Zoom CEO Eric Yuan announced layoffs of 1,300 employees, or 15% of its workforce, in an email on Tuesday, February 7th, 2023. As part of that announcement, Yuan said he will also reduce his salary by 98% this year, while other executives will see a 20% cut.
On Wednesday, November 9th, 2022 after weeks of speculation, Meta announced mass layoffs for 11,000 of its employees. These cuts come after Meta shares have lost two-thirds of their value and will account for 13% of its workforce.
Second Round Of Microsoft Layoffs Set For This Week
After Peloton had mass layoffs back in February of 2022, resulting in 20% of its workforce being laid off, the fitness company announced yet another round of layoffs (October, 2022), laying off 500 employees who made up 12% of their current workforce.
The layoff news comes about a week before Microsoft is expected to report its quarterly results on Jan. 24.The job cuts this time will be significantly larger than other rounds in the past year, a Bloomberg report said.
"From a big picture perspective, another pending round of layoffs at Microsoft suggests the environment is not improving, and likely continues to worsen," Morningstar analyst Dan Romanoff said, as per Reuters.
BOBBY ALLYN, BYLINE: Yeah, it really does. So if you listen to tech executives explaining the layoffs, they tend to put it this way - the pandemic set off a frenzy of new hiring. Big tech companies brought on thousands of new employees to help, you know, all of us move more of our lives online. But now that the pandemic sugar high is fading, they're looking at their headcounts and realizing they just have too many people. And in Microsoft's case, it's 10,000 too many people. But Amazon has laid off 18,000. Facebook parent company Meta has cut 11,000 positions. Twitter has reduced its staff by two-thirds. This is happening, A, across the whole industry right now.
It's one of the company's biggest-ever round of layoffs and adds to tens of thousands of other job losses recently announced by Microsoft, Amazon, Facebook parent Meta and other tech companies as they tighten their belts amid a darkening outlook for the industry. Just this month, there have been at least 48,000 job cuts announced by major companies in the sector.
Those job cuts are hitting smaller players as well. U.K.-based cybersecurity firm Sophos laid off 450 employees, or 10% of its global workforce. Cryptocurrency trading platform Coinbase cut 20% of its workforce, about 950 jobs, in its second round of layoffs in less than a year.
Microsoft is gearing up to lay off more employees this week, according to multiple reports. The Seattle-area company will be the latest tech giant to trim workforce amid the broader economic downturn.
Shortly before releasing its second quarter financial results in July, Microsoft announced another round of layoffs that reportedly affected less than 1% of its workforce. The layoffs are believed to have affected multiple business units, including teams focused on customer products, partner solutions and consulting. Earlier, Microsoft slowed recruiting initiatives across the divisions that develop Windows and its suite of productivity applications.
Meta Platforms Inc., for its part, froze most of its hiring initiatives last month as part of an effort to reduce costs. A week before the announcement of the move, the Wall Street Journal reported that the company was planning to cut expenses by at least 10% in the coming months. The cost-reduction initiative is expected to involve layoffs.
Microsoft layoffs in 2023 will allegedly affect 11.000 employees. Before reporting their quarterly earnings next week, Microsoft is widely anticipated to announce employee layoffs. According to recent reports, the corporation is considering whether or not to lay off about 5% of its workers, equating to more than 10,000 employees out of a total of more than 220,000. After the Amazon layoffs, unfortunately, big tech layoffs continue with Microsoft.if(typeof ez_ad_units != 'undefined')ez_ad_units.push([[250,250],'dataconomy_com-box-3','ezslot_5',140,'0','0']);__ez_fad_position('div-gpt-ad-dataconomy_com-box-3-0');
Multiple sources reported on Tuesday that software giant Microsoft is set to lay off thousands of human resources and engineering departments workers. Mass job cuts have happened before at Microsoft. In 2022, after laying off a thousand employees, the tech giant became the main topic of conversation with the same topic again. Microsoft, which has spent extensively on cloud computing and is currently valued at $1.78tn, will report profits for the second quarter next week and wants to reveal the layoff news before the event.
Layoffs across the world have lent a grim cadence to the new year for thousands of tech workers. In less than a week into 2023, more than 30,000 workers had lost their jobs globally. Incidentally, this is nearly double the number of people laid of in the entirely of December 2022. The data from Layoffs Tracker indicated that a total of 30,611 people from 30 companies have been fired in the first six days of January. Apart from Amazon, the list includes video hosting platform Vimeo, tech giant Salesforce, Crypto exchange Huobi and several others.
Meta reported a second consecutive quarter of declining sales last month, as the company contends with a widespread drop in online ad spending and rising competition from TikTok. Shares of the company's stock have plummeted about 65% this year
Amazon is set to lay off about 10,000 workers, marking the largest job cuts in the company's history and the latest employee losses in a battered tech industry, the New York Times reported on Monday. The layoffs could begin as early as this week.
The tech downturn is an anomaly amid a job market that remains the tightest in decades and has allowed many workers to command higher pay. Across the economy, announced layoffs last year fell to their second-lowest in 30 years of tracking by outplacement firm Challenger, Gray & Christmas, second only to 2021.
The cryptocurrency trading platform cut roughly 20% of its workforce, or about 950 jobs, in January. It's the second round of layoffs in less than a year, with 1,100 workers losing their jobs in June.
The company, whose app helped attract a new generation of investors to the market, announced in August that it would reduce its headcount by 23%, or approximately 780 people. That's the second round of recent layoffs for the company, which last year cut 9% of its workforce.
The online shopping company announced in January that it would cut 1,750 workers, or about 10% of its global employees, as it adjusts to falling consumer demand after the home-renovation boom of the pandemic. It's the second round of layoffs for the Boston-based company, which cut 870 employees in August.
During his India visit earlier this month, Nadella said that Microsoft would be investing in setting up infrastructure in India, and partner with startups and governments. He also spoke about the need to increase sensitivity at workplaces in the face of layoffs, which have become prevalent in the tech industry.
What Big Tech layoffs suggest for the rest of the tech industry. Layoffs at Microsoft and Amazon worry me because both companies have excellent track records in predicting how their business will grow or shrink. Could we see these companies being the early movers, and the industry following with more cuts, because it\u2019s the sensible move? Analysis. Access a non-paywalled version of this section.
Talk about Microsoft continuing its investment in OpenAI, the maker of the wildly popular ChatGPT generative artificial intelligence search query chatbot, became real this week when Microsoft on Monday announced the general availability of Azure OpenAI Service. Reports also say Microsoft will invest $10 billion in OpenAI, which would value the AI startup at $29 billion.
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Microsoft officials haven't been willing to provide a tally when asked for a count as to how many jobs had been cut by certain dates. The first round of layoffs was 1,400. At that time, Microsoft officials said to expect the "net headcount ... to decline by 2,000 to 3,000 over the next 18 months." (Some of those let go would be hired in other divisions, plus Microsoft planned to continue to hire in certain divisions, like Online Services, officials explained.)
Also in November, Redfin RDFN, -6.43% announced another round of layoffs, with CEO Glenn Kelman saying that the company was laying off 13% of its staff, or 862 employees. The real-estate brokerage also announced the closure of RedfinNow, a service that bought homes for cash and resold them to buyers on the market. 2ff7e9595c
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