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WASHINGTON, Feb. 7 (AP) — The tech industry kicked off the year with a wave of layoffs, cutting about 50,000 jobs in January alone, and there doesn’t appear to be any slack this month.
Computer maker Dell said on Monday it would cut about 6,600 jobs. Tech companies large and small have been on a hiring spree over the past few years as demand for their products, software and services has soared as millions of people work remotely.
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Yet even with all the layoffs announced this year, most tech companies are still much bigger than they were three years ago. Here are some of the companies that have announced layoffs so far.
February 2023
Zoom: The video conferencing service cut about 1,300 jobs, about 15% of its workforce.
Chief Executive Officer Eric Yuan said in a blog post on Tuesday that the company increased staffing during the COVID-19 pandemic, when businesses increasingly relied on its services as people worked from home. To manage demand, Zoom tripled its size in 24 months, Yuan said.
Businesses continued to rely on its services after the pandemic, but adjustments were needed, the executive said.
“Uncertainty in the global economy and its impact on our customers means that we need to take a serious but important look at ourselves and re-examine ourselves so that we can weather the economic environment, serve our customers and realize the long-term success of Zoom. Vision,” he wrote.
He also cut his salary for the next fiscal year by 98% and foregone company bonuses through 2023, Yuan said, saying he took responsibility for the San Jose, California-based company’s mistakes and actions it was taking. Yuan’s executive leadership team also reduced base salaries by 20% for the next fiscal year and forfeited corporate bonuses for 2023.
Dell: The computer maker is cutting 5% of its workforce, or about 6,600 jobs, saying the steps it is taking to stay ahead before market conditions deteriorate are not enough. Profits have slipped in the past two quarters for the company, which employed about 133,000 people early last year. PC deliveries saw their biggest ever drop last year after a surge in purchases during the pandemic. Dell’s shipments fell 16%.
January 2023
Amazon: The e-commerce company said it had to cut about 18,000 jobs. That’s just a fraction of its 1.5 million strong global workforce.
Salesforce: The company cut its workforce by 10%, about 8,000 employees.
Coinbase: The cryptocurrency trading platform has undergone a second round of layoffs in less than a year, cutting about 20% of its workforce, or about 950 jobs.
Microsoft: The software company said it would cut about 10,000 jobs, or nearly 5% of its workforce.
Google: The search engine giant became the latest company in the industry to say it must adjust, saying it would lay off 12,000 workers, or about 6% of its workforce.
Spotify: The music streaming service is laying off 6% of its global workforce. It did not give a specific number of unemployed. Spotify reported in its latest annual report that it has about 6,600 employees, which would mean 400 layoffs.
SAP: Germany-based SAP, Europe’s largest software company, said it was cutting as many as 3,000 jobs worldwide, or about 2.5% of its workforce, after store profits fell.
PayPal: The digital payments company said it would lay off about 7% of its workforce, or about 2,000 full-time workers, in response to the challenging environment.
IBM: The technology and consulting firm’s profit fell in the latest quarter, but the company said the 3,900 job cuts it announced at the end of January were due to an earlier sale of some businesses. IBM sold its healthcare data business last year and spun off its legacy technology unit in 2021.
November 2022
Twitter: About half of the social media platform’s 7,500 employees have been laid off following its takeover by Tesla’s billionaire CEO Elon Musk.
Lyft: The ride-hailing company said it would lay off 13% of its workforce, or nearly 700 employees.
Meta: Facebook’s parent company cut 11,000 jobs, about 13% of its workforce.
Hewlett-Packard: The computer maker cited economic challenges when it announced it would cut as many as 6,000 jobs over the next three years. Sales of personal computers have suffered their worst slump on record as the tech-buying frenzy for millions of people working from home begins to fade.
August 2022
Snap: The parent company of social media platform Snapchat said it would lay off 20% of its workforce. Snap, which has grown to more than 5,600 employees in recent years, said at the time that even with more than 1,000 layoffs, it would still have more employees than it did a year ago.
Robinhood: The company whose app helps bring a new generation of investors to the market announced that it will lay off about 23% of its workforce, or about 780 people. A round of layoffs earlier last year cut 9% of its workforce. (Associated Press)
(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)
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