The technology industry has been cutting back as it struggles to deal with rising inflation and a deteriorating global economic environment.
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Nvidia
(ticker:
NVDA
) is slowing the pace of hiring, the company confirmed on Sunday.
The chip maker joins several other major technology companies that have decided to be more prudent with their operating budgets in recent weeks.
On Friday, The New Indian Express reported the semiconductor company’s management has told its hiring managers to pare down hiring of new recruits.
“We’ve been extremely successful in hiring this year,” a
Nvidia
spokesperson said in a statement to Barron’s when asked for comment on the report. “We’re slowing for now to integrate these new employees and to focus our budget on taking care of existing employees as inflation persists.”
The technology industry has been cutting back as it struggles to deal with rising inflation and a deteriorating global economic environment.
In late April, Robinhood (HOOD) announced it was laying off 9% of its workforce to improve operational efficiency. Earlier this month,
Twitter
(TWTR) revealed it had fired two senior executives, paused hiring for most roles, and plans to reduce cloud computing expenditures. Finally,
Uber Technologies
(UBER) has also emailed its employees to cut marketing and other expenses this month.
Write to Tae Kim at tae.kim@barrons.com