Tech layoffs keep stacking up
All this panic about tech layoffs seems a little premature given we haven’t even begun to see the impact of rates hikes on quarterly earnings yet. Many companies still have open recs and budgets to keep hiring.<p>I work at a company that just laid off 18% of the workforce (Coinbase) including many people in engineering. The day this happened my email, LinkedIn, Twitter inboxes exploded with companies asking me if I knew of anyone looking for a job or if I myself had been impacted.<p>I reached out to many of my former colleagues who had been impacted to see if they needed help. All had multiple interviews in flight and were not having trouble finding jobs.<p>Aside from many crypto companies the inbound jobs were from many public and private companies and spanned many industries.<p>I expect tech layoffs to get worse and the white collar job market to tighten towards the end of this year and 2023.<p>I expect the main driver for this will be cost reduction at public and private companies in the lead up to earnings or quarterly reports. Main cost for a tech company obviously being labor.