The company is also slowing down office hiring too, following other tech giants like Meta who’ve been forced to do the same. Microsoft and Meta both tweaked their hiring schedules during the past 12 months, whilst companies including Apple have announced plans to stem their flow of new employees next year. “We’re doing that, as well. I don’t think you’ll see us hiring at the same pace we did over the last year, or the last few years”.
Ecommerce Waning, but Ad Revenue Climbing
In contrast, at Alphabet (Google’s parent company) advertising growth has slowed to 12%, with YouTube’s monumental drop from 84% to 4.8% certainly a cause for concern.
Adjusting to the Post-Pandemic World
Lockdown sent shockwaves through the entire global economy. Coming out the other side, and re-adjusting to this “new normal” – and dealing with the financial consequences of Covid – is having a similarly drastic effect. Phenomena like the great resignation, global supply chain disruptions, companies rescinding job offers, and office space being sold en masse are all part of a bigger picture of a global economy that is not only struggling in general, but struggling to adjust to the unprecedented, permanent changes to the working world that have occurred over the past two years. Many companies, with the advent of video conferencing technology, have been able to roll with the fiscal punches, for the most part. But with the economy seemingly becoming more turbulent rather than less turbulent, it’s hard to make any predictions on what may happen in the coming months for businesses small and large.
