Tech firms leading job cuts in Corporate America

Big Tech firms are leading a string of layoffs across corporate America as companies look to rein in costs to ride out the economic downturn, Reuters news report said.
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Tech companies shed more than 150,000 workers in 2022, according to tracking site Layoffs.fyi, and more layoffs are expected as growth in the world’s biggest economies start to slow.

Here are some of the major job cuts by American companies announced in recent weeks:

Technology, media and telecom companies:

Amazon.com

The e-commerce giant said company-wide layoffs would impact over 18,000 employees, raising the figure from 10,000 layoffs it announced months ago.

Meta Platforms

The Facebook-parent said it would cut 13 percent of its workforce, or more than 11,000 employees, in one of the biggest tech layoffs this year as it grapples with a weak advertising market and mounting costs.

AMC Networks

The cable TV network said it would cut about 20 percent of its U.S. workforce, as it announced Chief Executive Officer Christina Spade had stepped down, less than three months into the role.

Intel

Intel CEO Pat Gelsinger said people actions would be part of a cost-reduction plan. The chipmaker said it would reduce costs by $3 billion in 2023.

The adjustments would start in the fourth quarter, Gelsinger said, but did not specify how many employees would be affected.

Microsoft

The software giant laid off under 1,000 employees across several divisions in October, Axios reported, citing a source.

Twitter

The social media company laid off half its workforce across teams ranging from communications and content curation to product and engineering following Elon Musk’s $44 billion takeover.

However, Bloomberg later reported Twitter was reaching out to dozens of employees who lost their jobs, asking them to return.

Twitter has since made further staff cuts in the trust and safety team handling global content moderation and in the unit related to hate speech and harassment, Bloomberg news reported.

Seagate Technology

The memory chip firm announced a restructuring plan including reducing worldwide headcount by about 8 percent, or 3,000 employees.

Lyft

The ride-hailing firm said it would lay off 13 percent of its workforce, or about 683 employees, after it already cut 60 jobs earlier this year and froze hiring in September.

Warner Bros Discovery

Film subsidiary Warner Bros. Pictures is planning to cut a number of jobs in distribution and marketing that will reduce headcount by 5 percent to 10 percent, Bloomberg News reported.

Roku

The video-streaming device maker said it would reduce its headcount by 5 percent, or about 200 employees, due to “current economic conditions”.

TuSimple Holdings

The autonomous driving technology company will lay off 25 percent of its workforce, or nearly 350 employees, as part of a restructuring plan to rein in costs.

Micron Technology

The memory chipmaker will cut 10 percent of its workforce in 2023 and would reduce its capex plans for fiscal 2024, citing a nagging glut in the semiconductor market.

Salesforce

The software company said it would lay off about 10 percent of its employees and close some offices as a part of its restructuring plan, citing a challenging economy.

Opendoor Technologies

The property-selling platform is laying off about 550 employees, Chief Executive Officer Eric Wu said, adding that the company had already reduced its workforce by more than 830 positions.

Cisco Systems

The networking and collaboration solutions company said it will undertake restructuring which could impact roughly 5 percent of its workforce. The effort will begin in the second quarter of the fiscal year 2023 and cost the company $600 million.

HP Inc

The computing devices maker said it expected to cut up to 6,000 jobs by the end of fiscal 2025.

CNN:

Warner Bros Discovery-owned CNN’s top boss Chris Licht informed employees in an all-staff memo that job cuts were underway.

Buzzfeed

The online media company said it will cut about 12 percent of its workforce. As of Dec. 31 last year, the company had 1,522 employees in six countries.

Kraken:

The cryptocurrency exchange said it would cut its global workforce by 30 percent, or about 1,100 employees, citing tough market conditions that have crippled demand for digital assets this year.

Genesis:

The cryptocurrency firm has cut 30 percent of its workforce in a second round of layoffs in less than six months, a person familiar with the matter told Reuters.

Coinbase Global

The cryptocurrency exchange said it planned to cut over 60 jobs, in its recruiting and institutional onboarding teams.

The move marks a second round of jobs cuts at the company this year, and comes at a time when cryptocurrencies have been roiled by extreme volatility as investors dump risky assets.

Chime Financial

The online banking firm has laid off 12 percent of its employees, or about 160 jobs, a spokesperson said.

Stripe

The digital payments firm is cutting its headcount by about 14 percent and will have about 7,000 employees after the layoffs, according to an email to employees from the company’s founders.