From Salesforce, HP, Amazon, Roku and Beyond Meat to Meta and Twitter, big names across a number of sectors have announced major layoffs in recent months.Salesforce Inc. CRM, +3.57% will lay off 10% of its workforce as part of a restructuring plan.
The Salesforce chief said that the company grew too quickly for the current environment. “I’ve been thinking a lot about how we came to this moment,” he wrote. “As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we’re now facing, and I take responsibility for that.”
“Companies are delaying their refresh [sales] cycle,” Lores told MarketWatch in an interview ahead of the public release of the company’s fourth-quarter results.HP is launching a three-year workforce-reduction plan meant to shed 4,000 to 6,000 jobs, according to Lores, with more than half of the roughly $1 billion in restructuring costs expected to be realized in the new fiscal year.Amazon.com Inc. AMZN, -0.79% confirmed plans to lay off workers in its devices and services business.
In a filing with the Securities and Exchange Commission, Kaltura said its reorganization plan aims to increase efficiency and productivity, in reaction to the current macro-economic climate. “The plan’s main objectives are to position the company for lower demand, spend, and available budgets across the company’s market segments, align the company’s business strategy in light of these market conditions and support the company’s growth initiatives and return path to profitability,” it said.
Now read: ‘A layoff is awful but we can’t avoid it:’ Redfin lays off 13% of staff as housing market slows downBeyond Meat Inc. BYND, +3.96% made fresh job cuts in October, slashing about 19% of its global workforce. The company also issued a revenue warning amid softness in the plant-based-meat category, along with increased competition and inflation pressures. Beyond Meat said it will book a roughly $4 million one-time cash charge in the third quarter to cover the job cuts.
Zuckerberg wrote that while Meta will be making reductions in every area across both its Family of Apps and Reality Labs segments, some teams will be affected more than others. The cuts to Reality Labs will be closely watched for any potential impact on the company’s metaverse strategy, which is handled within the segment.Meta’s job cuts came hot on the heels of layoffs at Twitter that affected about half of that company’s 7,500 employees.
Lousy CEOs with poor vision of future economic trends & prospects over expanded. Shareholders should hold the BOD responsible. 😁
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