Spotify Technology SA is planning layoffs as soon as this week, according to people familiar with the plans, joining a slew of technology companies from Amazon.com Inc to Meta Platforms Inc in announcing job cuts to lower costs.
Wall Street has been slashing earnings estimates for months for the tech sector, which is projected to be the biggest drag on S&P 500 profits in the fourth quarter.
Google has also faced existential threats from outsiders, with the latest challenge coming in the form of an experimental chatbot called ChatGPT from the research lab OpenAI, which could be getting a significant investment from Microsoft Corp.
The cutbacks are part of a sweeping reduction at Mountain View, California-based Alphabet, which is eliminating about 12,000 jobs — more than 6% of its workforce. The company follows Amazon.com Inc., Microsoft Corp. and other tech giants in making major layoffs.
With the layoffs, Google joins a host of other tech giants that have drastically scaled back operations amid a faltering global economy and soaring inflation.
CIA Director William Burns traveled to Kyiv last week, where he sought to reassure Ukrainian leaders that the US would maintain support as the war drags on.
Qantas Airways Ltd. flight to Fiji turned back to Sydney with a possible mechanical problem, a day after another of its jets issued a mayday alert due to engine trouble en route from Auckland.
The world’s largest e-commerce company is grappling with slowing online sales growth and bracing for a possible recession that could affect the spending power of its customers.
Microsoft plans to cut over 10,000 jobs, or nearly 5 per cent of its workforce, this year. CEO Satya Nadela said the company is seeing customers "optimise their digital spend to do more with less."
Despite India’s rapid economic growth pre-Covid and its relatively strong recovery from the pandemic, about 800 million people still rely on free food rations from the government
Amazon is among several large tech companies that are trimming their ranks, including Cisco Systems Inc., Intel Corp., Meta Platforms Inc., Qualcomm Inc. and Salesforce Inc.
Apple will follow up with a lower-cost version of the mixed-reality headset as soon as 2024 or early 2025, according to people familiar with the deliberations.
UK Prime Minister Rishi Sunak blocked transgender rights legislation passed by the Scottish Parliament, setting up a major constitutional row and fanning nationalist sentiment in Scotland.
Apple began assembling its latest iPhone models in the South Asian nation in a significant break from its practice of reserving much of that for giant Chinese factories run by its main Taiwanese assemblers
Time Cook’s latest pay was based on “balanced shareholder feedback, Apple’s exceptional performance and a recommendation from Mr. Cook,” the iPhone maker said in a filing.
