Tech companies are laying off employees and slowing hiring due to rising interest rates, weak consumer spending in the US, and a strong dollar abroad. As part of job cuts hundreds of employees have been asked to leave the company and it may continue for a while.
According to Challenger, Gray & Christmas Inc., a consulting firm that keeps track of job cuts announced or confirmed by companies across telecom, electronics, hardware manufacturing, and software development, the tech industry including Meta, Twitter, Netflix, Salesforce, Roku, and many others have shed 9,587 jobs in October, the highest monthly total since November 2020.
Here’s a list of 20 companies facing job cuts and slowing hiring:
Apple:
The iPhone maker has put a halt on hiring for a variety of positions outside of research and development, intensifying its aim to cut spending for the upcoming year, according to the people aware of the situation.
Meta:
The parent company of Facebook is eliminating 11,000 positions, the first significant round of layoffs in the history of the social media business. About 13% of the staff will be cut, and Meta will maintain its hiring ban until the first quarter.
Cisco:
About 5% of employees will be impacted by the restructuring strategy that Cisco Systems is starting. The business estimates that severance, termination, and other expenditures will result in pretax charges of around $600 million.
Seagate:
The largest manufacturer of computer hard drives, Seagate Technology Holdings Plc, said that it is eliminating around 3,000 employees. Customers are hoarding excess inventory, which is hurting orders and affecting Seagate's financial performance and forcing cuts.
Upstart:
Online lending platform Upstart Holdings Inc. reported in a regulatory filing that it has laid off 140 hourly workers because of the difficult economy and the decline in the number of loans on our platform.
Dapper Labs:
Roham Gharegozlou, the founder and CEO of Dapper Labs Inc., announced in a letter to colleagues that 22% of the company's employees had been let go while blaming the general state of the economy and the difficulties in running the business brought on by its quick expansion.
Twitter:
Twitter has suffered some of the deepest cuts of its peers right now. Elon Musk, who bought Twitter for $44 billion, eliminated about 3,700 jobs by email.
Digital Currency Group:
About 10 employees of the cryptocurrency conglomerate Digital Currency Group left the company last month as a result of a restructuring. Mark Murphy was elevated from chief operating officer to president as part of the restructuring.
Chime:
Chime Financial Inc., a startup in digital banking, is laying off 160 employees, or 12% of its total workforce. According to a spokeswoman, the company is still well-capitalized and the change will put it in a position for "continued growth."
HP:
Over the next three years, HP Inc. may eliminate 6,000 positions due to decreased personal computer demand. The corporation will decrease its real estate footprint in addition to its employment reduction of roughly 10%.
Amazon:
Amazon, the largest online retailer intends to eliminate 10,000 employees. Amazon's devices section, which includes Alexa the voice assistant, as well as its retail sector and human resources will be the main targets of the cuts.
DoorDash:
DoorDash Inc. is laying off approximately 1,250 people in response to its rapid growth during the pandemic which has resulted in rising losses. According to Bloomberg's reporting, the reductions will affect 6% of the company's workforce, which includes both US- and non-US-based employees.
Intel:
According to the chipmaker, Intel Corp. is reducing employment and delaying the construction of new facilities in an effort to save $3 billion in 2019. Prior to now, Bloomberg News reported that the headcount reduction might involve thousands of people.
Lyft:
As part of its cost-cutting measures, Lyft Inc. has sold off its car service division. It is laying off 683 employees, or 13% of the workforce. The business has already said that it will put a stop to hiring in the US until at least next year. Now, even stronger headwinds are affecting it.
Peloton:
500 individuals, or around 12% of the total, were let go by Peloton Interactive Inc. in October. The company had reduced its workforce for the fourth time this year. Peloton claimed that the move, along with other cost-cutting efforts, will enable it to break even on cash flow by the conclusion of the company's fiscal year 2023.
Salesforce:
Salesforce has cut hundreds of workers from sales teams as it looks to improve profitability.
Qualcomm:
Qualcomm has frozen hiring in response to the decline in demand for phones, which uses it chips.
Opendoor:
According to Opendoor Technologies Inc., it will be letting go of about 550 workers, or about 18% of its workforce. The business, known as iBuying, engages in a data-driven variation of home flipping to address declining housing demand brought on by increased mortgage rates.
Stripe:
Stripe Inc., a payments company, is eliminating more than 1,000 jobs. With the 14% employment cut, it will have approximately 7,000 employees again, which was its number in February. In order to get ready for "leaner times," co-founders Patrick and John Collison told their staff that they needed to cut costs more broadly.
Galaxy Digital:
The cryptocurrency financial services company Galaxy Digital Holdings Ltd., is thinking about laying off up to 20% of its staff. According to those with knowledge of the situation, the plan may yet be altered, and the final figure may fall between 15% and 20%.
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 "Meta, Twitter, Amazon and more: List of 20 big tech companies laying off employees amid global recession fears")
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