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Tech companies ramp up layoffs, hiring freezes as possible recession looms

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The tech industry is bracing for a potential recession.

Several companies, including Netflix, Microsoft and PayPal, rolled out layoffs and hiring freezes, anticipating a downturn in the economy.

Last week, Netflix confirmed to USA TODAY it will lay off about 300 employees, its second round of layoffs this year. In May, Netflix laid off 150 employees.

“While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth,” Netflix said in a statement.

Other tech companies have cut workers as worries over a recession linger:

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