Google cuts in tech wipeout that claims over 100,000 jobs

The tech sector announced 97,171 job cuts in 2022, up 649% from last year, according to consulting firm Challenger, Gray & Christmas Inc.

Google’s parent company, Microsoft Corp., and Amazon.com Inc. The revelations of cutbacks have added 30,000 more posts in January.

Big tech companies like this one benefited from the boom in e-commerce spending and remote working that began during the COVID-19 pandemic lockdown in 2020.

Now, many of these businesses are reporting dismal growth rates and dealing with declining share prices as customer behavior returns to normal.

Their leaders are saying they expanded too fast, with Alphabet Chief Executive Sundar Pichai writing that he “takes full responsibility for the decisions that brought us here” in an email to employees on Friday.

Here’s a running list of who’s cutting jobs and holding back from hiring.

Alphabet

Google parent Alphabet announced it will cut around 12,000 jobs, more than 6% of its global workforce, in a move that will affect roles across the company.

The company reported third-quarter earnings and revenue in October that missed analysts’ expectations, with profit falling 27% from a year earlier. Investors started pressuring the search giant to adopt a more aggressive strategy to curb spending. TCI Fund Management Ltd urged the company to set a target for profit margins, increase share buybacks and reduce losses in its portfolio, noting that Alphabet’s headcount grew by 20% per year since 2017 Is.

Amazon

The e-commerce titan is laying off 18,000 employees, CEO Andy Jassy announced on Jan. The cuts, which began last year, were initially expected to affect around 10,000 jobs.

“Amazon has weathered uncertain and difficult economies in the past, and we will continue to do so,” Jesse said. “These changes will help us pursue our long-term opportunities with a stronger cost structure.”

In November, Amazon halted “new incremental” hiring in its corporate workforce.

blockchain.com

In its latest round of layoffs announced in early January, the crypto platform is letting go of 28% of its workforce, roughly 110 employees.

capital a

Capital One Financial Corp eliminated hundreds of technology positions this week, affecting more than 1,100 employees, according to a person familiar with the matter.

coinbase

Coinbase Global Inc. is liquidating 60 positions due to the decline in the cryptocurrency market. The cryptocurrency exchange announced in June that it would be laying off 18% of its workforce, or approximately 1,200 employees.

Consensus

Ethereum software company ConsenSys confirmed it is eliminating 96 positions, representing 11% of the crypto firm’s total workforce.

crypto.com

Crypto.com plans to cut around 20% of its global workforce, the company announced on January 13. The company did not respond to media requests for a specific number of jobs eliminated at that time. The firm’s chief executive, Chris Marszalek, said the cuts “will help position the company for long-term success.”

Produce

Genesis Global Trading Inc. has laid off 60 employees, or roughly 30% of the crypto brokerage’s workforce, in its latest round of job cuts. The company now has 145 employees remaining.

Huobi

The crypto exchange announced this month that it was cutting 20% ​​of its 1,100 employees.

Microsoft

Microsoft said it would cut 10,000 jobs this year, or about 5% of its workforce, resulting in a $1.2 billion charge in the second quarter of the fiscal year. CEO Satya Nadella said in a blog post and internal email to employees on January 18 that the company would continue to work in “key strategic areas”. To accommodate the widespread economic downturn.

The massive layoffs extended to its video-game division, which included the developers of hit titles Starfield and Halo. The scale of the cuts in the gaming division is unclear.

“There was a rapid spurt during the pandemic. I think we are going through a phase today where there is some degree of normalization in demand. We have to do more with less – we have to achieve our own productivity with our own technology.”

sales force

According to a regulatory filing on January 4, Salesforce will cut its workforce by about 10% and reduce its real estate holdings. The cutbacks included employees from Slack, Tableau and MuleSoft, which Salesforce acquired in recent years.

silvergate

Silvergate Capital Corp., a crypto bank, said in January that it was laying off 40% of its staff after customers withdrew $8.1 billion worth of digital assets during the fourth quarter.

sharechat

Social media platform ShareChat is cutting more than 500 jobs in a bid to cut costs, according to a spokesperson.

stitch fix

Stitch Fix Inc. will cut about 20% of salaried employees as the personal-styling platform struggles to maintain the sales growth seen during the pandemic. The company will also close its Salt Lake City distribution center.

Twitter

The turmoil at Twitter has more to do with its recent buy-out and accompanying debt than economic concerns. But the company has just suffered the deepest cuts of its peers. After Elon Musk, who bought Twitter for $44 billion, eliminated about 3,700 jobs by email in November, the cuts continued in January, particularly among those overseeing global content moderation.

unity software

Unity Software Inc. is cutting 284 jobs, its second round of downsizing in less than a year, amid a sweeping tech-industry layoff.

Vimeo

Vimeo Inc. announced it would cut 11% of its global full-time workforce, according to a Jan. 4 regulatory filing.

The text of this story is published from a wire agency feed without any modification.