Here’s an up-to-date list of companies planning layoffs.
Layoffs that began in 2022 are accelerating at some tech companies.
The technology industry is cutting jobs at a rate close to the early days of the Covid-19 pandemic. In November, the most recent month for which data is available, the industry announced 52,771 outages, for a total of 80,978 this year, according to consultancy Challenger, Gray & Christmas Inc. It was the highest monthly total for the industry since the firm started saving data in 2000.
After a rocky start to the pandemic in 2020, tech companies benefited from a boom in e-commerce spending and remote work skyrocketed, triggering a wave of hiring. Now, things look different. In recent earnings reports, Alphabet Inc., Meta Platforms Inc., Microsoft Corp. and others missed estimates, sending shares tumbling. For Amazon.com Inc. and Salesforce Inc., the outlook appears to be worsening as they pursue deeper layoffs in early 2023. Other companies are counting on volatile cryptocurrency markets or a sudden drop in demand.
There’s a job market conundrum at the heart of the next recession
Here’s a running list of who’s cutting jobs and reducing hiring.
Amazon
The e-commerce titan is laying off 18,000 employees, CEO Andy Jassy announced Jan. 4. The cuts, which began last year, were initially planned to affect around 10,000 jobs. “Amazon has weathered uncertain and difficult economies in the past, and we will continue to do so,” Jassy said. “These changes will help us pursue our long-term opportunities with a stronger cost structure.”
In November, Amazon halted hiring “new increments” in its corporate workforce.
Apple
The iPhone maker has halted hiring for many jobs outside of research and development, an escalation of its plan to cut budgets for next year, according to people with knowledge of the matter. The break generally does not apply to teams working on future devices and long-term initiatives, but does affect some corporate functions and standard hardware and software engineering roles.
Adobe
Adobe Inc. has cut about 100 jobs, focused on sales. The company shifted some employees to other roles internally.
Ring
Digital banking startup Chime Financial Inc. is cutting 12% of its staff, or 160 people. A spokesman said the company remains well capitalized and the move will position it for “sustained success.”
cisco
Cisco Systems is starting a restructuring plan that will affect around 5% of employees. The company says it will incur pre-tax charges of around $600 million for severance, termination and other costs. Employees will have the opportunity to move on to other jobs within the company, Chief Financial Officer Scott Herren said in an interview.
“This is not about reducing our workforce; in fact, we will have about the same number of employees at the end of this fiscal year as when we started,” Herren said. Cisco had more than 83,000 employees as of July 30.
coin base
Coinbase Global Inc. is removing 60 positions as the cryptocurrency market plunges. The cryptocurrency exchange announced in June that it would lay off 18% of its workforce, or roughly 1,200 employees.
dapper labs
Dapper Labs Inc. founder and CEO Roham Gharegozlou said in a letter to employees that the company had laid off 22% of its staff. He cited macroeconomic conditions and operational challenges stemming from the company’s rapid growth. Dapper Labs created the NBA Top Shot marketplace for non-fungible tokens, a digital asset class that has seen a sharp drop in demand since the crypto market downturn.
digital currency group
Cryptocurrency conglomerate Digital Currency Group embarked on a restructuring last month that saw about 10 employees leave the company. As part of the reorganization, Mark Murphy was promoted to president from chief operating officer.
door board
DoorDash Inc. is cutting about 1,250 jobs, acknowledging that its rapid expansion during the pandemic has led to mounting losses. The cuts will affect about 6% of the company’s workforce, a mix of US-based and non-US-based staff, according to a Bloomberg report.
“While our business continues to grow rapidly, given the speed with which we hire, our operating expenses, if not reduced, would continue to outpace our revenue,” CEO Tony Xu wrote in a letter to staff.
digital galaxy
Galaxy Digital Holdings Ltd., the crypto financial services firm founded by billionaire Michael Novogratz, is considering cutting up to 20% of its workforce. The plan can still be changed, and the final number could be in the 15% to 20% range, according to people familiar with the matter. Galaxy shares have plunged more than 80% this year, part of a crypto rout.
HP
HP Inc. will cut up to 6,000 jobs over the next three years as declining demand for personal computers reduces profits. In addition to reducing its workforce by 10%, the company will reduce its real estate footprint.
Intel
Intel Corp. is cutting jobs and reducing spending on new plants in an effort to save $3 billion next year, the chipmaker said. The hope is to save up to $10 billion by 2025, a plan that has been welcomed by investors, who sent shares up more than 10% on October 28. Bloomberg News previously reported that the reduction in staff could number in the thousands.
kraken
Crypto exchange Kraken is laying off 30% of its workforce as fallout from this year’s digital asset market crash worsens. The cuts represent about 1,100 people.
Lyft
Lyft Inc.’s cost-saving efforts include the sale of its vehicle services business. It is cutting 13% of the staff, or about 683 people. The company had already said it would freeze hiring in the US until at least next year. Now it faces even stronger headwinds.
“We are not immune to the realities of inflation and a slowing economy,” co-founders John Zimmer and Logan Green said in a memo. “We need 2023 to be a period where we can execute better without having to change plans in response to external events, and the harsh reality is that today’s actions prepared us to do that.”
Goal
Facebook’s parent company is cutting 11,000 jobs, the first major round of layoffs in the social media company’s history. Meta’s shares have tumbled this year and the company is trying to cut costs after several quarters of disappointing profits and a drop in revenue. The reductions equate to about 13% of the workforce and Meta will extend its hiring freeze through the first quarter.
“I want to take responsibility for these decisions and how we got here,” CEO Mark Zuckerberg said in the statement. “I know this is difficult for everyone, and I am especially sorry for those affected.”
Open door
Opendoor Technologies Inc. said it is laying off about 550 employees, about 18% of its workforce. The company, which practices a data-driven spin on home sales called iBuying, is grappling with slowing demand for homes due to higher mortgage rates.
platoon
Peloton Interactive Inc. laid off 500 employees worldwide, or about 12% of the workforce, in October. It was the fourth time this year that the company cut staff. Along with other expense reduction measures, Peloton said the move will help it break even in cash flow by the end of fiscal 2023.
“I know many of you will be angry, frustrated and emotionally drained by today’s news, but please know that this is a necessary step if we are going to save Peloton, and we are,” CEO Barry McCarthy said in a statement. October memo. “Our goal is to control our own destiny and ensure the future viability of the business.”
Tartan
Plaid Inc. cut 260 employees to cut costs. The fintech company will provide 16 weeks of severance and accelerate capital grants for some employees, CEO Zach Perret said in a memo to employees.
Qualcomm
Qualcomm Inc. said it froze hiring in response to a faster-than-feared decline in demand for phones that use its chips. He now expects smartphone shipments to decline in the double-digit percentage range this year, worse than the outlook he gave earlier.
Sales force
Salesforce Inc. will cut about 10% of its workforce and reduce its real estate holdings, according to a January 4 regulatory filing. Chief Executive Officer Marc Benioff said in a letter to employees: “We hired too many people” during the pandemic. The software company had about 80,000 employees.
Seagate
Seagate Technology Holdings Plc, the biggest maker of computer hard drives, said it is cutting some 3,000 jobs. Computer vendors including Seagate and Intel have been hit hard by a slowdown in hardware spending. Customers are sitting on a pile of additional inventory, hurting orders and hurting Seagate’s financial performance, Chief Executive Officer Dave Mosley said. That required cuts. “We have taken swift and decisive action to respond to current market conditions and improve long-term profitability,” he said.
Stripe
Payment company Stripe Inc., one of the world’s most valuable startups, is cutting more than 1,000 jobs. The 14% staff reduction will bring its workforce back to nearly 7,000, its total in February. Co-founders Patrick and John Collison told staff they need to cut spending more broadly as they prepare for “more difficult times.”
The turmoil on Twitter has more to do with his recent purchase, and the accompanying debt, than economic concerns. But the company has suffered some of the deepest cuts of its peers to date. Elon Musk, who bought Twitter for $44 billion, cut some 3,700 email jobs. Musk also reversed the company’s work-anywhere policy and asked remaining employees to report to offices.
“In regards to reducing the strength of Twitter, unfortunately there is no other option when the company is losing over $4 million per day,” Musk tweeted on November 4.
Upstart
Upstart Holdings Inc., an online lending platform, said in a regulatory filing that it laid off 140 hourly employees “given the challenging economy and reduced lending volume on our platform.”
Vimeo
Vimeo Inc. announced it will cut 11% of its full-time global workforce, according to a January 4 regulatory filing.
