How interest rates affect the tech industry
Dell Technologies is the most recent large high-tech company to announce a major layoff, with the hardware maker saying Monday it is slashing 5% of its workforce.
In a regulatory filing, Dell attributed the job cuts to a “challenging global economic environment.” Dell Chief Operating Officer Jeff Clark told employees in a letter that the company’s previous moves to reduce its costs “are no longer enough. We now have to make additional decisions to prepare for the road ahead.”
A number of large tech players, including Google-parent Alphabet, Amazon, IBM, Meta, Microsoft and Twitter have laid off tens of thousands of employees in recent months.
This is a developing story.
Alain Sherter covers business and economic affairs for CBSNews.com.
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