The tech industry started the year with a wave of job cuts, around 50,000 in January alone, and there doesn’t appear to be any let up this month. Here’s a look at some of the companies that have announced layoffs so far.
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Dell: The computer maker reduced its payroll by 5 per cent, or about 6,600 jobs, saying that the steps it's taken to stay ahead of eroding market conditions are no longer enough. Profits have slipped over the past two quarters at the company, which employed about 133,000 people at the start of last year.
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Amazon: The e-commerce company said it must cut about 18,000 positions. That’s just a fraction of its 1.5 million-strong global workforce.
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Salesforce: The company is laying off 10 per cent of its workforce, about 8,000 employees.
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Coinbase: The cryptocurrency trading platform has cut approximately 20 per cent of its workforce, or about 950 jobs, in a second round of layoffs in less than a year.
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Microsoft: The software company said it will cut about 10,000 jobs, almost 5 per cent of its workforce.
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Google: The search engine giant says 12,000 workers, or about 6 per cent of its workforce, would be let go.
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Spotify: The music streaming service is cutting 6 per cent of its global workforce. It did not give a specific number of job losses. Spotify reported in its latest annual report that it had about 6,600 employees, which implies that 400 jobs are being axed.
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SAP: Germany-based SAP, Europe’s biggest software company, said it is cutting up to 3,000 jobs worldwide, or about 2.5 per cent of its workforce, after a drop in profits.
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PayPal: The digital payments company says it will trim about 7 per cent of its total workforce, or about 2,000 full-time workers, as it contends with a challenging environment.
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IBM: Profits fell in the most recent quarter at the technology and consulting company, but it said the 3,900 job cuts announced in late January were due to earlier sale of parts of its business. IBM sold its health care data business last year and in 2021, it spun off its legacy tech division in 2021.
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Twitter: In November, about half of the social media platform’s staff of 7,500 was let go after it was acquired by the billionaire CEO of Tesla, Elon Musk.
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Lyft: The ride-hailing service said it was cutting 13 per cent of its workforce, almost 700 employees.
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Meta: The parent company of Facebook laid off 11,000 people, about 13 per cent of its workforce.
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Snap: In August, the parent company of social media platform Snapchat said that it was letting go of 20 per cent of its staff. Snap’s staff has grown to more than 5,600 employees in recent years and the company said at the time that even after laying off more than 1,000 people, its staff would be larger than it was a year earlier.
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Robinhood: The company, whose app helped bring a new generation of investors to the market, announced that it would reduce headcount by about 23 per cent, or approximately 780 people. An earlier round of layoffs last year cut 9 per cent of its workforce.
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