The tech sector is seeing 'the clock strike midnight' after hyper-growth era as Microsoft adds to the wave of layoffs, Wedbush says
The tech sector is experiencing a major shift as Microsoft joins Amazon, Meta and Salesforce in announcing major layoffs, according to Wedbush's Dan Ives.
In a note, Ives said Microsoft's layoffs amount to about 5% of its workforce and come as no surprise after hiring about 75,000 since 2019 and spending money"like 1980's Rock Stars to keep pace with eye-popping demand." "We are seeing the clock strike midnight for the tech sector after a decade of hyper growth and now major layoffs are being seen at MSFT, Salesforce, Meta, Amazon, among many others across the Valley," Ives wrote."This is a rip the band-aid off moment to preserve margins and cut costs in a softer macro, a strategy the Street will continue to applaud as management teams navigate this Category 5 near-term economic storm.
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