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Alphabet Inc. (GOOGL) and Amazon.com, Inc. (AMZN) reported significant earnings growth for Q3 2023. Alphabet’s earnings rose by 35% with a 16% revenue increase, while Amazon’s earnings increased by 36% and revenue by 13%. Both companies exceeded market expectations.
In contrast, a troubling trend is emerging in the tech sector where companies are announcing layoffs. Amazon is cutting about 14,000 corporate jobs, Intel Corporation (INTC) plans to eliminate between 21,000 and 25,000 jobs, and Meta Platforms is reducing approximately 600 positions in its AI unit. Overall, over 100,000 tech jobs have been cut in 2025 as firms streamline operations towards AI and automation.
Notably, Starbucks Corporation (SBUX) is set to cut 1,100 jobs, and The Procter & Gamble Company (PG) will reduce 7,000 positions over the next two years, showcasing the trend extending beyond the tech sector.
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