The once-booming tech industry is starting to cut jobs and costs

Layoffs, hiring freezes, and cost-cutting haven’t been significant parts of Silicon Valley’s vocabulary in recent years.
$Meta Platforms (FB.US)$ is scaling back hiring targets and instituting an indefinite hiring freeze on many engineering positions, Insider first reported Wednesday. The Facebook and Instagram parent faces several revenue challenges in 2022, including a softening digital ad market and iPhone privacy changes that will cost Meta billions of dollars. Another tech giant, $Netflix (NFLX.US)$ , has pledged to “right-size budgets” after a stunning slowdown in net subscribers wiped out more than $50 billion in market cap last month. The reductions likely will impact Hollywood creatives and behind-the-scenes crews the most, though layoffs of about 25 employees in Netflix’s marketing department stoked fears of wider cuts.
$Robinhood (HOOD.US)$ , the one-click investing platform, announced layoffs last week totaling 340 employees, or 9% of its workforce. Several other smaller outfits have started culling their workforces in recent weeks.
Bear in mind, too, that the vast majority of tech companies continued to post revenue growth in 2022, albeit at slower rates than last year. Some tech sectors are weathering the tech selloff, too, including software, cybersecurity, and semiconductors.
Fears of a bubble bursting are likely unfounded, just as they have been for the past decade.
$Microsoft (MSFT.US)$ $Apple (AAPL.US)$ $NVIDIA (NVDA.US)$