Why Are Big Companies Laying Off Employees?

Amazon is anticipated to announce job layoffs affecting up to 10,000 employees. As a result of the Covid-19-induced acceleration and expansion.
Why Are Big Companies Laying Off Employees?
Why Are Big Companies Laying Off Employees?

Amazon is anticipated to announce job layoffs affecting up to 10,000 employees, extending Silicon Valley's difficult times. Amazon's layoffs follow those of other prominent technology companies, including Meta, Twitter, Snap, and Microsoft. Companies such as Apple have also declared a hiring reduction.

As a result of the Covid-19-induced acceleration and expansion, the largest IT businesses are bracing for tough times ahead. With predictions of a worldwide recession, technology businesses, who are generally considered large spenders, are increasingly slashing costs. Here's a look at all of the job layoffs and turbulence that major technology businesses are experiencing.

Amazon to layoff 10 thousand employees

E-commerce sector giant Amazon can lay off about 10,000 people. According to a New York Times report, thousands of people may lose their jobs next week. The company has taken this decision due to lack of profit in the last few quarters.

Amazon is apprehensive that the economic recession is increasing continuously, in which case the company should reduce its expenses. The company also announced a hiring freeze last week. Many employees were also asked to look for jobs elsewhere. However, there has been no statement from Amazon regarding the layoffs so far.

Meta Laying off 11 thousand employees

Meta Platforms Inc., the parent company of Facebook, WhatsApp, and Instagram, has laid off 11,000 of its employees. For the first time in the company's 18-year history, such a large number of employees have been laid off. The company's CEO Mark Zuckerberg announced the removal of employees.

Twitter lays off more than 7,300 employees

With the purchase of Twitter, Elon Musk has started laying off employees worldwide. Nearly half of Twitter's total of 7,500 staff have been fired. Twitter had more than 200 employees in India, most of whom have been fired.

Snap fires 20% of its staff

Snapchat's parent firm, Snap, was among the first social media businesses to announce layoffs. In August of this year, it laid off around 20% of its workers. Before the layoffs, Snap had a total workforce of roughly 6,400 people. The layoffs touched departments such as mini-apps and games, as well as personnel at the social mapping Zenly.

Other technology firms

Stripe, Salesforce, Lyft, Booking.com, iRobot, and Peloton, among others, have announced employment layoffs. Stripe, a financial services business, laid off 14% of its employees. Companies in India, including Byju's, Unacademy, and others, have also laid off several staff. Byju's, one of India's most valuable companies, has laid off 2500 employees.

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