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By Staff Reporters
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GitHub, owned by Microsoft (NASDAQ:MSFT) is reportedly letting go 10% of its employee base and will become fully remote when its lease ends. The layoffs and cost cutting were laid out in a memo from CEO Thomas Dohmke to his staff, The Information reported, citing a person with knowledge of the situation. Last month, Microsoft (MSFT) said it would let go 10,000 employees in its fiscal second-quarter and take a $1.2B charge related to the layoffs. In conjunction with the layoffs, Microsoft (MSFT) added it would initiate “lease consolidation as we create higher density across our work spaces.”
GitHub competitor GitLab (GTLB) said Thursday morning that the company would lay off 7% of its employees due to a “tough” macroeconomic environment.
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- The rally in US stocks could be stunted by a rebounding dollar, according to a Bloomberg market technician.
- “We don’t think there’s a ton of downside for the dollar, and if there’s not a lot of downside for the dollar, it’s tough to see a lot of upside for equities,” Jonathan Krinksky said.
- US stocks and the dollar have an inverse relationship, so a stronger dollar tends to push stocks down.
CITE: https://www.r2library.com/Resource/Title/0826102549
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- US Markets: After another down day for stocks, the major indexes are on track to close out the week in the red. Alphabet has been slumping hard since its AI chatbot underwhelmed in its public debut. In the past two trading sessions, the tech giant has lost a total of $173 billion in market cap.
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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Information Technology, Investing | Tagged: Alphabet, GitHub, GitLab, Jonathan Krinksky, markets, microsoft, MSFT, rebounding dollar, strong dollar, Thomas Dohmke, US Dollar, us markets | Leave a comment »
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