Tencent’s Riot Games (TCEHY, 0700.HK) announced it will lay off 11% of its staff, about 530 employees. The company joins a list of tech companies that have announced layoffs, bringing the total number to just short of 11,000 in 2024, according to Layoffs.fyi. Layoffs.fyi Creator Roger Lee joins Yahoo Finance to give insight into the recent round of layoffs in the tech sector and what it could mean for the broader labor market. “A lot of the recent layoffs are still about tech companies trying to overcorrect for their overhiring during the pandemic,” Lee says. “Given that the high interest rate environment and the tech downturn have both lasted longer than initially expected, companies like Amazon (AMZN) and Google (GOOG, GOOGL) are finding that maybe they didn’t cut enough people in last year’s large rounds of layoffs so they’re going back to the well and continuing to implement smaller, targeted additional layoffs.” For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor’s note:
About Yahoo Finance:
Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life.
– Get the latest news and data at finance.yahoo.com
– Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO)
– Follow Yahoo Finance on social:
X: http://twitter.com/YahooFinance
Instagram: https://www.instagram.com/yahoofinance/?hl=en
TikTok: https://www.tiktok.com/@yahoofinance?lang=en
Facebook: https://www.facebook.com/yahoofinance/
LinkedIn: https://www.linkedin.com/company/yahoo-finance
You wanna get into AI?😂 better know how to take derivatives and integrals
Statistics and programming too
Go get a real job building houses
Those jobs will also get replaced by AI. The construction companies just need cheaper energy sources to replace human workers, which could be possible with space-based solar panel technology
Who will build houses without having any jobs uf no infra who will employ all those workers everything is related specially in India a lot of real estate is developing due to IT
The latest prefab homes made in the factory are not our father’s modular prefab homes. They will dominate so we won’t need home builders. But yes your general point is correct. Blue collar jobs are less affected by AI than white collar for sure and esp right now.
FAANG and MAANG don’t join
Layoffs will happen in America but not in India
We need you to build my iPhone faster (before I get laid off).
It is happening in India as well
Already happening
@@jaym9846 😂😂
We human are gonna be the species for robot maintenance service or worse: their slaves or pets.
They Will repeat the. Self look at skidrow. Our future
Do computer science courses in the universities teach AI or is there another major to study AI?
You usually have to get a masters degree which is more specialised.
@@phetrusrodrigues8710 Thanks for the info
AI also needs some strong math background so you can always start with math and CS second
@@doords I thought computer science major is mostly about advanced math?
@@containedhurricane Not at the undergraduate level. Your highest math is going to be like linear algebra.
Damn shame !
now how will they pay for repair when they crash their tesla
I’m sure all the jobs can be filled by Green Energy and DEI positions …
Too many work from home people aren’t doing the job. That’s why. They’re shopping online, at Target, at the gym, the park, whatever…all on the clock. We wonder why iOS updates are crappy?!
Oh stop it boomer. I work from home and I’m very productive
Ai robotics
Not true Ai robotics did it
If Nobody have a job how Will there havde custemers
11% gone. still have 89 left
There were 250,000 engineer laid off last year, at the same time companies applied for 400,000 H-1b visas. There were 2600+ cases of discrimination against better qualified local engineers in DOJ vs Facebook 2023 (at the USDOJ), over just the 1.5 year period of the investigation. What has happened is that people from one particular country are discriminating against local engineers at these tech companies, and that is the lasting legacy of the H-1b visa. There never has been a tech worker shortage, just an unwillingness to hire locally. That was unwillingness was abated for a while during the early pandemic year, and low and behold, Facebook was able to grow its U.S. engineering workforce by 50%. How did that happen. It happened because the tech industry has been lying to the press and the public for decades about a mythical tech worker shortage. In 2023, before AI became a major Wall Street meme, META laid off hundreds of AI engineers. And, Meta is unwilling to retrain local engineers or rehire those they laid off. And the reason is because hiring managers are looking to hire their own countrymen at META, and build up a fiefdom. According to Meta’s own HR personnel, in DOJ vs Facebook 2020, Meta finds 30x more engineers than it can actually hire. This means that hiring managers can hire based upon loyalty and indenturement potential, rather than actual skill.
Wait, wait, wait… before I even watch this video, let me guess… “We over hired during the pandemic.”
… and also saw what mass layoffs do to your stock price
maybe rename the channel to Greater Mongolia Finance ?
I working in tcs …..my project has affected due to this ……as of now 50% of staff in my project is downsized …and lot of people are in bench …..im somehow luckily still in project
Fun Fact: Amazon has employed more PhD economists than any company in the world, 2nd only to the US Federal Reserve.
These experts play a crucial role in steering Amazon into becoming the world’s most diversified company, with involvement across various sectors of the US economy. Amazon is renowned for being the most customer-centric company ever and they have the quarterly revenue to show for it.
Over hired , over fired, over reacted
All those adult day care tik tok videos really exposed how bloated these companies really are. Elon cut over 70% of Twitter and no one noticed.
yes. tech needs software engineers, not trendy overpaid product owners and the like.
I suspect the AI roles most in demand are those which are linked to embedding AI like technology into existing IT systems. In simple terms developers, architects and BA’s with some AI knowledge. As the term AI can mean a lot of different things and by itself the term is not helpful, you may need to focus on a specific technology which is classed as AI these days. Risk management, analytics, business intelligence, etc. Most useful AI business intelligence solutions most likely reside on a CLOUD based platform, so C, C++, Python, Java, Linux skills may be a good starting point. You can learn this type of stuff by yourself if you have the incentive. Download a Linux distro, like Zorin, load it on an old PC or laptop and start learning. Once you have the basics I would expect you would then need to focus on specific higher level produces used in AI, databases, BI tools, etc. These are normally not free so its hard to teach yourself. A good strategy would to come in at an entry level AI engineering developer role where you will gain access to these products. Customer support tends to be the best entry point.
there u go
Keep voting Democrat keep voting biden.
greed is killing America.
envy is not a long term strategy
@@billmoyer3254 greed isn’t either.
“…on average, CEOs received more than 344 times the annual average salary of production and nonsupervisory workers in the key industry of their firm” – Statista. And we, or rather Wall Street, likes it, loves it, and wants some more of it.
I hope AI can buy your products and/or services, but we gonna be broken out here baby.
The anchor is smiling as if announcing a good news. How dumb are these anchors? They don’t even know what they are reading off the teleprompter.
hopefully theyre letting go of all the extraneous staff like bloated product owner teams, bloated marketing and sales, bloated HR, basically most of the employees that benefit from the hard work of the software engineers actually building the thing that drives the business engine. tech still needs hard skills like software engineering, but it doesnt need more managers and trendy product staff. they should go.
If you’re under 30 don’t go into tech. AI will do it all soon, faster and better. Stick with the trades. You’ll have a longer shelf-life, maybe 15 years before the robots come for those too. And furthermore AI will replace most white-collar jobs, not just pure tech. With any luck the country will descend into civil war, or we’ll get nuked or global warming will release a million-year old virus buried under vast thick sheets of ice until now…and we can all huddle in small packs near one of the few remaining non-polluted water sources wondering how to deal with all the open sores that keep appearing all over your body…
I don’t know why Anchor is smiling while talking about layoffs?
Bidenomics!