Layoffs are spreading across industries, with energy companies hit especially hard. ConocoPhillips plans to cut up to 25% of its staff, or about 3,250 jobs. Chevron is preparing to eliminate as many as 9,000 positions this year. A glut of oil and weak demand outlooks have hurt margins. To preserve cash flow, firms are relying on large-scale cuts, leaving many workers vulnerable.
Tech firms show a very different picture. Profits are climbing, but headcounts are shrinking. Salesforce reported a 10% revenue increase to $10.2 billion and boosted buybacks by $20 billion, yet it cut 4,000 jobs. Oracle shares have jumped 33% this year, with sales hitting nearly $16 billion, but thousands of jobs have been cut in several states. Cisco also raised revenue to $14.7 billion but announced more layoffs, adding to the 5,000 cuts made last year.
Even the biggest names are following the same path. Microsoft brought in nearly $80 billion in sales and $27 billion in profit last quarter. Earnings rose 24% in the same period. Still, the company has let go of 15,000 workers this year. Across sectors, companies are chasing efficiency and stronger returns, while employees face growing insecurity.
https://finance.yahoo.com/news/record-profits-layoffs-wall-street-183153817.html