While reports suggest that firms like Meta, Amazon, and others have suspended hiring and are ready to dole out pink slips to their employees, large tech companies like Twitter, Netflix, Microsoft, Snap, and others have reduced their personnel by thousands.
Large-scale layoffs have occurred at tech corporations all around the world in recent months, primarily as a result of the slowing economy and approaching recession. While reports suggest that firms like Meta, Amazon, and others have suspended hiring and are ready to dole out pink slips to their employees, large tech companies like Twitter, Netflix, Microsoft, Snap, and others have reduced their personnel by thousands.
These are a few of the major IT firms that have undergone downsizing processes.
Microsoft has experienced the effects of the economic slump despite being one of the main tech pioneers. As part of its third round of restructuring this year, the business fired almost 1000 workers last month.
The king of streaming, Netflix Despite its spectacular expansion over the last ten years, Netflix has also felt the heat of growing inflation and the economic slump. At least 500 people have been let go as a result of the company’s two downsizing rounds, which took place in May and June, respectively.
In August of this year, the social media site Snap, better known as Snapchat, let go of 20%, or over 1000 people. The employment losses are required, according to the company’s CEO Evan Spiegal, to “guarantee Snap’s long-term success in any environment.”
Twitter has experienced massive layoffs since Elon Musk bought the microblogging platform. Twitter fired 3500 employees, or 50% of its workforce, in order to reduce expenses and turn a profit.
According to a Sunday Wall Street Journal article, Facebook’s parent company, Meta, would eliminate positions in order to save costs. The business also stopped employing early this year. Altimeter Capital Management, one of Meta’s top shareholders, urged Mark Zuckerberg in an open letter last month to decrease costs by letting workers go in order to restore their finances.
According to regulatory papers made in Washington state, US, retail conglomerate and digital giant Amazon will be eliminating positions across its healthcare divisions, Amazon Care, and will eliminate more than 150 positions as it winds down its telehealth business.