Blaming it on the unusual macro-economic environment, a whopping number of tech companies have initiated mass layoffs as they continue to stay afloat following a massive revenue decline in October.
E-commerce giant Amazon had shared plans earlier in November to pause on new incremental hires in its corporate workforce before moving to announce about 10,000 job cuts across its retail division, Human Resources, and devices unit.microblogging platform Twitter fired 50% of its workforce.
Following Elon Musk’s successful takeover, microblogging platform Twitter fired 50% of its workforce in the first week of November. Twitter had said in a letter to employees: “In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday. We recognize that this will impact a number of individuals who have made valuable contributions to Twitter, but this action is unfortunately necessary to ensure the company’s success moving forward.”
Additionally, without warning or formal notice, Twitter also fired approximately 80% of its contract employees.
On its part, Facebook parent company Meta laid off 11,000 members of its workforce.The company’s founder, Mark Zuckerberg shared: “We’ve cut costs across our business, including scaling back budgets, reducing perks, and shrinking our real estate footprint. We’re restructuring teams to increase our efficiency. But these measures alone won’t bring our expenses in line with our revenue growth, so I’ve also made the hard decision to let people go.”
Other tech companies initiating mass layoffs in November also include Stripe, Lyft, Coinbase, and more.
So far in 2022, tech companies that have laid off employees include Microsoft, Amazon, Oracle, Kuda, Apple, Google, Netflix, Snap, Coinbase, Lyft, Twitter, Meta, and SoundCloud amongst others
