Updated: Aug 1, 2022
2022 has been a year of Layoffs, Hiring freezes and worst of them all "Rescinded offer letters". Now Google and Microsoft have joined the game as well just ahead of their earnings reports. H1 2022 earnings were so bad for the entire tech sector that it was recorded as the worst earnings since 1970. Think about that for a minute!
Some believe a recession is already here with the witnessed economic slowdown while others believe that we haven't seen the worse yet.
Google CEO, Sundar Pichai wrote a memo to the employees saying that they are slowing the pace of hiring this year. This indicates a temporary hiring freeze. We don't have information about rescinding offer letters though.
Microsoft has also started to slow down their hiring pace in the Windows, Office and Teams groups as they prepare for economic volatility. They also laid off few employees as a part of "Reorg" earlier this month.
Economic turmoil continues as the FED raises interest rates.
Only time will tell whether we are deep in the recession already or the worse is yet to come.
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