![]() 'We're facing an unusual macroeconomic environment, and want to balance our hiring and investments with being thoughtful about this economy,' Beth Galetti, senior vice president of people experience and technology at Amazon, wrote in a memo. The move comes after the company put a hiring freeze in place, affecting major teams including Prime Video, Alexa and Amazon Fresh. If the company goes through with its proposal to cut 10,000 jobs, it would lose about 3 percent of Amazon's corporate employees The move comes as the company reportedly lost $1trillion over the year after its stock plummeted from a high during the pandemic. The company said in an August filing that headcount rose 36 percent in the past year 'to meet the higher demand for services from our customers.' AmazonĪmazon said it would layoff 18,000 corporate and technology jobs what will be the largest job cuts in the company's history. Salesforce had 73,541 employees at the beginning of last year - it is the largest employer in the San Francisco area. Unfortunately, that can lead to some leaving the business, and we support them through their transition,' a Salesforce spokesperson said. 'Our sales performance process drives accountability. In January, cloud-based software company Salesforce announced it will layoff 10 percent of its employees or about 8,000 workers.ĬEO Marc Benioff cited a rough period for the tech sector as well as over-hiring during COVID-19 leading to the decision. Musk previously said there was no other choice but to impose mass layoffs as the company loses hundreds of millions of dollars every year and needs a financial overhaul Salesforce 'I got this wrong, and I take responsibility for that.' 'Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I'd expected,' Zuckerberg said in a message to employees. Stocks have bounced back in 2023 but remained below their peak at the beginning on March. ![]() Meta, once worth more than $1 trillion, lost around 70 percent of its value last year alone. Like its peers, Meta aggressively hired during the pandemic to meet a surge in social media usage by stuck-at-home consumers.īut but the pandemic boom-times petered out as advertisers and consumers pull the plug on spending in the face of soaring costs and rapidly rising interest rates.Īfter plunging billions into CEO Mark Zuckerberg's Metaverse vision with little to show for it, Meta has been faced with rising costs and shrinking profits. ![]() Meta cut 13 percent of its workforce, or more than 11,000 employees, in November 2022 The Facebook-parent said in November it would cut 13 percent of its workforce, or more than 11,000 employees, in one of the biggest tech layoffs this year as it grapples with a weak advertising market and mounting costs. In March, the company announced it would deliver another roughly 10,000 job cuts in the coming months and cease recruiting for the 5,000 positions it had been trying to fill. Total job cuts announced by US-based employers jumped 13 percent to 33,843 in October, the highest since February 2021, a report said. The sector shed 9,587 jobs in October, the highest monthly total since November 2020, according to data from consulting firm Challenger, Gray & Christmas cited by Bloomberg. A slew of tech companies have announced cost-cutting measures in 2022, with Amazon, Apple and Google-parent Alphabet all announcing hiring slowdowns or freezes.įor the tech sector, the pandemic boom turned to a post-pandemic bust, as rising interest rates batter share prices and inflation cuts into profits.
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