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Apple pause, Lyft layoffs herald new phase of tech austerity

By Nick Turner

03 Nov 2022 · 3 min read

Editor's Note

These are tough times for the tech industry. To rein in costs, some of the industry's biggest companies are either shedding jobs or putting a halt on hiring, according to this Bloomberg report.

Tech companies are once again tapping the brakes on hiring as they contend with sluggish consumer spending, higher interest rates and the impact of a strong dollar overseas.

Amazon.com said Thursday that it would pause adding new corporate workers, citing an "uncertain" economy and its hiring boom in recent years. Lyft, the ride-hailing company, is going further: It will eliminate 13% of staff, or around 683 people.

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