Google, Microsoft, Amazon, others have cut more than 70,000 employees

Job cuts in the tech industry are piling up as companies that have led a decade-long bull market adjust to the new reality.

Google announced plans to lay off 12,000 from its workforce on Friday, while Microsoft announced Wednesday it would lay off 10,000 employees. Amazon It has also cut more than 18,000 employees and launched a new round of job cuts in what is expected to be the largest layoff in the e-retailer’s 28-year history.

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The job cuts come at a time of slowing growth, rising interest rates to fight inflation and fears of a possible recession next year.

Below are some of the key cuts in the tech industry to date. All figures are approximations based on filings, official statements and media reports.

Google, which is owned by parent company Alphabet, said Friday it would lay off 12,000 employees.

Google CEO Sundar Pichai said in an email sent to the company’s staff that the company will begin layoffs in the United States immediately. In other countries, “local laws and practices take longer to process,” he said, CNBC reported in November that Google employees feared being fired.

alphabet The company had largely avoided layoffs until January, when it cut about 240 employees from its health sciences unit, Verily.

Microsoft will cut 10,000 jobs by March 31 as software makers prepare for slowing revenue growth. The company also has $1.2 billion in expenses.

In a memo to employees posted on the company’s website on Wednesday, CEO Satya Nadella said, “Microsoft is confident that it will emerge from this strong and competitive Some employees will know this week if they are out of work, he wrote.

early this month, Amazon CEO Andy Jassy said the company plans to lay off more than 18,000 employees, mostly in human resources and stores. This came after Amazon said in November that he was considering layoffs, including at the device and recruiting organisations. CNBC reported at the time that the company was laying off about 10,000 employees.

Amazon kept hiring during the Covid-19 pandemic. The company’s global workforce grew from 798,000 in the fourth quarter of 2019 to more than 1.6 million by the end of 2021.

Crypto.com announced plans to lay off 20% of its workforce on January 13th. PitchBook data suggests he has 2,450 employees at the company, with about 490 laid off.

CEO Kris Marszalek said in a blog post that while the crypto exchange has grown “ambitiously”, the collapse of Sam Bankman-Fried’s crypto empire FTX could not have survived without further cuts.

“All affected personnel have already been notified,” Marzarek said in a post.

I’m Yang. Ten, coin base has announced plans to cut about a fifth of its workforce to preserve cash during a crypto market downturn.

Exchange plans to cut 950 Jobs, according to the blog post. Coinbase, which had about 4,700 employees as of the end of September, had already laid off 18 employees in June, citing the need to control costs after growing “too quickly” during the bull market. % was reduced.

“Looking back, we should have done more,” CEO Brian Armstrong said in a phone interview with CNBC at the time. “What we can do is react as soon as information becomes available, and that is what we are doing in this case.”

Salesforce announced on Jan. 4 that it would cut its headcount by 10% and downsize some of its office space as part of a restructuring plan. As of December, it employs more than 79,000 people.

In a letter to employees, co-CEO Marc Benioff said that given the difficult macroeconomic environment, customers are becoming more “measured” in their purchasing decisions and that it is “extremely difficult” for Salesforce to lay off employees. “It’s a difficult decision to make,” he said.

Salesforce said it will incur charges of $1 billion to $1.4 billion related to headcount reductions and $450 million to $650 million related to office space reductions.

facebook parent meta announced its most significant job cuts to date in November. The company said it plans to cut his 13% of its workforce, or more than 11,000 of his.

metaDisappointing guidance for the fourth quarter of 2022 wiped out a quarter of the company’s market capitalization, pushing the stock to its lowest level since 2016.

The tech giant’s cuts come after it expanded its workforce by about 60% during the pandemic. The business has been hit by competition from rivals such as TikTok, a sharp slowdown in online advertising spending and challenges from Apple’s changes to his iOS.

lift announced in November that it would cut 13% of its workforce, or about 700 jobs. In a letter to employees, Chief Executive Officer Logan Greene and President John Zimmer warned of rising costs for carpool insurance, saying there could be a “recession sometime in the next year.”

For the laid-off employees, the ride-hailing company promised 10 weeks of pay, medical coverage through the end of April, accelerated stock vesting through the Nov. 20 vesting date, and recruitment assistance. Employees who have been with the company for more than four years will also be paid four weeks’ salary, they added.

Online payments giant Stripe announced plans in November to lay off about 14% of its workforce, or about 1,100 employees.

In a memo to staff, CEO Patrick Collison warned of rising inflation, looming recession fears, rising interest rates, energy shocks, tightening investment budgets and funding startups. Amid funding scarcity, he wrote, cuts were needed. Taken together, these factors indicated that “2022 represents the beginning of a different economic environment,” he said.

Stripe was valued at $95 billion last year, but reportedly lowered its internal valuation to $74 billion in July.

In July, Shopify announced it laid off 1,000 employees, representing 10% of its global workforce.

In a memo to employees, CEO Tobi Lutke admitted that he had misjudged how long the e-commerce boom due to the pandemic would last, saying the company was experiencing a significant contraction in online spending. The company’s stock is down 78% in 2022.

netflix announced two layoffs. The streaming service cut his 150 jobs in May after the company reported his first subscriber decline in a decade. In late June, the company announced another 300 layoffs.

In a statement to employees, Netflix said, “While we continue to invest heavily in our business, we have adjusted our costs to increase in line with slower revenue growth.”

In late August, Snap announced it would furlough 20% of its workforce. This equates to more than 1,000 of his employees.

snap In a memo to employees, CEO Evan Spiegel said the company needed to restructure its operations to address financial challenges. He said the company’s quarterly year-over-year revenue growth of 8% is “well below what we expected at the beginning of the year.”

Retail brokerage Robinhood cut 23% of its workforce in August after cutting 9% of its workforce in April. Based on public documents and reports, this equates to more than 1,100 of her employees.

robin hood CEO Vlad Tenev blamed the “worsening macro environment, inflation at a 40-year high, and the resulting crash in the broader cryptocurrency market.”

in June, Tesla CEO Elon Musk wrote in an email to all employees that the company is cutting 10% of its salary. The Wall Street Journal estimates that the cuts will affect about 6,000 employees, based on public documents.

“Tesla plans to cut headcount by 10% due to overstaffing in many areas,” Musk wrote. “Note that this doesn’t apply to people who actually build cars or battery packs or install solar power. Headcount per hour goes up.”