Tech firms cut staff amid recession fears ...Middle East

The Hill - Technology
Tech firms cut staff amid recession fears
source : The Hill ( Middle East ) () 18
Hiring freezes and layoffs are hitting the tech sector as Silicon Valley prepares for a predicted recession.   The hiring impacts are hitting companies of all sizes across tech, from industry giants to more nascent startups, signaling that the industry’s growth is slowing amid rising interest rates and surging inflation.   Near-zero interest rates, a booming stock market and massive consumer demand allowed tech firms to aggressively expand their workforce at the start of the pandemic. But the recent economic downturn is forcing many companies to reverse course and cut costs to shore up their reserves.   “It’s the perfect storm for tech companies,” said Dan Ives, an analyst at Wed

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