Zoom and eBay have joined Okta, Splunk, PayPal, IBM, SAP, Spotify, Alphabet, Intel, Microsoft, Coinbase, Cisco, Amazon, Salesforce, HP, Roku, Beyond Meat, Meta and Twitter in announcing major layoffs in recent months.
Here’s a look at the list of big names across a number of sectors that have been cutting back their workforces.Zoom Video Communications Inc. ZM will lay off approximately 15% of its workforce, or around 1,300 people. “Over the past few months, we’ve taken a thoughtful look at where we are as a company with considerations of the macroeconomic situation around the world and how to best invest and operate so that we can continue to be successful,” said eBay CEO Jamie Iannone in a Feb. 7 filing with the Securities and Exchange Commission.
“What we know is market conditions continue to erode with an uncertain future,” he said in the message. “The steps we’ve taken to stay ahead of downturn impacts — which enabled several strong quarters in a row — are no longer enough. We now have to make additional decisions to prepare for the road ahead.”
In a letter to employees, Splunk CEO Gary Steele said that the cuts will be mostly in North America. “This decision is another step in a broader set of proactive organizational and strategic changes that include optimizing our processes, cost structure and how we operate globally to ensure Splunk continues to balance growth with profitability through these uncertain times and drive success over the long term,” he wrote.
The cuts came as Lam Research reported its results for the quarter ending Dec. 22, 2022. “Given the decline in wafer fabrication equipment spending expected in calendar year 2023, we are taking proactive steps to lower our cost structure and drive efficiencies across our global footprint, while preserving critical R&D,” said CEO Tim Archer in a statement.
In its SEC filing, Spotify said that, as part of a broader reorganization, the company’s chief content and advertising business officer, Dawn Ostroff, would depart.Google parent Alphabet Inc. GOOGL GOOG has announced plans to cut approximately 12,000 jobs globally. In a blog post, Alphabet and Google CEO Sundar Pichai described the layoffs as “a difficult decision to set us up for the future.”
Echoing recent comments from Microsoft, Pichai also highlighted the importance of artificial intelligence. “Being constrained in some areas allows us to bet big on others,” he said. “Pivoting the company to be AI-first years ago led to groundbreaking advances across our businesses and the whole industry.”The CEO said that the company was getting ready to share “some entirely new experiences” for users, developers and businesses.
The tech giant also added to the 111 job cuts previously announced in Folsom, Calif., at a campus dedicated to research and development. There were 176 layoffs effective Jan. 31, and an additional 167 job cuts effective March 15.Intel also expected more layoffs will be detailed in future filings. Also see: More than 25,000 global tech workers laid off in the first weeks of 2023, says layoff tracking site
The layoffs spanned a number of departments at the networking giant and extend across various positions, including software and hardware engineering, program management, product design and marketing. According to the state filings, the number of employees at the company’s San Jose, Calif., headquarters who were affected totaled 371, while 222 jobs were being cut in nearby Milpitas, and another 80 were being cut in Cisco’s San Francisco office.
Now read: Amazon is laying off more than 18,000 workers. Morgan Stanley is looking for the company — and the tech industry — to tighten things up even more The San Francisco-based company announced the layoffs in a filing with the Securities and Exchange Commission on Jan. 4. In addition to the job cuts, Salesforce said it planned to exit some real estate and reduce office space.
As of February 2022, the company, which provides customer-relationship-management software, had over 78,000 employees globally.In November, HP Inc. HPQ executives announced plans to cut up to 10% of the company’s workforce amid what CEO Enrique Lores described as “a volatile macro environment and softening demand in the second half, with a slowdown on the commercial side.”
Biden's 🇺🇲 StateOfTheUnionAddress