Two of the largest corporations in the world, Microsoft Corp. and Amazon.com Inc., started slashing 29,000 positions on Wednesday as part of a post-pandemic reckoning that has affected nearly every tech company. While Amazon started sending emails to those who are among the 18,000 employees whose positions would be removed, the software giant started alerting some of the 11,000 workers who will lose their jobs this quarter.
Both businesses said that the difficult steps were required to counteract declining revenues and a potential recession. A rise in demand for computers, phones, software, and other online-ordered goods during the epidemic helped the tech sector, which resulted in a frenzied pace of hiring. After admitting that its headcount had nearly tripled over the previous four years, Salesforce Inc. said earlier this month that it would be laying off around 10% of its employees.The ailing social network Twitter Inc. has eliminated roughly half of its personnel, while Facebook parent company Meta Platforms Inc. announced significant employment cuts last October.
Although it affected only about 100 employment, Adobe also announced job layoffs, making this a considerably smaller-scale announcement. 5% of employment will also be lost at Cisco Systems. Several employees were affected by job cuts revealed by businesses including Lyft and DoorDash as well as Snap, the parent company of Snapchat.
As the demand for PCs diminishes, HP announced 6000 job cutbacks that will occur over the next three years. Similar job layoffs are anticipated over time at chipmaker Intel as well.
Computer hard drive manufacturer Seagate Technology Holdings announced layoffs that would affect 3,000 workers. The layoffs at the US-based payments company Stripe would affect 14% of its workforce. Although Apple and Google have not yet disclosed any job losses, hiring in Cupertino has been halted. Sundar Pichai, CEO of Google, is said to have advised staff to prepare for difficult times and to reduce wasteful spending.
The ed-tech industry in India has also been severely impacted by employment losses. There have also been thousands of job losses at Byju’s and Unacademy.
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