adplus-dvertising
Stories

Tech Layoffs: List Of Top Tech Giants That Announce Massive Job Cuts

Tech Layoffs: List Of Top Tech Giants That Announce Massive Job Cuts

According to layoff.fyi, a website that keeps tabs on job losses, at least 101 organizations throughout the world let go of 25,436 people in the first two weeks of January. According to data provided by the site, there have been an average of more than 1,600 layoffs of computer workers worldwide and in India this year. Many of the companies that are cutting off workers are Indian startups.

For the tech industry as a whole, 2022 was the worst year in a decade, with 154,336 people losing their jobs at one of the world’s roughly 1,024 technology companies. The wave of layoffs that hit the economy last year broke all prior records, with the majority of the impacted workers being fired by tech companies in the retail, consumer, transportation, and financial sectors.

With about 51,800 people affected across 2,017 businesses in India and around the world, November 2022 saw the biggest number of IT layoffs. In the second quarter of the fiscal year 2020, at the height of the Covid-19 outbreak, 428 technology firms laid off at least 60,000 workers. Since then, layoffs have slowed to a trickle, but layoff.fyi data shows that they have taken up worrying speed since Q1 2022, with no indications of slowing down in sight.

Numerous hundred people were let off from various Indian startups in the month of January. This includes companies like Dunzo, Sharechat, Rebel Foods, Captain Fresh, BharatAgri, Ola, DeHaat, Skit.ai, Coin DCX, LEAD School, Bounce, and Cashfree.
Both ShareChat and Dunzo, two consumer internet startups, announced layoffs on Monday, with the former letting go of 250 workers and the latter 100.

Ola, a producer of electric two-wheelers and a cab aggregator, laid off at least 200 workers last week in various business sectors. Over a thousand workers were let go by the SoftBank-backed mobility startup in the previous year.

tech layoffs

According to Sekhar Garisa, CEO of FoundIt (previously Monster India), startups in India continue to employ a sizable number of people with a high turnover rate of 25–30%. This indicates that many will keep hiring even as they reduce the number of employees. According to Garisa, there are presently 500,000 job postings from IT firms on hiring platforms. In contrast to the pre-Covid era, benefits and pay expectations have leveled out.

In India, however, the tech sector, including Big Tech and startups, collectively laid off nearly 17,000 workers in 2022. Numerous of these include unicorns, late-stage businesses, and even early-stage enterprises that failed to raise critical funds due to the funding shortage.

When it comes to employment losses, the consumer internet sector is still the most impacted. Some of the worst-hit startups are those in edtech, fintech, hyperlocal delivery, insurtech, content and gaming, logistics, and online commerce. Some estimates indicate that the edtech industry was the most negatively impacted, with 14 edtech businesses laying off 6,898 workers in 2022.

Here are five of the biggest names in technology that have lately announced job layoffs.

1. Alphabet

tech layoffs

The parent firm of the world’s largest search engine, Alphabet, announced a significant job loss on Friday. The computer giant announced it will conduct a significant round of layoffs, resulting in 12,000 job losses. The layoffs are said to have been announced by Sundar Pichai, the CEO of Alphabet and Google, and they affect teams in engineering, product, recruiting, and corporate.

Some Google employees who will be affected by the Alphabet Layoffs 2023 have spoken out about their pain and outrage at the company’s layoffs, new performance assessment system, and other changes. In a statement, the Alphabet Workers Union also expressed its displeasure.

2. Amazon

tech layoffs

Amazon also disclosed significant employment layoffs of more than 18,000 in early January. The company has survived unstable and challenging economies in the past, and we will continue to do so, according to Amazon CEO Andy Jassy.

Moreover, the company must contend with a dimming economic future, rising expenses, and slow sales expansion. Along with the layoffs, Amazon has paused the construction of its warehouses, put a stop to corporation recruiting, and terminated a variety of test programs, along with its health system and whimsical projectors for children that might conduct video chats.

3. Facebook

tech layoffs

The parent firm of Facebook, Meta, let go of approximately 11,000 workers in November of last year. At least 13% of the company’s staff was cut. Additionally, a hiring ban through the first quarter of 2023 was put into effect. The majority of those fired worked at Facebook, WhatsApp, and Instagram.

Fewer jobs were lost in the metaverse vertical, though. The business is currently cutting back on employee benefits spending and selling off some of its real estate holdings. Mark Zuckerberg, the CEO, had been trying to reduce spending in the months leading up to the layoffs but made the difficult decision to reduce staff.

4. Microsoft

tech layoffs

Microsoft has also announced plans to eliminate close to 10,000 jobs, or around 5% of its workforce. The corporation estimated that the severance and reorganization costs associated with the layoffs will total USD 1.2 billion. The corporation would keep hiring in important areas, according to CEO Satya Nadella. Financially speaking, this layoff is a drop in the ocean for Microsoft, but it has a very serious effect on the 10,000 employees who were informed they will be let go this week.

5. ShareChat

tech layoffs

The social networking firm ShareChat recently fired 20% of its staff. In a statement, the business stated that it has decided to “position the company to endure through current challenges.” The Bengaluru-based startup, founded in 2015, recently announced layoffs at a time when investors are pressuring numerous new-age businesses to make cost reductions in light of the uncertain global economy. Layoffs have occurred recently in the startup market. Analysts also pointed the finger at these companies’ poor hiring and firing practices.

6. HP

tech layoffs

HP Inc. also made 6,000 job layoffs by the conclusion of the fiscal 2025 announcement in November 2022. The business made this decision in light of the drop in sales of laptops and personal PCs. As companies like Amazon, Meta, Microsoft, and Intel all stated that staff would be forced to leave, the tech sector as a whole is seeing layoffs.

With regard to HP, the business recently unveiled the fiscal year 2023 Future Ready Transformation strategy that is anticipated to generate “substantial structural cost reductions through digital transformation, portfolio optimization, and operational efficiency.

edited and proofread by nikita sharma

See also  Microsoft’s Bing search engine is the latest victim of China’s ‘block and don’t tell’

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker