Tech sector is cutting jobs and this time it feels much different
Major tech companies like Meta, Microsoft, and Oracle are cutting jobs despite massive profits, citing the need to invest in artificial intelligence (AI) and the ability of AI to replace certain roles. Meta is cutting its international workforce by 10%, while Oracle is shedding 150 jobs in Ireland.
Major tech companies are cutting jobs despite massive profits. Meta, Microsoft, and Oracle have announced headcount reductions, citing the need to invest in artificial intelligence (AI). Meta had $55 billion in earnings in the first quarter, while Microsoft made $38 billion. The companies are expected to spend $725 billion on AI infrastructure this year. Meta is cutting its international workforce by 10%, affecting 8,000 employees, and will cease hiring plans for a further 6,000 positions. Oracle is cutting 150 jobs in Ireland as part of a worldwide reduction, focusing on areas where AI can perform tasks previously done by employees. Contractors, such as Covalen, which provides services to Meta, are also affected, with 700 job cuts announced.
This content was automatically generated and/or translated by AI. It may contain inaccuracies. Please refer to the original sources for verification.