The standard argument is that tech companies hired-up for 2021 lasting forever, but people spent less time shopping online in 2022. The poster child for this is

The standard argument is that tech companies hired-up for 2021 lasting forever, but people spent less time shopping online in 2022. The poster child for this is Peloton. On top of the shift in demand, higher interest rates hit other companies that would otherwise advertise on Google. Did Google need to do layoffs? No. Did it over-hire for revenue that never materialized? Yes.