Since early 2023, over 85,000 global tech sector employees have been laid off.
Okta joins Splunk, PayPal, IBM, SAP, Spotify, Alphabet, Intel, Microsoft, Coinbase, Cisco, Amazon, Salesforce, HP, Roku, Beyond Meat, Meta and Twitter after massive job cuts in recent months announced.
According to data compiled by the website Layoffs.fyi, since early 2023, more than 85,000 tech sector employees globally have been laid off.
Here is a list of celebrities in many sectors who are cutting their workforce.
Okta Inc. (OKTA) has announced that it will cut its global workforce by 5%, or about 300 jobs, as the software maker adjusts to the current macroeconomic realities. His CEO of Okta, Todd McKinnon, said in an email to employees:
“We entered 2023 with a growth plan based on the demand experienced in the previous year,” said the CEO. “This led to over-hiring in line with today’s macroeconomic realities.”
Read now: Okta CEO says layoffs were ‘the last thing I wanted to do’ as company cut 300 jobs
McKinnon also highlighted the “executive challenges” Okta faced. “I wish I had responded sooner, but I am doing the best I can today to adapt to this reality,” he said.
In filings with the Securities and Exchange Commission, Okta will incur approximately $15 million in restructuring costs in the fourth quarter of fiscal 2023 for future cash employee severance and benefits, primarily It said it would be paid in the first quarter of fiscal 2024.
Splunk Inc. (SPLK) has announced that it will lay off about 4% of its workforce, or about 325 employees, amid shrinking software industry.
Splunk CEO Gary Steele said in a letter to employees that the cuts will be primarily in North America. “This decision is broader, including optimizing processes, cost structures and global operating methods to ensure Splunk balances growth and profitability through these uncertain times to drive long-term success. is another step in a series of positive organizational and strategic changes,” he wrote.
Also read: Splunk lays off 4% of staff in latest sign of software cuts
In its SEC filings, Splunk estimates that it will incur approximately $28 million in expenses and future cash outflows related to the restructuring plan. Splunk expects the project to be completed in the first quarter of fiscal 2024, with “substantially all” associated fees and cash outlays.
PayPal Holdings Inc. (PYPL) has announced that it will reduce its global workforce by approximately 2,000 full-time employees, or 7% of its total workforce. CEO Dan Shulman announced the layoffs in an email to employees. “These cuts will be made over the next few weeks, with some organizations likely to be impacted more than others,” he wrote.
“While we have made significant progress in optimizing our cost structure and focusing resources on our core strategic priorities, more work remains to be done,” Shulman said in an email. “We must continue to change as our world, our customers and our competitive landscape evolve.”
See also: PayPal lays off 7% of employees as part of cost cutting
PayPal said it would continue to hire “strategically” this year, spokesperson Amanda Miller told MarketWatch.
In August, PayPal announced a cost-cutting initiative, saying it aims to cut costs by at least $1.3 billion by the end of 2023.
International Business Machines Corp. (IBM) said it would cut 1% to 1.5% of its workforce. About 3,900 employees will be cut, James Kavanaugh, IBM’s chief financial officer, said in his Bloomberg interview, which first reported the job cuts.
RELATED: IBM Posts Largest Annual Revenue Growth in Over a Decade, Announces Layoffs
Layoffs were not mentioned on the conference call to discuss IBM’s fourth quarter results. A spokesman said the cuts were mostly related to spinoffs and the sale of IBM’s Watson Health division, which cost him $300 million in the first quarter.
SAP (SAP.XE) said it would cut about 3,000 jobs in a restructuring effort. When it released its fourth-quarter results, the business software maker said it would undertake a “targeted” restructuring in 2023 that will focus on strategic growth areas and “accelerated cloud transformation.”
Also Read: SAP Cuts Nearly 3,000 Jobs, Considers Sale of Qualtrics Stake
The restructuring program will affect approximately 2,800 employees. As of the end of 2022, the company, based in Walldorf, Germany, had 111,961 employees worldwide.
Lam Research Corporation (LRCX), a supplier of silicon foundry equipment, has announced that it will reduce its global workforce by 7%, or 1,300 jobs, by the end of March. The job cuts did not include individual cuts to Lam Research’s “temporary workforce,” which laid off 700 people at the end of December.
Read Now: Lam Research Cuts Workforce By 7%, Increases R&D Spending As Memory Chip Crisis Hits Outlook
The reduction was made when Lam Research reported results for the quarter ending December 22, 2022. We will maintain our footprint while maintaining critical research and development,” CEO Tim Archer said in a statement. We are focused on accelerating our strategic priorities. ”
In a filing with the Securities and Exchange Commission, Spotify Technology (SPOT) said it would cut its workforce by about 6%, equivalent to about 588 jobs.
Bloomberg News originally reported that the music-streaming service was planning job cuts. At the end of the third quarter, Spotify had 9,808 full-time employees worldwide.
The Stockholm-based company estimates that it will incur approximately €35 million to €45 million ($38.1 million to $48.9 million) in retirement-related expenses.
Read Now: Spotify Lays Off Nearly 600 Employees
Last June, Spotify CEO Daniel Ek told employees the company would cut hiring by 25%, according to Bloomberg and CNBC reports. The department laid off at least 38 employees.
Spotify has spent a lot of money on podcasts in recent years, and this is putting pressure on the company’s profits. Podcast spending is not yet profitable, but last year Ek predicted that profitability would increase significantly over the next few years.
In an SEC filing, Spotify said Dawn Ostroff, the company’s chief content and advertising business officer, is stepping down as part of a broader organizational restructuring.
Google’s parent company Alphabet Inc. (GOOGL) (GOOGL) has announced plans to cut about 12,000 jobs worldwide. In a blog post, Sundar Pichai, his CEO of Alphabet and Google, called the layoffs “a difficult decision to prepare for the future.”
“The fact that these changes affect the lives of Googlers weighs heavily on me. I take full responsibility for the decisions that have brought us here,” he added.
Like many other tech giants that have recently laid off, including Microsoft (MSFT) and Meta Platforms (META), Alphabet has expanded its operations to meet pandemic-era demand, but another economic climate has forced it to do so. Mr. Pichai said. “Over the past two years we have seen a period of dramatic growth.To facilitate that growth, we have hired for economic realities that differ from those we are currently facing. bottom.”
Read now: Google’s parent company Alphabet plans to cut 12,000 jobs worldwide
As of the end of September 2022, Alphabet’s workforce has grown from approximately 164,000 at the end of March to approximately 187,000.
“As a company that has been around for almost 25 years, we will be going through a difficult economic cycle,” Pichai said. “These are key moments to sharpen our focus, redesign our cost base, and direct talent and capital to our top priorities.”
In response to Microsoft’s recent comments, Pichai also emphasized the importance of artificial intelligence. “Constraints in some areas allow us to bet big in others,” he said. “Transforming the company to be AI-first a few years ago was a breakthrough for our business and the industry as a whole.”
Read: Google considering cutting 10,000 ‘underperforming’ employees: report
The CEO said the company is preparing to share a “whole new experience” for users, developers and businesses. “He sees a huge opportunity to use AI across our products and is ready to approach it boldly and responsibly,” he added.
A 2022 report from The Information says Google is considering cutting 10,000 jobs. The company was also considering adopting a ranking system that would weed out the lowest-ranking “underperforming” employees, the report said.
In a statement to MarketWatch at the time, a Google spokesperson said, “Earlier this year, we launched Googler Reviews and Development (GRAD) to help employees develop, coach, learn, and advance their careers year-round. “The new system helps us establish clear expectations and provide regular feedback to our employees.”
Intel Corp. (INTC) has announced that it will cut hundreds of jobs in Silicon Valley. The cuts are in addition to layoffs that began late last year as part of previously announced job cuts.
The chipmaker planned to cut 201 jobs starting Jan. 31 at its Santa Clara, Calif., office, where Intel is headquartered, according to filings with the California Department of Employment Development. In late December, Intel reported he had cut 90 people. The company also confirmed that it has put some manufacturing employees on unpaid leave.
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