Saturday, January 28, 2023

Rapid and massive job cuts in the technology sector

In the last month alone, there have been almost 50,000 job cuts in the technology sector. In recent years, companies large and small in the industry have gone on a hiring spree as demand for their products, software and services has increased with millions of people working remotely.

Yet despite all the layoffs announced in recent weeks, most tech companies are still much bigger than they were three years ago.

Here’s a look at some of the companies that have announced layoffs so far.

August 2022

Snap: The parent company of the Snapchat social network announced layoffs of 20% of its workforce. Snap has grown its workforce in recent years to more than 5,600 employees, and the company said at the time that even after laying off more than 1,000 employees, it would still have a larger workforce than a year ago.

Robinhood: The company, whose app helped usher in a new generation of investors to the market, announced layoffs of about 23% of its workforce, about 780 people. In the last wave it laid off 9% of its workforce.

November 2022

Twitter: The social network laid off half of its 7,500 employees after being acquired by billionaire and Tesla CEO Elon Musk.

Lyft: The mobile application transportation service announced the layoff of 13% of its workforce, around 700 employees.

Target: Facebook’s parent company laid off 11,000 people, roughly 13% of its workforce.

January 2023

Amazon: The digital commerce company announced that it will have to eliminate 18,000 jobs. This is a small fraction of its global workforce of 1.5 million people.

Salesforce: The company laid off 10% of its workforce, around 8,000 employees.

Coinbase: The cryptocurrency trading platform will cut around 20% of its workforce, or around 950 jobs, in a second wave of layoffs in less than a year.

Microsoft: The software company reported it would cut about 10,000 jobs, about 5% of its workforce.

Google: The search engine giant is the most recent in this sector to announce that it will have to make adjustments with the elimination of 12,000 jobs, 6% of its payroll.

Spotify: The music streaming service is cutting 6% of its global workforce. The company did not give a specific number of jobs lost. In its most recent annual report, Spotify revealed that it had approximately 6,600 employees, which means 400 jobs will be cut.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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