Google's 12,000 jobs cut announcement came after Microsoft, Facebook and Amazon. They also retrenched staff en mass amid the global economic downturn.
Swiggy: The laid-off employees will get medical insurance coverage for themselves and nominated family members till May 31, 2023.
Amazon, as part of its plan to fire 18,000 workers, will eliminate a few positions in the United States, Canada, and Costa Rica.
Microsoft: The job cuts would be the latest in the US technology industry, where firms including Amazon.com Inc. and Meta Platforms Inc. have announced downsizing exercises in response to sluggish demand and a gloomy outlook for the global economy.
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.
Vodafone, the multinational telecommunications firm, is planning to lay off hundreds of employees, primarily from its London headquarters, as part of its cost-cutting measures amid ongoing macroeconomic conditions.
Amazon India has announced that it will be laying off around 1,000 of its employees. This news comes as Amazon India continues to grow at a rapid pace, with the company investing heavily in its operations in the country.
Amazon layoff news: In November 2022 too, Amazon reduced staff size by approximately 10,000, especially in the Devices and Books businesses, and also announced a voluntary reduction offer for some employees in its People, Experience, and Technology (PXT) roles.
The upcoming layoffs at Swiggy will impact the company's quick commerce delivery service Instamart to reduce cash burn. In November 2022, global brokerage firm Jefferies said that Swiggy was fast losing market share to its rival Zomato despite offering heavy discounts.
A report last month claimed that Alphabet is gearing up to lay off about 10,000 "poor performing" employees, or 6 per cent of its workforce. According to a report in The Information, Google plans to ease out 10,000 employees through a new ranking and performance improvement plan.
In mid-November, around 73,000 workers in the US tech sector have been laid off in mass-level job cuts led by companies like Meta, Twitter, Salesforce, Netflix, Cisco, Roku, and others.
recently Musk mailed about the new norms in the company which backlashed him- and around 1,200 software engineers resigned from their position. The act took place post Musk sent the ultimatum email to the employees, updating them on the new strict work culture with 80 hours/week timeline. Know more.
HP firing employees: The company announced a 'Future Ready Transformation Plan', estimating annualised gross run rate cost savings of at least $1.4 billion by the end of fiscal 2025, and restructuring and other charges of approximately $1 billion.
Facebook employees lay off: According to reports, the company is anticipated to let off thousands of employees from Wednesday. This will likely be the biggest layoff in the tech industry this year.
Philips appointed Roy Jakobs as the new CEO, a week back and recently it was reported that the company is set to lay off around 4000 people working in the R&D, warehouses, consolidating suppliers and more. The decision has been taken, post witnessing the drop in Q3 this year.
Snap currently has more than 6,400 employees, out of which around 1,280 employees will be shown the door.
A report recently stated. "It's currently unclear how many of Snap's more than 6,000 employees will be laid off, as managers across the company are still planning the full scope of the cuts for their teams."
Tesla layoffs are part of the 10 per cent reduction in the salaried workforce that Elon Musk announced last month.
Ola has reportedly asked its senior executives to find employees in their teams on a performance basis who can be asked to go.
Netflix witnessed its stock tumbling by 20 per cent after it reported a loss of 2 lakh paid subscribers in the first quarter of 2022, its first subscriber loss in over a decade.
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