The past few months have witnessed large-scale layoffs at tech giants across the world, mainly owing to the economic slowdown and impending recession. Big tech companies like Twitter, Netflix, Microsoft, Snap, and others have downsized their workforce by thousands while reports claim that companies like Meta, Amazon, and others have frozen hiring and are planning to hand pink slips to their employees.
These are some of the big tech companies that have gone through downsizing rounds.
Microsoft
Despite being one of the pioneers when it comes to big tech, Microsoft has also felt the blow of the economic downturn. The company laid off around 1000 employees last month, in what was the third round of downsizing at the company this year.
Netflix
The streaming giant Netflix has also felt the heat of rising inflation and the economic downturn despite meteoric growth in the past decade. The company has gone through two downsizing rounds, one in May and the other in June, letting go of at least 500 employees.
Snapchat
Social media platform Snap, or Snapchat has also let go of 20 per cent of its employees, over 1000 people, in August this year. The company’s CEO Evan Spiegal said in an internal memo that the job cuts are necessary to “ensure Snap’s long-term success in any environment.
After Elon Musk’s acquisition of the microblogging site Twitter, the company has gone through mass layoffs. Twitter let go of 50 per cent of its workforce, or around 3500 people, to cut costs and move towards profitability.
Facebook parent company Meta is going to slash jobs to cut costs, Wall Street Journal reported on Sunday. Moreover, the company also froze hiring earlier this year. One of Meta’s largest shareholders, Altimeter Capital Management, wrote an open letter to Mark Zuckerberg last month urging to cut costs by letting go off people to fix their finances.
Amazon
Retail aggregator and tech giant Amazon will be slashing jobs across its healthcare divisions, Amazon Care and will cut more than 150 jobs as it winds down its telehealth offering, as per regulatory filings submitted in Washington state, US.
Also Read: Amid layoffs and cost cuts, BYJU’s appoints Lionell Messi as new brand ambassador – BusinessToday
Also Read: Byju’s firing model: Unrealistic target, a ‘pipeline’ & the exit door – BusinessToday
