Several companies have recently announced layoffs as they adjust head counts and tighten their budgets in response to fears about the economic slowdown. Tens of thousands of employees lost their jobs due to mass layoffs. Unfortunately, this has become a common occurrence in businesses this year. As per a report in TechCrunch, roughly 1,21,205 people have lost their jobs since the beginning of this year with 84,714 employees being laid off in January and 36,491 in February.
Here is a list of companies that slashed jobs across the globe:
- Alphabet: Alphabet Inc announced in January that it is eliminating 12,000 jobs or six per cent of its total workforce. CEO Sundar Pichai noted that the company had "hired for a different economic reality" than what it is up against today.
- Microsoft: The company announced in January that it would cut 10,000 jobs by the end of third quarter of fiscal 2023. The layoffs will result in a charge of $1.2 billion in the second quarter of fiscal 2023, representing a negative impact of 12 cents on per share profit, Microsoft said at that time.
- Amazon: A few months after announcing the termination of over 18,000 corporate employees in January, Amazon announced it would eliminate 9,000 corporate jobs across various business units, including its cloud computing and advertising companies.
- Meta: Facebook-parent Meta Platforms said last week that it would cut 10,000 jobs, just four months after it let go 11,000 employees. It became the first big tech company to announce a second round of mass layoffs.
- Twitter: After billionaire Elon Musk bought the microblogging site in late October, Twitter terminated up to 3,700 people or half of its workforce in its first round of layoffs. Since then, there have been several rounds of job cuts as the new owner of the social media platform aims to reduce costs and prevent the company from bankruptcy.
- Zoom: Communications technology firm Zoom announced that it was laying off 1,300 employees or 15 per cent of its workforce in February. The CEO, Eric Yuan, said that he is also taking a 98 per cent cut in salary this year and forgoing his executive bonus.
- Spotify: Music streaming firm Spotify Technology stated that it was cutting six per cent of its workforce as a part of its cost-cutting measures. The company said its Chief Content and Advertising Business Officer Dawn Ostroff will also depart.
- Accenture: Accenture recently announced plans to cut 19,000 jobs or about 2.5 per cent of its workforce. The company also lowered its yearly revenue and profit forecasts.
- McKinsey: In February, McKinsey & Co said that it was eliminating about 2,000 jobs in one of the consulting giant's biggest rounds of cuts ever. As per reports, the move is expected to focus on support staff in roles that don't have direct contact with clients.
- IBM: IBM Corp in January announced 3,900 layoffs as part of some asset divestments and missed its annual cash target.