How has the pandemic influenced tech layoffs?
According to Mark Zuckerberg, the tech layoffs are largely a result of companies adjusting to the post-pandemic period. During the pandemic, e-commerce sales skyrocketed, leading to a significant increase in online advertising revenue. However, as the economy began to stabilize and consumers started returning to physical stores, the growth in sales slowed down and advertising rates returned to normal. This shift in the market has led companies to reassess their workforce needs and make necessary adjustments, which include layoffs.
Zuckerberg Reveals Shocking Truth Behind Tech Layoffs: It’s Not What You Think!
In the tech industry, layoffs have become a common event now, with thousands of employees losing their jobs. Mark Zuckerberg, the co-founder and CEO of Meta Platforms, Inc. (formerly Facebook), recently shed light on why these layoffs are happening. Contrary to common assumptions linking the layoffs to the rise of artificial intelligence (AI), Zuckerberg offers a new perspective.