Is the tech boom tapering off?

Earlier in January 2024, Lazada, a unit of New York Stock Exchange-listed Alibaba, announced plans to reduce its headcount. The e-commerce arm Lazada operates in countries across South-east Asia, including Singapore, Indonesia, Malaysia, the Philippines, Thailand and Vietnam. The layoffs affected all functions, reports said. A CNBC report had put the cuts in the region of hundreds. 

Subsequently, Google also announced job cuts. These were in areas such as the hardware and central engineering teams, as well as Google Assistant. Some estimates put the number affected at 1,000, with more layoffs expected this year.