A wave of layoffs has rippled through startups and mid-sized companies, as well as big tech companies such as Amazon, Microsoft, and Alphabet, the parent company of Google.
So far, 219 tech companies will lay off 68,149 employees in 2023, according to tracking site Layoffs.fyi.
SAP and IBM are among the companies that have recently joined the layoff bandwagon to keep costs down in the impending global recession.
Here is a list of major companies that have announced layoffs:
IBM Corporation – The software and consulting firm said it would lay off 3,900 employees. The company also expects annual sales growth in the mid-single digits on a constant currency basis, down from the 12% he reported last year. This is because pandemic-driven demand for digitalization of businesses has given way to cautious spending by customers amid growing fears of a recession.
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Spotify- Music streaming service Spotify is cutting 6% of its workforce, or about 600 roles. CEO Daniel Ek has announced layoffs as part of an organizational restructuring aimed at improving efficiency, reducing costs and making decisions faster. Spotify laid off 38 staff members from its Gimlet Media and Parcast podcast studios in October.alphabet – Google’s parent company is cutting 12,000 jobs, or 6% of its global workforce, the company’s CEO Sundar Pichai told employees in an email. He later defended that the layoffs were made to act decisively as the company’s growth slowed.
Microsoft- The US tech giant said it will cut 10,000 jobs by the end of the third quarter of its fiscal 2023. The layoffs will cost him $1.2 billion in the second quarter of fiscal 2023 and have a negative impact on earnings per share of him by 12 cents. , said Microsoft.
Amazon – The e-commerce giant said company-wide layoffs will affect more than 18,000 employees. In an email to staff, Amazon CEO Andy Jassy cited an “uncertain economy” and “rapid hiring” as reasons for the job cuts.
meta – Facebook’s parent company has cut 13% of its workforce, or more than 11,000, amid a sluggish advertising market and rising costs. In 2022, Meta posted its first-ever quarterly revenue decline, followed by an even bigger decline in the fall.
Intel – The company plans to cut costs by $3 billion in 2023. Intel generated $7.7 billion in cash and paid $1.5 billion in dividends from operations in the fourth quarter. CEO Pat Gelsinger told Reuters that “people actions” will be part of the cost-cutting plan.
twitter – The microblogging platform has aggressively cut headcount across its entire team after its $44 billion acquisition by Elon Musk. The company laid off about 3,700 employees.
lift – The ride-hailing company said it would furlough 13% of its workforce, or about 683 workers, after already cutting 60 people earlier this year and a hiring freeze in September.
Salesforce – The software company said it would lay off about 10% of its workforce and close some offices as part of a restructuring plan, citing a difficult economy.
stripes – The digital payments company has cut headcount by about 14% and will have about 7,000 employees after layoffs, according to an email to employees from the company’s founders Patrick and John Collison.
door dash – The food delivery company said it was laying off about 1,250 workers to cut costs. As of December 31, 2021, the company has more than 8,600 employees worldwide.
SAP- SAP plans to cut 3,000 jobs, or 2.5% of its global workforce. The company is also considering selling its remaining stake in German software company Qualtrics as it seeks to cut costs and focus on its cloud business.
Vimeo- Vimeo will cut 11% of its global workforce. Vimeo employs approximately 1,200 people as of December 2021, according to annual regulatory filings. In an email to staff, Vimeo CEO Anjali Sud cited an “uncertain economic environment” for the layoffs.
Cisco – Cisco Systems Inc’s restructuring plans impacted approximately 5% of its workforce, or 673 employees. The company said it will incur pre-tax charges of approximately $600 million for severance, layoffs and other costs.
coinbase – Coinbase Global has announced that it will cut about 950 employees as part of its restructuring plan. Coinbase said in June he cut 1,100 people, or 18% of his workforce, before in November he cut more than 60 people in the recruiting and agency onboarding teams.
HP- HP Inc said it expects to cut up to 6,000 jobs by the end of fiscal 2025.
Headcount reduction in India
Deal Share – E-commerce company Dealshare has laid off about 100 employees, or more than 6% of its 1,500-strong workforce. Dealshare founder Sourjyendu Medda confirmed the development and said the decision was related to its business plan for the next fiscal year, which will focus on profitability.
go mechanic – The auto-services startup has announced it will lay off 70% of its workforce, even as SoftBank and Khazanah pull out of a financing deal for the Sequoia-backed startup. One of his founders, Amit Bhasin, admitted financial negligence, laid off 70% of his staff and initiated an audit of the company.
Moharatek – MohallaTech, the parent company of local-language social media platform ShareChat and short-video app Moj, has laid off about 20% of its workforce, or more than 500 employees.
Swiggy – Swiggy will lay off 380 employees, CEO Sriharsha Majety told employees internally. Majeti said the company’s food delivery business is growing more slowly than expected. He also said the company had overhired over the past two years due to a “case of poor judgment” on his part.
Danzo – Reliance Retail-backed Dunzo laid off about 3% of its workforce last week, and its fast commerce platform for groceries and other essentials is cutting costs elsewhere.
Ora – Ride-hailing and electric vehicle company Ola laid off about 130 to 200 employees in a new round of layoffs at the SoftBank-backed mobility company. Job cuts are happening across ride-hailing, electric vehicle and fintech businesses. In September, the company reversed cuts to about 200 technicians.
cash free – Online payment service provider Cashfree laid off about 100 employees to cut costs and cash burn. A Bengaluru-based fintech startup backed by YCombinator and Apis Partners laid off employees in sales and merchant onboarding earlier this week.
Ed tech layoffs
Byju – Byju’s, India’s most valuable start-up, says it will phase out or “streamline” about 5% of its 50,000-strong workforce across sectors such as products, content, media and technology. In early 2022, the company laid off at least 600 people from his Toppr and WhiteHat Jr. group companies.
Vedantu – Vedantu laid off a further 385 employees in its fourth round of layoffs this year. This is because pressure is mounting on his edtech companies in India to cut costs and increase profits. The company previously laid off 100 full-time employees from its sales team in July, and laid off another 624 full-time and contract employees in two rounds in May.
Unacademy- Edtech startup Unacademy cut 350 jobs and implemented yet another layoff as it sought to cut costs and boost profits. The edtech company had previously laid off about 1,000 contract and permanent employees.
previous row – With a focus on non-academic learning, FrontRow employs 130 people (nearly 75% of its workforce) across marketing, sales, engineering, and product as a startup in the online education sector rethinks its cost structure. was fired. FrontRow said in May this year he laid off nearly 145 full-time and contract employees.