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Layoffs are making news across industries, with oil and gas hit hardest. ConocoPhillips will cut up to 25% of its staff, about 3,250 jobs. Chevron is preparing to shed up to 9,000 positions this year. Oversupply and weak demand have cut margins, and companies are cutting jobs to protect cash flow. The move may help balance the books but creates deep pain for workers.
Tech tells a different story. Companies are posting record profits yet still shrinking staff. Salesforce grew revenue by 10% to $10.2 billion and boosted buybacks by $20 billion but cut 4,000 jobs. Oracle shares are up 33% this year with sales rising to $16 billion, yet thousands of roles are gone in multiple states. Cisco also grew sales to $14.7 billion while announcing new cuts, following thousands of layoffs in 2024.
The trend is most striking among the biggest players. Microsoft posted nearly $80 billion in sales and $27 billion in net income. Profits and earnings per share rose 24%. Despite this, it has cut 15,000 jobs this year. Across industries, companies are chasing efficiency and higher returns while workers face mounting uncertainty.
https://finance.yahoo.com/news/record-profits-layoffs-wall-street-183153817.html