Illustration: Shoshana Gordon/Axios
As the tech industry convenes in Las Vegas to pitch and party, companies across the space have announced significant layoffs and other cuts this week.
Why it matters: These cost-cutting measures will have a broad impact in tech, particularly on the media side, and will further dampen ambitions for dealmaking.
State of play: At least three companies reported cuts Wednesday.
Yes, but: Despite the market pressures, TMT executives aren't putting their heads in the sand. Head honchos in Las Vegas for the annual CES shindig are launching new strategies, pitching products.
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