Many Tech firms have taken the same action to reduce costs and become profitable in the upcoming months.
Global tech behemoths are actively laying off workers as experts are predicting a little recession. Due to weak consumer spending, rising interest rates, and the escalating effects of inflation on the world's financial and economic markets, nearly all large-scale IT organisations have already frozen or are already slowing down recruiting. The sector has seen some of the biggest tech layoffs in history over the span of only a few months, and some of the most important global tech businesses are among the names.
In order to cut down expenses, Meta, Twitter, Amazon, etc started laying off major portions of employees. Given that big tech frequently overhires, it was deemed appropriate for them to fire significant portions of their workforce to avoid facing a lack of revenue in the face of escalating economic worries. The biggest tech layoffs planned by major tech companies for 2022 are listed in this article.
1. Twitter:
Twitter has been constantly in the headlines as a result of Elon Musk's extravagant and contentious efforts to transform the business into a powerful social media giant. Musk started his adjustments, though, by letting go of a large number of Twitter employees, starting with the top executives and moving on to almost 3,000 additional staff members. The layoffs, according to Musk, come as Twitter apparently loses close to $4 million USD daily. The business claimed that in 2022, its sales decreased by 1% from the previous year. (Also Read: Vikas Divyakirti news: Why is #BoycottDrishtiIAS is trending on Twitter)
2. Meta:
CEO of IT giant Meta Mark Zuckerberg said in an internal memo that 11,000 employees across the organization's numerous divisions would be let go due to the company's declining income and unanticipated losses. He distributed a lengthy letter to the staff outlining new cost-cutting initiatives and the company's declining revenue. One of the largest layoffs in the history of the computer industry, Meta's termination has a significant impact on thousands of people's lives.
3. Amazon:
Amazon, a major player in IT and online shopping, recently announced layoffs. The corporation is currently experiencing a revenue constraint as a result of significant stock value losses. The business is examining its slow-growing branches and least profitable divisions. In addition, Amazon recently reported a loss of roughly US$5 billion for the Alexa domain this year.
4. Netflix:
Netflix, a streaming service, has disclosed two rounds of layoffs. Up until October of this year, it has slashed about 450 jobs. Following the end of the pandemic, Netflix has been struggling with declining subscriptions and revenue losses for the previous few months.
5. Snap:
After Snap acknowledged laying off 20% of its workers, or nearly 6,000 individuals, the value of its shares increased. The parent company of Snapchat has shelved a number of initiatives, including the Pixy photo-taking drone and its slate of Snap Originals premium programmes.
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 "Meta, Twitter, Amazon: List of tech companies that announced layoffs in 2022")
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