Edited By: Mohammad Haris
Last Updated: January 27, 2023, 10:49 IST
The year 2023 has started on a tough note for employees as big tech companies across the world continue to lay off staff to cut costs.
The layoffs are happening to cut costs against the backdrop of global economic uncertainties
The year 2023 has started on a tough note for employees as big tech companies across the world continue to lay off staff to cut costs. The layoffs are happening against the backdrop of global economic uncertainties. According to layoffs.fyi, a crowdsourced database of tech layoffs, more than 2 lakh tech jobs have been reduced since the start of last year. Here’s the list of layoffs by major companies.
Google: Its parent Alphabet is planning to cut roughly 12,000 jobs or 6 per cent workforce worldwide. The layoffs will affect jobs globally and across the entire company, chief executive officer Sundar Pichai told employees in an email on Friday, writing that he takes “full responsibility for the decisions that led us here”.
Microsoft: The tech giant has announced that it would sack 10,000 employees — almost five per cent of its total workforce — in the days to come amid concerns over a global economic downturn. The job cuts were “in response to macroeconomic conditions and changing customer priorities”.
Amazon: Amazon is laying off more than 18,000 employees as global economic uncertainty forces companies to trim costs and restructure operations.
IBM: The company has announced 3,900 layoffs as part of some asset divestments and missed its annual cash target, dampening cheer around beating revenue expectations in the fourth quarter. Its Chief Financial Officer James Kavanaugh has said the company was still “committed to hiring for client-facing research and development”.
Spotify: The music streaming giant has announced to slash 6 per cent of its workforce, or about 600 staffers, globally. The Swedish company’s CEO Daniel Ek announced in a memo that he was too ambitious in investing ahead of their revenue growth. The company had just over 9,800 full-time employees as of its last earnings report.
Dow: The materials science company is cutting about 2,000 jobs, or approximately 5 per cent of its global workforce, as part of an effort to reach USD 1 billion in cost savings this year. The Midland, Michigan-based company currently employs approximately 37,800 people.
SAP: The Germany software company plans to cut 3,000 jobs, or 2.5 per cent of its global workforce, and explore the sale of its remaining stake in Qualtrics, as it looks to cut costs and focus on its cloud business. SAP is the latest tech company to cut jobs after companies including Alphabet’s Google, Microsoft and Amazon announced thousands of layoffs to cut costs as they brace for tougher economic conditions.
3M: The maker of Post-it notes, industrial coatings and ceramics, is cutting about 2,500 manufacturing jobs worldwide as it looks to align itself with adjusted production volumes. The company announced last month that it will exit per- and polyfluoroalkyl substance manufacturing by the end of 2025.
In November 2022, Meta, the parent of Facebook, Instagram and WhatsApp also terminated over 11,000 workers — about 13 per cent of its workforce. Elon Musk, the new Twitter CEO, has also let go of 50 per cent of its workforce globally to cut costs.
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