Video streaming platform, Roku, is set to lay off 200 workers amid rising inflation.
Apart from Roku, Amazon is set to lay off 10,000 workers, Facebook is plating off 11,000 workers, Twitter Iaid off 3,700 workers, and Stripe laid off 1,100 workers.
According to Reuters, Roku shares have plunged about 75% as inflation, this year and the company has to cut its spending budget due to the risk of a looming recession.
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As of the end of Q4 last year, Roku had 3,000 full-time employees in 13 countries but is having to lay off workers to cut staff expenses.
The tech space has seen a rise in the laying off of workers, after an increased rate of employment following mass recruitment during and post the Covid lockdown.
ZipRecruiter chief economist, Julia Pollak, said there is more focus on how businesses were over-hiring, leading to massive layoffs, rather than how interest rates are thwarting their growth plans.
According to her, the layoffs are not surprising given how the increasing rates have made it harder for companies to borrow, caused stock prices to dip, and made products from the U.S too expensive in foreign markets.
A report by Anadolu Agency stated that 788 tech firms laid off 120,700 employees globally and it may increase in the last month of the year.