These Tech Companies, Startups Gave Pink Slips To More Than 1.5 Lakh Employees

These Tech Companies, Startups Gave Pink Slips To More Than 1.5 Lakh Employees

January 10, 2023: The wave of layoffs in the tech and startup ecosystem, which started in early 2022, will continue in 2023 as well.

According to various reports, over 1,50,000 employees of nearly 1,000 companies in the US and other parts of the world have lost their jobs in the past one year.

Indian startup companies are not behind in laying off workers as reports suggest that in 2022, around 50 new-age companies in India will lay off around 18,000 employees.

Unsurprisingly, half of these happened in about a dozen edtech companies as demand slowed as the pandemic eased. for their products.

The US And in India, companies that have laid off workers cite two common reasons for the act – slow business growth and high input or production costs.

Amazon:

On Wednesday, Amazon confirmed the layoffs but the number is much higher than previously reported.

It was said that the ecommerce giant would lay off around 10,000 workers but now the company has said that 18,000 of its employees will be affected by layoffs amid an uncertain economy.

Salesforce:

Enterprise software company Salesforce announced on Wednesday that it would cut about 10 percent of its workforce and close some of its offices, according to media reports.

Meta Platforms:

Meta, the parent of Facebook, is reportedly planning to cut about 11,000 jobs, in what would be one of the biggest layoffs ever at the company as it struggles with low revenue and high costs, according to media reports.

Microsoft Corp:

The software giant laid off around 1,000 employees across all divisions in October last year, the report said citing a source.

Citigroup Inc:

The bank has cut dozens of jobs in its investment banking division as the dealmaking slump continues, according to a report.

Morgan Stanley:

According to a recent Reuters report, the bank is expected to divest globally in the coming weeks, as its dealmaking business has been hit by the economic downturn.

AMC Networks Inc:

The cable TV network will cut its US workforce by about 20 percent, as it announced that CEO Christina Spade has resigned less than three months after taking the role.

Intel Corp:

Reuters reported that “people actions” would be part of the cost-cutting plan. The chipmaker said it will cut costs by $3 billion in 2023.

Johnson & Johnson:

As the pharmaceutical giant announced it may cut some jobs amid inflationary pressures and a stronger dollar, CFO Joseph Volk said the healthcare group itself is looking to “right-size.”

Twitter Inc:

Elon Musk’s social media company laid off half of its workforce following its $44 billion takeover of Twitter.

However, it was later learned that the social media company is reaching out to some of the job-loss people and asking them to return.

Cisco Systems Inc:

The networking and collaboration solutions company may cut its workforce by around 5%, according to a report. The effort will begin in the second quarter of fiscal 2023 and will cost the company $600 million, the report added.

HP Inc:

HP Inc. said it plans to cut 6,000 jobs by the end of fiscal 2025.

Warner Bros. Discovery:

Film subsidiary Warner Bros. Pictures is reportedly planning major headcount cuts in distribution and marketing.

Coinbase Global:

The cryptocurrency exchange said it may cut more than 60 jobs in its recruiting and organizational onboarding teams.

The move marks the second round of job cuts at the company this year, and comes at a time when cryptocurrencies have been plagued by extreme volatility as investors dump risky assets.

The Walt Disney Company:

The media giant plans to cut some jobs, according to a company memo seen by Reuters. Here are some Indian startups that have laid off a large number of employees:

According to various reports, startups in India have laid off 18,000 employees this year.

Surprisingly, six startup firms Byju’s, Ola, Blinkit, Lido, Unacademy and Vedantu laid off 11,000 employees, more than 60 percent of the total 18,000 employees.

Edtech platform Byju Raveendran laid off over 4,000 employees, followed by ride-hailing app Ola 2,100 and online grocery player Blinkit 1,600.

Edtech companies Lido, Unacademy and Vedantu laid off 1,200, 1,150 and 1,109 employees respectively.

After 2022, as companies around the world look to cost-cutting measures, the new year also started on a negative note and last year’s trend of cutting jobs and jobs amid an economic slowdown could be seen.

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