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.
The move comes as a cost-cutting measure by the parent company, Walt Disney Co. The layoffs were the second over the past nine months, and the fourth since a series of ownership changes began in 2015.
Since the beginning of the epidemic, the company has reduced its employees by 17 per cent.
The layoffs will affect Meta's business departments and could affect thousands of employees, reports Vox.
Speaking on the matter, Margherita Della Valle, Group Chief Executive, said that their performance has not been good enough.
Amazon Layoffs: While announcing 9,000 job cuts, CEO Andy Jassy stated that the decision was based on ongoing priority analysis and economic uncertainty in an online note to employees.
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.
As part of a larger reorganization aimed at cutting $5.5 billion in costs, Disney is planning to reduce its workforce by 7,000 jobs. This latest round of job cuts is expected to impact Disney Entertainment, ESPN, Disney Parks, Experiences, and Products.
In a statement to USA Today, Intel said that it is working to accelerate its strategy while navigating a challenging macroeconomic environment.
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.
The biopharma team has been resized to focus on revenue-generating partnerships and Twist said it will moderate its investment in DNA data storage while maintaining its competitive lead.
Krishna has been managing the century-old company since 2020 and has been witnessing constant lower growth in the businesses it has been felt by his statement that he may consider selling its weather unit soon (timeline unspecified).
Mark Zuckerberg now has a net worth of $87.3 bn and is the 12th richest person in the world, according to the Bloomberg Billionaires Index. Meta (formerly Facebook) posted revenue of $28.65 billion, an increase of 3 pc year-over-year and beating Wall Street expectations in its March quarter.
Amazon Layoff: In the memo, Selipsky said, "In other regions, we are following local processes, which may include time for consultation with employee representative bodies and possibly result in longer timelines to communicate with impacted employees."
Disney Layoff: The upcoming layoffs are expected to start soon and they will be affecting the market across the country from California, Burbank, to New York and Connecticut.
Lenovo CEO Yang Yuanqing had informed in February about a coming "workforce adjustment" as part of a broader reduction in spending. The company had about 75,000 employees at the end of its 2022 fiscal year.
In the fresh round of layoffs, around 4,000 high-skilled employees could be impacted, beginning Wednesday (today).
The mobile advertising and digital publishing solutions provider has said that it envisions to hire 150 professionals in the current fiscal
Start up layoff crisis: Some believe that the layoff winter is likely to come to an end in the second half of 2023.
Google layoff news: When asked about the company’s goal of becoming 20% more efficient, Pichai stated that they are “literally looking at every aspect.”
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