Why Silicon Valley Didn’t Anticipate the COVID Comedown | PRO Insight

Big Tech is now laying off workers after mistakenly predicting coronavirus surges would persist

One by one, the tech CEOs apologized. They had failed to anticipate people’s behavior would return to normal once COVID restrictions lifted. So their projections for growth — in streaming, ecommerce and the like — were way off. With expenses mounting and growth stagnating, they’d need to cut costs dramatically. Mass layoffs were coming.

“This did not play out the way I expected,” said Meta CEO Mark Zuckerberg.

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Alex Kantrowitz

Alex Kantrowitz is the founder of Big Technology, a free newsletter and podcast about Big Tech and society. He's also the author of "Always Day One: How the Tech Titans Plan to Stay on Top Forever" and a contributor at CNBC.