The tech industry is facing a demand downturn after two years of pandemic-powered growth during which it had hired aggressively. That has led firms from Meta Platforms Inc (META.O) to Microsoft Corp (MSFT.O) to shed thousands of jobs.
"Over the last few months we've made a considerable effort to rein in costs, but it simply hasn't been enough," Chief Executive Daniel Elk said in a blog post announcing the roughly 600 job cuts.
"I was too ambitious in investing ahead of our revenue growth," he added, echoing a sentiment voiced by other tech bosses in recent months.
President Joe Biden insisted Monday that the nation’s banking system was safe, seeking to project calm...
Mark Zuckerberg’s Meta is laying off another 10,000 people and instituting a further hiring freeze as...
