BAKERSFIELD, Calif. (KGET) — The tech industry is implementing hiring slowdowns, freezes and layoffs. This week, Carvana, Netflix and Robinhood all announced employee layoffs.
Since December, the tech-heavy Nasdaq exchange is down 39 percent. That’s almost twice as much as the wider, diversified stock market has fallen.
However, some economists say there’s no reason to panic.
“I think this is the normal kind of cycling that businesses go through. And since we’ve come off such a great bull market and such great success in tech, there’s some people who have never experienced that,” Tech analyst Larry Magid said.
Uber, Twitter and Amazon are among the most recent tech companies to slow down hiring, while e-commerce giants Wayfair and Facebook have frozen hiring.