Google, TikTok and Salesforce have collectively let go of about 25,000 employees, according to layoffs.fyi, which tracks the technology sector.
All of the major tech companies conducting another wave of layoffs this year are sitting atop mountains of cash and are wildly profitable, so the job-shedding is far from a matter of necessity or survival.
Then what is driving it?
"There is a herding effect in tech," said Jeff Shulman, a professor at the University of Washington's Foster School of Business, who follows the tech industry. "The layoffs seem to be helping their stock prices, so these companies see no reason to stop."

This is a company that's made billions and billions and billions the past couple of years too.. smdh... mega corps just chew you up and spit you out

Monolith1676 posted...

Hopefully no more on the way.

Probably not. It looks like they just cut the whole department that was working on their car concept, rather than a general layoff.