The global economy is facing a slowdown and there are multiple reasons for it. But any slowdown means that companies tend to go easy on their hiring process, or even freeze it in some cases. The tech industry is facing issues in the past few months, with most of the giants pausing their hiring plans, while some are being forced to lay off staff. And since most of the tech firms are based out of the United States, most people affected by the economic conditions are from the region.
We all know that Twitter is undergoing its own overhaul after Elon Musk finally completed his deal to buy Twitter last month. The platform has reportedly fired 50 per cent of its staff from across the globe. But Twitter isn’t the only big tech name to cull its employees. Here are the 9 other major companies that have fired thousands of their employees.
Intel
Intel’s business needs have come down with the slowdown in demand for PCs in the past few months. Intel plans to save billions by cutting jobs, and the company has seen a 20 per cent reduction in staff from Intel’s sales and marketing group, according to a recent Bloomberg report. Intel is one of the many US-based giants looking to cut its expenses, and these job cuts are part of the process.
Microsoft
With the slowing PC sales, Microsoft is another tech company that decided to cut its work staff. In July, Microsoft laid off 1 per cent of its employees, and last month, the company had to cull its staff strength further. The recent firing was related to the slowdown in the software division at Microsoft.
Netflix
The video streaming giant continues to lay the groundwork for its growth by adopting newer models and entering new businesses, such as gaming. All these changes have brought about the firing of around 500 employees in 2022. Netflix has been losing customers in the past few quarters, forcing the platform to introduce an ad-tier plan which will be rolled out in the coming weeks.
Lyft
The ride-hailing platform has been facing tough times since the pandemic, but its business continues to take a hit, forcing the company to fire more people. Lyft has confirmed that around 13 per cent or 700 of its employees have been asked to leave. The company has already put a hiring freeze in September, and this layoff is going to help the firm save money on expenses.
Stripe
Stripe has officially confirmed its layoff plans that are going to affect 14 per cent of its staff, which comes to around 1,120 employees from the company. Stripe CEO claims the company has overhired during the pandemic which increased its expenses, and the ongoing macroeconomic situation has put them in a spot, which is only recoverable with a bout of layoffs.
Snap
The parent company of Snapchat is letting go of 20 per cent of its employees, which brings the total count to 1000. Snap is also facing the prospect of cutting down its expenses owing to a slowdown in the business. It plans to restructure the employee layout which is invariably going to affect thousands of people working at Snap.
Seagate
Seagate is firing around 8 per cent of its work staff, which comes to around 3000 employees. The company is also citing economic uncertainty as the prime reason for its layoffs and also talked about the customers lowering their demand with extra inventory still lying around with its vendors.
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