Technology companies have entered a phase of stagnation. The likes of Amazon, Meta, Intel, Cisco, Twitter have announced job cuts that have resulted in thousands losing their jobs across the world. Different reasons are stated for the dismissals that are carried out in the company. Many companies have announced that employees will be laid off for the next few months. Here, we look at companies that have announced thousands of job cuts
Meta: 11,000 job cuts
In one of the biggest layoffs ever, Meta has laid off more than 11,000 workers, about 13 percent of its total workforce. CEO Mark Zuckerberg says that the reason for letting go of most of these employees is due to being too optimistic about the future based on surgery during this disease. Furthermore, the company also extended the compensation until the first quarter of 2023.
Amazon: About 10,000 job cuts
Amazon is reportedly laying off 10,000 workers as part of its firing process. Amazon CEO Andy Jassy sent a memo to all employees informing them of the job cuts. Jassy said the company’s annual audit was tough — which led to the announcement of job cuts — and the company has hired quickly over the past few years. He went on to add that the job cuts at Amazon will continue until early 2023. The job cuts are expected to affect workers who work in business, human resources, and equipment.
Intel: Thousands of job cuts
Intel CEO Pat Gelsinger, during the company’s Q3 earnings call, said that we are responding to the current environment by aggressively reducing costs. The company is cutting jobs and cutting spending on new plants in an effort to save $3 billion next year. The chipmaker says the reduction in core count is a response to a decline in demand for the company’s consumer chips, stemming from a shrinking PC market. According to Bloomberg, this shutdown will affect customers and sales teams at Intel.
Cisco: More than 4,000 job cuts
According to online reports, Cisco is also laying off more than 4,000 employees, which is about 5% of its workforce. The job cuts come after the company posted the highest quarterly revenue in its history during the first quarter of fiscal 2023. The company has not disclosed details about the job cuts. However, Cisco chairman and CEO Chuck Robbins said, “We’re going to be reluctant to get into a lot of details here until we can talk to them. I would say that what we’re doing is supporting some business.”
Hard drive maker Seagate Technology announced last month that it plans to cut 8% of its global workforce, or about 3,000 jobs, citing uncertainty over assets and increasing and decreasing the demand of its parts. Customers are sitting on stacks of other products, breaking rules and measuring Seagate’s financial performance, CEO Dave Mosley said. That should cut it. “We have made quick and decisive decisions to respond to current market conditions and improve long-term profitability,” he said.
Salesforce: About 2,500 job cuts
US-based enterprise software company Salesforce announced job cuts earlier this month. “The process of working with our customers makes accountability. Unfortunately, that can lead some to leave the business, and we support them through their transition,” the company said in a statement to CNBC.
Twitter (Special Announcement)
Twitter has laid off almost half of its employees. The move sparked a week of turmoil and uncertainty about the company’s future under new owner Elon Musk, the world’s richest man, who tweeted on Friday that the company was experiencing a “significant reduction in revenue.” from the return of the media. “Unfortunately, there is no choice when the company is losing more than $4M/day,” Musk tweeted about the workers, adding that everyone involved was given three months’ wages.