Close to 30% of the layoffs came from public tech companies, 85% of those companies are unprofitable.
All of the US-based publicly traded tech companies that have announced layoffs in 2020, plus their revenues and net operation profits (loss) for Q1 2020 and 2019 .
This includes household names such as Uber, Lyft, Casper, and Eventbrite which we’ve all used, and begs the question: why did we allow so many unprofitable companies IPO?
When did losing money become acceptable and the new normal for publicly traded companies?
It also makes me wonder why we made such a big deal about WeWork’s IPO fiasco yet we don’t talk about the deplorable shape of some of the mature tech companies and their consequences on our community.