From San Francisco to Shenzhen, global tech freezes hiring

Posted July 5, 2022, 6:15 amUpdated July 5, 2022 at 10:07 am

The tech party is over. From San Francisco to Shenzhen, industrial giants are freezing or cutting new hires to adjust to a tight macroeconomic environment amid the war in Ukraine, record inflation in the United States and increasing restrictions on ad targeting. At the same time, layoffs are accelerating: almost 47,000 technical workers have been laid off worldwide since the beginning of the year, according to aggregator Layoffs.fyi.

Even Meta, which nearly doubled its workforce in the two years of the pandemic, is now pulling back. Facebook’s parent company will hire 30% fewer engineers this year, Mark Zuckerberg announced. “Only” 6,000 to 7,000 engineers will join the group.

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