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While other sectors of the economy have seen a sharp decline due to the lockdowns caused by the pandemic, the technology industry has been able to get through the corona virus outbreak. This being the case, the current world geopolitical and economic situation seems to be taking a lot of the wind out of the industry’s sails. A recent report from Snap Inc. They are not alone in planning to lay off more employees.
The second quarter of 2022 has brought widespread industrial action as this sort of thing can keep companies afloat in an uncertain economic climate. With all that said and now out of the way, it’s worth noting that Snapchat isn’t the only one facing a less-than-stellar business outlook in the coming year.
The number of tech companies laying off workers in the second quarter of 2022 rose 850 percent, all things considered. During this period, 170 technology companies are planning to lay off their employees, which is many times more than the 20 that were doing the same in the first quarter of this year.
Even high-growth companies like TikTok have had to lay off many employees due to the impending financial crisis. Twitter has had a tough time, driven by Elon Musk’s attempt to control hate, driving down the company’s average share price.
Crypto fraud and widespread fraud are causing a lot of issues in the tech industry, and we will see an extended financial crisis for all these companies. It will be interesting to see what the industry will look like next year, because the current outlook does not look promising and these corporations will be out of business if they want to continue growing.
Read next: Snap and GWI conduct study to determine how Snapchat community interacts with other social media platforms
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