ibm and sap announce mass layoffs

Well it's another brutal day in the tech sector as two giant tech companies - IBM and SAP have announced mass layoffs.

IBM is slashing 1900 positions or about 1.5% of workforce. SAP is cutting 2800 positions or about 2.5% of workforce. Both companies will shed about 300 million USD to make the cuts and pay severance.

So far this year big companies like Google, Microsoft, Meta (Facebook), Amazon, Twitter and others have had gigantic layoffs. LinkedIn is currently flooded with posts of those who have been let go, including women in late pregnancy and others who had just moved to a new country.

IBM and SAP both saw a 2-3% drop in their stock prices.