Mohalla Tech has reported a significant increase in losses, which has surpassed 38% to reach Rs 4,064 crore during FY23 when compared to Rs 2,941 crore in FY22. Despite the losses, the company has experienced a noteworthy 62% surge in revenue from operations, reaching around Rs 540.21 crore.
Mobile Premier League (MPL)- an online gaming platform is reportedly reducing its workforce by approximately 50%, affecting around 350 jobs. This decision follows the 51st GST Council meeting's decision to uphold a 28% tax on the total value generated from online gaming.
In January, Microsoft laid off 10,000 employees, which accounted for about 5% of their total workforce. The CEO of Microsoft, Satya Nadella, mentioned in a blog post that even though the company was reducing jobs in certain areas, it still planned to hire new employees in other important areas.
The widespread job cuts in the global tech industry, including in India, show how the changing economy is affecting companies. To overcome these challenges, businesses are focusing on restructuring and improving their operations to keep growing in a fast-paced and ever-changing world.
Meta recently fired a number of employees across various levels, including teams in India. This latest layoff was expected to affect around 6,000 employees globally.
Satya Nadella, the CEO of Microsoft told the employees via memo, (which was seen in The Verge report), that only hourly workers will receive the raise this year.
The LinkedIn revenue increased 8 per cent in the March quarter for the tech giant. In 2016, Microsoft acquired LinkedIn for more than $26 billion. The company was also in the process of discontinuing product and engineering teams in China and downsizing corporate, sales, and marketing functions.
Tough time for people working in e-commerce companies, as Meesho has reportedly layoff around 250 employees, while Shopify is going to lay off 20 per cent of its workforce in the coming time.
Meta (formerly Facebook) kicked off a fresh round of layoffs this week, handing over pink slips to employees with technical backgrounds globally. The job cuts impacted people working in verticals like user experience, software engineering, graphics programming and other roles.
In the official blog, Hyams wrote: "We anticipate we will be letting approximately 2,200 people go. This is roughly 15 per cent of our team. The specific decisions on who and where to cut were extremely difficult, but they were made with great care."
A recent survey by Resumebuilder.com reveals that around 50% of US companies that implemented OpenAI's ChatGPT have replaced workers with AI. While the creators of the chatbot assert that there is still a place for humans in the workforce.
According to the survey, a little more than half of the business economists feel the risk of a recession over the next year at 50 per cent or higher, which means more layoffs in the offing in 2023.
ShareChat's spokesperson has also confirmed the layoff news and stated that the decision was taken to prepare the company for sustaining through these headwinds. Companies like Ola, Dunzo, Byjus, OYO and Blinkit have also announced the layoff in recent months because of the lack of funding.
Spotify, a Swedish music streaming giant has reportedly shut down its podcast studio and laid off some members of the team. Spotify declines to comment on the report.
The pandemic not only added to the unemployment rate but also halted the hiring process and no organisation has been left untouched by the impact of Covid-19 and it continues to disrupt many sectors
A couple and their daughter died by suicide over the fear of job loss due to coronavirus pandemic on Saturday. The incident occurred in Karnataka's Dharwad region.
Around 20 lakh people have lost employment and an equal number are staring at job loses as private bus and tourist taxi operators have been hit hard by the coronavirus lockdown, according to the Bus & Car Operators Confederation of India (BOCI).
Researchers have found that 22 per cent workers lost their jobs and 31 per cent faced partial unemployment amid the lockdown in three north Indian states.
Millions of jobs in the global tourism industry could be lost due to the COVID-19 pandemic, which has impacted travel like no other event in history and caused 96 per cent of all worldwide destinations to introduce restrictions in response to the outbreak, the World Tourism Organisation (UNWTO) has said.
Every 1 in 5 Indians is now worried about losing his or her job as the coronavirus pandemic has shut industries and businesses in India, a new survey warned on Wednesday.
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