[HIGHLIGHTS] Technology companies lay off thousands despite their huge profits.. Why?

Technology companies lay off thousands despite their huge profits.. Why?.

In its last fiscal year, the five largest technology companies (Microsoft, Apple, Amazon, Google, and Meta) achieved revenues amounting to $1.63 trillion. Technology giant Cisco is expected to announce this week a large-scale restructuring process that will include laying off thousands of employees. Since the beginning of the year, 141 technology companies have laid off 34,300 employees, despite the fact that most of these companies have shown excellent financial performance.