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Big Tech is liking the look of its new leaner shape.
Companies from Meta to Microsoft to Salesforce have cut jobs in recent months, often in the pursuit of efficiency and increased profit margins. By some estimates, more than 250,000 tech workers have been laid off since the start of 2022.
There have been many more roles that have gone unfilled as these industry giants slow down on hiring. Recent data from Indeed shows a more than 50% decline in software-development job postings compared to a year ago.
As my colleague Hasan Chowdhury has written, that strategy is working financially, with Salesforce, Meta, and Microsoft recently reporting stronger-than-expected earning results.
And now, thanks to the rise of AI, many of those jobs may be permanently lost, even as these companies get back to growth.
In a recent note by Morgan Stanley analysts led by Brian Nowak, the bank said “AI-based productivity drivers are coming.”
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Are programmers no longer untouchable? andresr/Getty Images
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