Five Tech And Start-Up Companies That Announced Layoffs Recently
The technology and start-up sectors, once the most sought after by students across campuses, have come under pressure, with many big companies announcing massive layoffs. These announcements have come in quick succession, casting a gloom on millions of employees associated with these sectors.
US-based networking giant Cisco Systems said earlier this week that it will cut about 5,500 jobs, representing nearly 7 per cent of its global workforce. The move is also expected to impact operations in India, which is its second largest site with 11,000 employees.
Transportation app Ola said earlier this week that it is shutting down TaxiForSure, a business that it acquired for $200 million about 18 months back. At least 700 jobs are expected to go.
Flipkart, India's largest e-commerce company, said earlier this month that it is asking underperformers to leave. Sources who did not want to be named said "300 people, (about 1-2 per cent of the company) are being let go based on performance.
Microsoft is cutting more jobs from its smartphone hardware and global sales divisions by shedding an additional 2,850 positions, the company said. The cuts are expected to be completed by the end of June 2017.
Grocery delivery start-up Grofers said that it will lay off 10 per cent of its workforce or around 100 employees. The SoftBank and Tiger Global Management funded start-up cited tough market conditions and revision in growth projection as the reasons for the layoffs.