Gains during the pandemic but the economic down turn left some businesses in Jeopardy. At least 66 tech firms handed out 16,000 pink slips after they hired agressively in 2020 and 2021.
Meanwhile companies like Twitter and Meta implemented hiring freezes because of disappointing earnings. So, here the question is, “How would you assess the current state of the job market out there?”
“Look it is a very robust industry and funded primarily by venture capital. And they still continue to riase money, meaning they are getting their cash from venture capital in the less than billion dollar round. But these companies called unicorns are sufferening because of what you just indicated.
They hired up during the pandemic and a lot of there jobs are simply reducing the redundancy and pulling back from the expansion during the pandemic stage.” Said by Dan Petterson
The price of Cyrptocurrency has been crashing, Is that having an effect on the tech market? The crypto industry is going through a traumatic period. You can watch the price free falling Bitcoin is at its loswest price in years and years.
And we have seen not juts job freezes at companies like coin base that recently hired up rapidly and pain incredible salaries and offered jobs ahead of time.
So if you are a Phd student you could get hired very early, and now they have stopped hiring and rescinded offers. So do you think they will bounce back or are we going to start churning our butter?
“Well look the rest of the tech industry will be fine and the business technology sector and but, crypto, WEB3 and if it were me I would not touch.” Said by a Crypto User.
Apple, Amazon, Microsoft, Meta, and Google have lost more than $2.7 trillion in value this year due to our current stock market meltdown. One would think that these companies would be in a panic and begin cutting back on R&D, spending, and any expansion plans.
Why are tech stocks dropping so much?
First and foremost, tech stocks have been hammered by a slew of macroeconomic headwinds. The war in Ukraine, COVID-19 lockdowns in China, snarled supply chains, sky-high inflation, slowing economic growth, and the list goes on.
What companies suffer most during a recession?
Retail, restaurants, and hotels aren’t the only businesses often hurt during a recession. Automotive, oil and gas, sports, real estate, and many others see heavy declines during times like these.
Will the market crash?
High inflation erodes consumer confidence and can slow economic growth, depressing the shares of publicly traded companies. Next: these risk factors could precipitate a stock market crash. Stocks in 2022 are off to a terrible start, with the S&P 500 down close to 20% since the start of the years as of May 23.