Jobs Minister Leo Varadkar has said that tech giants may have “expanded too quickly” in response to the news of huge job losses at Twitter and Stripe in Dublin.
Mr Varadkar was speaking from a trade mission in Singapore where he also said that there were plenty of job opportunities in other companies in the sector in Ireland.
However, most of the larger tech companies operating in Ireland, like Google and Amazon, are slowing down or freezing recruitment in the face of a possible global recession.
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Mr Varadkar said: “I’d like to express my sympathy to those people who are going to get bad news today, whether it’s people working in Stripe, or down the line people working in Twitter and other companies who are going to find out that they are losing their jobs.
“Tech companies expanded very quickly, probably expanded a little bit too quickly in the past year or two and as a result of that they now have to lay off some staff.
“But the number of vacancies in the sector still outweighs the number of people who are looking for employment.
“So, even with a slowdown or downturn in the sector we will still have some very successful companies making profits and a lot of people working in that sector.
“One thing we have been very sure about, and very careful to do in Ireland, is not to become over-reliant on any one sector.”
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