On the other hand, there were some companies that benefitted from the crisis and saw a huge increase in profits and company growth. Fast forward to 2022, and there has been a reversal of fortune for the winners and losers in regards to companies making money.
While a lot of service companies such as restaurants, movie theaters, and hotels are desperately looking for workers, some companies are cutting costs and dropping employees. Companies like Tesla, JPMorgan Chase, and Coinbase have been cutting jobs and putting a halt to hiring new employees.
Recently Netflix announced that it will be eliminating around 300 positions. Exercise bike company Peleton also announced in February that it had cut almost 3,000 jobs.
Not surprisingly, the companies that are suffering the most are the ones that prospered during the pandemic. People are not regulated to stay in the house anymore, so companies that provided services or products that could be used indoors are not needed as much. To read more about this story click here.