Cisco just announced a 4,000 people layoff, San Jose affected the most.
Threads poping up every few min - check out this one: https://www.thelayoff.com/t/1jKzleZj
@OP+1jKzleZj
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Could be due to a lot of reasons, but either tech companies realize how much further the economy will drop or they are taking advantage of the layoff environment to justify and somewhat obscure their own layoffs. Layoffs are great if you want to reduce the average worker age (better corp healthcare rates), shift the mix towards younger/hungrier workers, etc.
Cisco's earnings are up and its stock rose 5% today. Some of these companies are laying off people like it's a fad, as hiring was before. Take Amazon as another example. They're doing fine, but will still dump 11,000 into the street. Heartless.