Blindsided Amazon workers describe ‘chaos’ as 10,000 are told they’ll lose their jobs

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Business Blindsided Amazon workers describe ‘chaos’ as 10,000 are told they’ll lose their jobs 14 (adsbygoogle = window.adsbygoogle || []).push({}); In recent weeks, a slew of tech companies have announced cost-cutting measures, with Amazon, Apple and Google subsidiary Alphabet all announcing hiring slowdowns or freezes.(adsbygoogle = window.adsbygoogle || []).push({}); For the technology sector, the pandemic…

imageBusiness Blindsided Amazon workers describe ‘chaos’ as 10,000 are told they’ll lose their jobs 14 (adsbygoogle = window.adsbygoogle || []).push({}); In recent weeks, a slew of tech companies have announced cost-cutting measures, with Amazon, Apple and Google subsidiary Alphabet all announcing hiring slowdowns or freezes.(adsbygoogle = window.adsbygoogle || []).push({}); For the technology sector, the pandemic boom has turned into a post-pandemic recession, as higher interest rates rattle stock prices and plunge inflation into earnings.(adsbygoogle = window.adsbygoogle || []).push({}); The sector lost 9,587 jobs in October, the highest monthly total since November 2020, according to data from consulting firm Challenger, Gray & Christmas citing Bloomberg.Read:We tried Slimming World Iceland curries instead of a Saturday night takeaway – but was it worth it? A report said the total job cuts announced by US employers jumped 13 percent to 33,843 in October, the highest level since February 2021.(adsbygoogle = window.adsbygoogle || []).push({}); (adsbygoogle = window.adsbygoogle || []).push({}); meta Facebook’s parent company said in November it would cut 13 percent of its workforce, or more than 11,000 employees, in one of the biggest layoffs this year, as it grapples with a weak advertising market and rising costs.

Meta said it will cut 13 percent of its workforce, or more than 11,000 employees, in one of the largest layoffs this year.Like its peers, Meta has staffed aggressively during the pandemic to counter an increase in social media use by consumers stuck at home.Read:US private equity firm in swoop for British tech company Darktrace But pandemic boom times are over as advertisers and consumers stop spending in the face of rising costs and rapidly increasing interest rates.

After spending billions in CEO Mark Zuckerberg’s Metaverse vision with little to show for it, Meta has faced rising costs and shrinking profits.Meta, which was once worth more than a trillion dollars, is now valued at $256 billion after losing more than 70 percent of its value this year alone.“Not only has online commerce returned to previous trends, but the macroeconomic downturn, increased competition, and loss of ad signal caused our revenue to be much lower than I would have expected,” Zuckerberg said in a letter to employees, according to Reuters.“I got it wrong, and I take responsibility for it.” Zuckerberg delivered the grim news about the job cuts on a call with hundreds of Meta executives In a brief call on Wednesday, a red-eyed Zuckerberg addressed the staff but did not answer any questions.

He stuck to a text that closely followed the wording in the morning blog and called the increased investments in e-commerce a “major planning error.” Read:House prices forecast to stall next year – but no relief for renters | Business News Twitter Twitter has laid off half of its workforce across teams ranging from communications and content curation to product and engineering following the $44 billion acquisition of Elon Musk.The cuts affected nearly 3,700 employees, who learned of their fate via email last week.However, Bloomberg reported Sunday that Twitter has been reaching out to dozens of employees who have lost their jobs, asking them to come back.Twitter has laid off half of its workforce across teams ranging from communications and content curation to product and engineering Musk has previously said there is no other option but to force mass layoffs as the company loses hundreds of millions of dollars each year and needs a financial fix.

sales force On Monday, the cloud-based software company Salesforce quietly laid off hundreds of employees.The exact number of jobs cut wasn’t clear, but it was less than 1,000 according to CNBC.Our sales performance process drives accountability.Unfortunately, this can result in some leaving the business, and we support them through their transition,” a Salesforce spokesperson told CNBC in a statement.Salesforce had 73,541 employees as of the end of January.The company said in a report in August that the number of employees increased by 36 percent in the past year “to meet the growing demand for services from our customers.” Amazon Amazon executives are said to be planning to lay off 10,000 corporate and technology jobs early this week in what would be the largest job cuts in the company’s history.The cuts will focus primarily on Amazon devices, including the Alexa voice assistant, sources familiar with the discussions told The New York Times, as well as its retail and human resources divisions.The move comes as the company is said to have lost $1 trillion over the year after its stock plunged from a peak during the pandemic.

If the company persists with its proposal to cut 10,000 jobs, it will lose about 3 percent of Amazon’s employees The move comes after the company decided to freeze hiring, affecting key teams including Prime Video, Alexa and Amazon Fresh.Beth Galletti, senior vice president of people experience and technology at Amazon, wrote in a note, which was seen by the Wall Street Journal.Intel Intel CEO Pat Gelsinger told Reuters that “people’s actions” would be part of a cost-cutting plan.The chipmaker recently said it would cut costs by $3 billion in 2023, and then increase that to $10 billion by 2025.Gelsinger said the adjustments will begin in the fourth quarter, but he did not specify how many employees would be affected.Bloomberg News reported last month, citing people familiar with the situation, that some divisions of Intel, including the sales and marketing group, could be cut by as much as 20 percent.Chipmaker Intel is said to be planning major layoffs, potentially running into the thousands, in the face of a slowdown in the personal computer market.The company had 113,700 employees as of July, when it cut its annual sales forecast by $11 billion after it missed estimates for second-quarter results.

Intel, based in Santa Clara, California, declined to comment on the job cuts when reached by DailyMail.com in October.Intel has been battered by changing market trends, including the decline of traditional PCs with the increasing popularity of smartphones and tablets.Last quarter, global PC shipments, including desktops and laptops, fell another 15 percent from a year ago, according to IDC.Microsoft Microsoft laid off less than 1,000 employees across several divisions last month, according to Axios.

ABC News reports that layoffs account for less than half of 1 percent of the company’s 221,000 employees globally.But the job cuts affect everything from Microsoft’s Xbox console gaming division to the evolving Microsoft Strategy Missions and Technology organization.In a statement, Microsoft executives said: “Like all companies, we assess our business priorities on a regular basis, and make structural adjustments accordingly.Microsoft laid off fewer than 1,000 employees across several divisions last month, according to Axios.

“We will continue to invest in our business and hiring in key growth areas in the coming year.” Microsoft executives previously announced in July that it would lay off less than 1 percent of its workforce and slow hiring dramatically, as its revenue fell short of investor expectations.The company reported only $51.9 billion in revenue during the second quarter of the year, but it was expected to bring in $52.4 billion.It previously recorded huge growth during the COVID pandemic, when consumers and businesses turned to its products as they shifted to the work-from-home model.lift Ride-hailing company Lyft said it would lay off 13 percent of its workforce, or about 683 employees, after it already cut 60 jobs earlier this year and froze hiring in September.Lyft said in a regulatory filing that it will likely incur between $27 million and $32 million in restructuring fees related to the layoffs.“We are not immune to the realities of inflation and a slowing economy,” Lyft’s founders wrote in the note to employees.Lyft, the ride-hailing company, said it will lay off 13 percent of its workforce, or about 683 employees, after already cutting 60 jobs earlier this year.The company’s share price is down 76 percent since the start of the year and is currently around $10, compared to about $45 in January.

“There are many challenges facing the economy,” Lyft co-founders John Zimmer and Logan Green, when announcing the job cuts in a note seen by The Wall Street Journal, told employees.

We’re facing a potential recession sometime next year and ride share insurance costs are going up.We worked hard to cut costs this summer: We slowed, then froze hiring; Cut spending and pause less important initiatives.“However, Lyft must become more agile, which requires us to separate from the incredible team members.” Lyft has about 4,000 employees, not including its drivers.Apple CEO Tim Cook told CBS Mornings Monday that he plans to freeze hiring apple Although Apple has yet to announce any major layoffs, CEO Tim Cook told CBS Mornings that it’s slowing down some hiring processes, too.“What we’re doing as a result of being in this period,” he said, “is we’re very deliberate in our recruitment.” “It means that we continue to hire, but not everywhere in the company that we are hiring.” At the same time, Cook said “we don’t believe you can save your way to prosperity.” “We think you’re investing your way into it,” he said.

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