Job cuts in the tech industry are piling up as companies that have led a decade-long bull market adjust to the new reality.
In January, Google announced plans to lay off 12,000 from its workforce, while Microsoft said 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.
On Tuesday, Meta announced plans to lay off 10,000 employees, in addition to the 11,000 job cuts it made in November.
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.
Alphabet: 12,000 jobs cut
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: 10,000 jobs cut
“We are confident that Microsoft will come out stronger and more competitive,” Chief Executive Satya Nadella said in a memo to employees. on the company website Wednesday. Some employees will find out this week if they are out of work, he wrote.
Amazon: 18,000 job cuts
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: cut 500 people
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 Chris Marzalek said: blog post Cryptocurrency exchanges grew “ambitiously”, but could not survive the collapse of Sam Bankman-Fried’s crypto empire FTX without further cuts.
“All affected personnel have already been notified,” Marzarek said in a post.
Coinbase: cut 2,000 people
January 10th, 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 by %.
“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.”
Dell: 6,650 fewer jobs
The slowdown in demand for PCs has hit Dell harder than its competitors.
eBay: 500 job cuts
Salesforce: 7,000 jobs cut
Salesforce is cutting headcount by 10% and reducing some office space as part of its restructuring plan. Announced on January 4adopted Over 79,000 workers As of December.
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.
Meta: 21,000 job cuts
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.
Just four months later, CEO Mark Zuckerberg said in a March message to employees that he would lay off another 10,000 employees and end 5,000 jobs.
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.
Twilio: cut 1,500 people
“These changes hurt,” said Twilio CEO Jeff Lawson at the time.
Twitter: 3,700 jobs cut
Lyft: 700 fewer people
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.
Stripe: 1,100 jobs cut
giant of online payments Stripe announced plans in November to furlough about 14% of its workforce, or about 1,100 employees.
CEO Patrick Collison wrote: in a note to staff The cuts were necessary amid rising inflation, fears of a looming recession, rising interest rates, an energy shock, tightening investment budgets and sparse start-up capital. The year 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.
Shopify: 1,000 jobs cut
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: 450 jobs cut
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.”
Snap: 1,000 job cuts
late August, Snap has announced it has laid off 20% of its workforce. is more than 1,000 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.”
Robinhood: cut 1,100 jobs
retail brokerage firm 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 condemns “Highest level of inflation in 40 years with broader cryptocurrency market crash deteriorating macro environment”
Tesla: 6,000 jobs cut
in June, Tesla CEO Elon Musk wrote in an email to all employees that the company is cutting 10% of its salaried workforce.of Wall Street Journal estimates The cuts will affect about 6,000 employees, according to official 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.”
Zoom: 1,300 fewer people
Video conferencing provider Zoom announced in February that it would cut its workforce by 15% and lay off 1,300 employees. “It didn’t take as much time as it should have to thoroughly analyze the team and assess whether it is growing sustainably,” Zoom CEO Eric Yuan said at the time. I’m talking
Zoom’s explosive growth was fueled by Covid-19 lockdowns, but the company is suffering as life returns to normal for many.