Big Tech
Big Tech’s Job Cuts Spur Rallies Even as an Economic Slowdown Looms
- Amazon, Meta and Alphabet have all announced reductions
- Tech stocks have largely seen positive reactions to cuts
The Google campus in Mountain View, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Massive job cuts in Silicon Valley are bringing some relief to investors after a year-long stock selloff, as companies indicate they’re focused on bolstering their profits heading into a key earnings reporting season.
Big US tech companies including Alphabet Inc. and Salesforce Inc. experienced, on average, a 5.6% bump in their stock price this month in the session following an announcement of job cuts, according to data compiled by Bloomberg.