In recent months, there have been massive layoffs from major corporations in a bid to navigate the harsh economic times. These strategic initiatives have triggered discussions around cost-cutting measures and the evolving industry dynamics.
Nike
The famous athletic clothing brand Nike announced a plan in December to lower costs, aiming to save up to $2 billion within the next three years.
This plan includes job cuts, increased automation, and simplifying product offerings.
Tech giant Google announced job cuts that affected hundreds of employees in its key engineering and hardware sectors.
This move goes hand in hand with the ongoing restructuring efforts following previous workforce cut-offs in 2023.
Discord
Discord, the chat platform, has laid off 170 workers. The CEO, Jason Citron, said this was necessary to improve operations.
He explained that Discord is expanding rapidly and needs to improve efficiency in operations.
Citigroup
Citigroup, the financial institution, seeks to modify its operations by reducing 20,000 jobs.
This move aims to increase profits and recover financially from the previous quarter.
Twitch
The live-streaming site fired over a third of its staff, causing approximately 500 employees to lose their jobs.
The CEO Dan Clancy emphasized the need to align business needs with staffing levels for improved efficiency.
BlackRock
The asset management company is seeking to reduce their workforce by 3%, which is roughly about 600 employees.
Larry Fink, the CEO, says BlackRock needs to change with the times and utilize new technology for better operations.
Rent the Runway
Rent the Runway is a popular fashion subscription service based in Brooklyn, USA.
Jennifer Hyman, the CEO, is taking on extra duties to save money and improve the company’s profitability. The service is firing 10% of its office workers (37 employees).
Unity Software
The video game software provider is laying off 25% of its employees, around 1,800 people.
This move will help Unity focus on its main business areas and achieve long-term growth.
eBay
The popular e-commerce platform announced layoffs affecting 9% of workers, around 1,000 job cuts.
The CEO, Jamie Lannone, said agility and cost optimization are crucial for survival in tough market conditions.
Microsoft’s Job Reductions at Activision Blizzard
Following its acquisition of Activision Blizzard, Microsoft implemented layoffs affecting 1,900 employees within the gaming divisions.
Salesforce
Salesforce announced workforce adjustments affecting 1% of global employees, around 700 job cuts.
The CEO Marc Benioff said streamlining resources is necessary, especially after previous layoffs.
Flexport
Flexport is cutting down around 400 jobs, which is 15% of its staff.
Ryan Petersen, CEO of the logistics startup, says this move will ensure improved profits and operations and profits amid industry hurdles.
iRobot
iRobot is laying off around 350 employees. This move is part of the robotics company’s new realignment strategy.
Colin Angle, the founder, is stepping down from his roles as chairman and CEO.
UPS
UPS, a logistics giant with operations worldwide, plans to cut 12,000 jobs, accounting for 14% of its management workforce.
PayPal
The payment company PayPal is letting go of 9% of its workforce. This means around 2,500 employees will lose their jobs.
The CEO, Alex Chriss, says this painful but critical move will position the business for growth in the years to come.
Okta
Okta’s CEO Todd McKinnon is cutting about 7% of its workers, which is close to 400 jobs. The digital access company seeks to work more efficiently and improve resource utilization.
Snap
Snap, the social media firm, is laying off 10% of its global staff. This move aims to cut costs and focus on core business priorities.
Estee Lauder
The cosmetics brand Estee Lauder is reducing its workforce by 3% to 5%. This restructuring plan aims to make operations more efficient and boost profits.
DocuSign
DocuSign provides electronic signature services. The company is cutting about 6% of its workforce, with the most affected being in sales and marketing.
Zoom
The video conferencing platform is laying off 150 employees. CEO Jamie Iannone says right-sizing the workforce will ensure operational efficiency and promote sustainable growth.
The post Tech Titans: Amazon, Google Rock Workforce with Massive Layoffs first appeared on Liberty & Wealth.
Featured Image Credit: Shutterstock / VDB Photos21.
The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
