Big names in many sectors have announced layoffs in recent months
From Coinbase to Cisco, Amazon, Salesforce, HP, Roku, Beyond Meat, Meta and Twitter, big players in various sectors have announced massive job cuts in recent months.
Coinbase Global Inc. (COIN) has announced a 950 job cut in an attempt to cut costs.
Coinbase CEO Brian Armstrong said in a message to employees on Jan. 10, “In 2022, the cryptocurrency market has been trending downward along with the broader macro economy.” rice field. more contagion. ”
Watch Now: Coinbase Cuts 950 Jobs, Claims Up To $163 Million
The crypto exchange said it would book about $149 million to $163 million in costs for the cuts. Outstanding Equity Award.
The job cuts follow the company’s announcement in June to furlough 18% of its workforce.
Cisco Systems Inc. (CSCO) began previously announced layoffs, cutting about 700 jobs in Silicon Valley in December, according to California filings in January.
The job cuts span many divisions of the networking giant and span various positions, including software and hardware engineering, program management, product design and marketing. A total of 371 employees were cut at the affected company’s San Jose, Calif., headquarters, 222 in nearby Milpitas, and 80 at Cisco’s San Francisco office, according to state filings. employees have been cut. According to the notice, the employee was notified in early December of his departure and could choose either a valid retirement date of February 1 or March 13.
In November, Cisco announced plans for a “limited restructuring.” This will adjust the networking giant’s real estate portfolio and affect about 5% of its 80,000 strong global workforce, or about 4,000 people.
Also Read: Cisco Layoffs Begin With Hundreds Of Job Cuts In California, More Expected
“It’s about rebalancing the whole thing,” Scott Helen, Cisco’s chief financial officer at the time, said, adding that as much work is cut, it adds more.
“Our goal is to minimize the number of people who end up having to leave,” Herren told MarketWatch. “We will match as many people as possible with new roles in the company. This is not about cutting headcount. am. .”
Amazon.com Inc. (AMZN) kicked off the new year by confirming more than 18,000 job cuts, more than originally expected. “Between the cuts we made in November and the cuts we share today, we plan to cut more than 18,000 roles,” Amazon CEO Andy Jassy wrote in a Jan. 4 letter to employees. . Most of the role deletions are in the Amazon store and his PXT. [People Experience and Technology Solutions] organization. ”
“Amazon has navigated uncertain and difficult economies in the past and will continue to do so,” added Jassy. “These changes will help us pursue long-term opportunities with a stronger cost structure. I am optimistic that it will become cunning. [are] Remove some roles. ”
Read now: Amazon is laying off more than 18,000 workers. Morgan Stanley says company and tech industry looking to tighten things up further
Last year, the e-commerce giant confirmed plans to lay off employees in its devices and services business. At the time, The Wall Street Journal reported that Amazon could eventually cut about 10,000 jobs.
Morgan Stanley analysts hope Amazon and other tech companies will continue to keep costs down.
Salesforce Inc. (CRM) will lay off 10% of its workforce as part of its restructuring plan.
The San Francisco-based company announced the layoffs in filings with the Securities and Exchange Commission on January 4. In addition to layoffs, Salesforce will sell some real estate and reduce office space.
The restructuring plan aims to reduce operating costs, improve operating margins, and continue to drive Salesforce’s commitment to “profitable growth.”
Salesforce estimates that it will incur approximately $1.4 billion to $2.1 billion in costs related to its restructuring plans, of which approximately $800 million to $1.0 billion is expected in the fourth quarter of fiscal 2023 .
Also read: Salesforce lays off 10% of staff as part of restructuring
In a letter to employees also filed with the U.S. Securities and Exchange Commission (SEC), Salesforce Chief Executive Marc Benioff said most of the layoffs will take place in the coming weeks.
The Salesforce chief said the company is growing too fast in the current environment. “I’ve been thinking about how I got to this moment,” he writes. “The acceleration in revenue through the pandemic has resulted in hiring too many people, leading to this economic downturn we are currently facing, and I am to blame.”
Salesforce reportedly laid off hundreds of employees from its sales team last year. This is as the entire technology sector struggled with a difficult economic environment. “Our sales performance process fosters accountability,” a Salesforce spokesperson said in an emailed statement to his MarketWatch in November. Yes, we support their transition.”
As of February 2022, the customer relationship management software company has over 78,000 employees worldwide.
In October, Intel Corp. (INTC) announced plans to cut jobs when reporting third-quarter results. Chip makers are focused on driving $3 billion in cost savings in 2023.
Watch Now: Intel Begins Layoffs, Offers Unpaid Leave To Manufacturing Workers
Additional details of the layoffs were revealed in early December. The chipmaker, which had more than 121,000 employees worldwide as of the end of last year, is laying off about 200 employees in California, according to a letter sent to the state’s Department of Jobs Development. Intel said 111 of his employees in Folsom, Calif., and 90 of his employees in Santa Clara, Calif., where the company is headquartered, would be affected by the job cuts. Permanent layoffs are scheduled to begin on January 31.
Alphabet Inc. (GOOGL) (GOOGL) is considering cutting 10,000 jobs, according to a report in The Information, saying the layoffs will amount to 6% of the tech giant’s workforce. The company could adopt a ranking system that weeds out the lowest-ranking “underperforming” employees, the report said.
A Google spokesperson told MarketWatch, “We launched Googler Reviews and Development (GRAD) earlier this year to help employees develop, coach, learn and advance their careers year-round.” , helps establish clear expectations and provide regular feedback to employees.”
Read: Google considering cutting 10,000 ‘underperforming’ employees: report
A spokeswoman declined to comment on potential job cuts.
In November, HP Inc. (HPQ) management announced that the company will continue to grow in the midst of what CEO Enrique Lores described as “a volatile macro environment, softening demand in the second half of the year, and a slowdown in commercial activity.” announced plans to reduce its workforce by up to 10%.
“Companies are delaying refresh [sales] cycle,” Lores told MarketWatch in an interview ahead of the company’s fourth-quarter results release.
Read now: HP plans up to 10% job cuts due to lack of revenue projections
Lores said HP has launched a three-year job reduction plan that aims to cut 4,000 to 6,000 jobs, with more than half of its roughly $1 billion restructuring costs going into the new fiscal year. expected to come true.
Roku Inc. (ROKU) announced in November that it would cut about 5% of its workforce amid a tough advertising environment.
“Due to the current economic conditions in our industry, we have made the difficult decision to reduce Roku’s labor costs by an estimated 5%, [operating-expense] “About 200 positions in the United States will be affected,” the company said in a brief statement.
RELATED: Roku cuts 5% of staff in latest signal of difficult times for advertising industry
In filings with the Securities and Exchange Commission, Roku said it expects to incur costs of approximately $28 million to $31 million related to the job cuts. This is primarily due to severance payments, notice allowances, employee benefits and other expenses. The company expects to bear the majority of these costs in the fourth quarter of 2022. Workforce reductions are expected to be substantially completed by the end of the first quarter of 2023.
Video software company Kaltura Inc. (KLTR) announced on Jan. 4 that it plans to cut its workforce by about 11 percent.
Kaltura, in filings with the Securities and Exchange Commission, said the company’s restructuring plans are aimed at increasing efficiency and productivity in response to the current macroeconomic conditions. “The primary objective of the plan is to reduce demand, spending, and available budget across the company’s market segments, align the company’s business strategy in light of these market conditions, and align the company’s growth initiatives and profitability. is to support the regression of
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