The Business Times
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Undervalued tech stocks could be nearing ‘inflection point’

As tech layoffs mount, is the tide turning for their profits?

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Jude Chan

Jude Chan

Published Mon, Nov 28, 2022 · 05:50 AM
    • Sea's e-commerce arm Shopee has seen three rounds of layoffs this year.
    • Sea's e-commerce arm Shopee has seen three rounds of layoffs this year. PHOTO: REUTERS

    COST-CUTTING measures by tech companies, including waves of layoffs, are shaking confidence in the sector.

    According to estimates, Chinese e-commerce group Alibaba and American semiconductor chip maker Intel have each let go of at least 20,000 employees so far this year due to slow growth.

    Mark Zuckerberg’s Meta, Jeff Bezos’ Amazon and Elon Musk’s Tesla have also been among the tech firms with mass layoffs, of over 10,000 staff each.

    Tech layoffsBig TechAmazonMeta PlatformsteslaSea LtdShopeeGoTo GroupTencentAlibabaIntelGrab

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