Image Credit: https://www.thestreet.com/opinion/have-the-faang-stocks-fallen-from-favor-15077929
Image Credit: https://www.thestreet.com/opinion/have-the-faang-stocks-fallen-from-favor-15077929

Apple pause, Lyft layoffs herald new phase of tech austerity

Tech companies made moves earlier this year to rein in costs, with many of the industry’s biggest firms freezing hiring or cutting some departments. Even Apple Inc., which has outperformed most of its peers this year, is slowing spending and has paused much of its hiring.
Published on

By Nick Turner

(Bloomberg) — Tech companies are once again tapping the brakes on hiring as they contend with sluggish consumer spending, higher interest rates and the impact of a strong dollar overseas. 

Amazon.com Inc. said Thursday that it would pause adding new corporate workers, citing an "uncertain" economy and its hiring boom in recent years. Lyft Inc., the ride-hailing company, is going further: It will eliminate 13% of staff, or around 683 people.

___STEADY_PAYWALL___

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