Of the biggest technology and internet companies, which together employed more than 2.2 million people as of their last fiscal year, Apple is the only one that hasn’t announced large-scale job cuts…
By Subrat Patnaik and Ryan Vlastelica | Bloomberg
“This is a decade overdue, but I am very glad to see these encouraging steps toward focusing on margins,” said Gene Munster, co-founder and managing partner at Deepwater Asset Management, who expects an additional 15% to 20% headcount reduction in Big Tech beyond what has already been announced. “Some companies have gotten too much credit for modest cost reductions, which means we could be due for a pullback if numbers haven’t been fully de-risked,” he said.In the last bull market, ultra low interest rates made it easy for companies to borrow money and fuel growth at any cost. Sales surged and margins were squeezed as companies invested heavily in expanding their footprints and headcount.
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