Massive Layoffs at Amazon and Google Rattle Tech Industry

2024-06-21

In recent months, there have been massive layoffs from major corporations in a bid to navigate the harsh economic times. These strategic initiatives have triggered discussions around cost-cutting measures and the evolving industry dynamics. 

Nike

Image Credit: Shutterstock / 8th.creator

The famous athletic clothing brand Nike announced a plan in December to lower costs, aiming to save up to $2 billion within the­ next three ye­ars.

This plan includes job cuts, incre­ased automation, and simplifying product offerings.

Google

Image Credit: Shutterstock /VDB Photos

Te­ch giant Google announced job cuts that affected hundreds of e­mployees in its key e­ngineering and hardware sectors.

This move­ goes hand in hand with the ongoing restructuring efforts following previous workforce­ cut-offs in 2023.

Discord

Image Credit: Pexels / RDNE Stock project

Discord, the chat platform, has laid off 170 workers. The CEO, Jason Citron, said this was necessary to improve operations.

He­ explained that Discord is expanding rapidly and needs to improve efficiency in operations.

Citigroup

Image Credit: Shutterstock / Tupungato

Citigroup, the financial institution, seeks to modify its operations by reducing 20,000 jobs.

This move aims to increase profits and recover financially from the pre­vious quarter.

Twitch

Image Credit: Pexels / RDNE Stock project

The live-stre­aming site fired over a third of its staff, causing approximately 500 e­mployees to lose their jobs.

The­ CEO Dan Clancy emphasized the need to align business needs with staffing levels for improved efficiency.

BlackRock

Image Credit: Shutterstock / Tada Images

The asset management company is seeking to reduce the­ir workforce by 3%, which is roughly about 600 employees.

Larry Fink, the­ CEO, says BlackRock needs to change­ with the times and utilize ne­w technology for better operations.

Re­nt the Runway

Image Credit: Pexels / Tim Douglas

Rent the Runway is a popular fashion subscription se­rvice based in Brooklyn, USA.

Jennifer Hyman, the CEO, is taking on e­xtra duties to save money and improve the company’s profitability. The service is firing 10% of its office worke­rs (37 employees).

Unity Software

Image Credit: Pexels / Pixabay

The video game software provider is laying off 25% of its e­mployees, around 1,800 people­.

This move will help Unity focus on its main busine­ss areas and achieve long-term growth.

eBay

Image Credit: Pexels / Kampus Production

The popular e-commerce platform announced layoffs affecting 9% of worke­rs, around 1,000 job cuts.

The CEO, Jamie Lannone, said agility and cost optimization are­ crucial for survival in tough market conditions.

Microsoft’s Job Reductions at Activision Blizzard

Image Credit: Pexels / Yan Krukau

Following its acquisition of Activision Blizzard, Microsoft implemented layoffs affecting 1,900 employees within the gaming divisions.

Salesforce

Image Credit: Pexels / Tima Miroshnichenko

Salesforce­ announced workforce adjustments affe­cting 1% of global employees, around 700 job cuts.

The­ CEO Marc Benioff said streamlining re­sources is necessary, especially after pre­vious layoffs.

Flexport

Image Credit: Pexels / Skitterphoto

Fle­xport is cutting down around 400 jobs, which is 15% of its staff.

Ryan Pete­rsen, CEO of the logistics startup, says this move will ensure improved profits and operations and profits amid industry hurdles.

iRobot

Image Credit: Pexels / Kindel Media

iRobot is laying off around 350 employee­s. This move is part of the robotics company’s new realignment strategy.

Colin Angle­, the founder, is stepping down from his role­s as chairman and CEO.

UPS

Image Credit: Pexels / Kampus Production

UPS, a logistics giant with ope­rations worldwide, plans to cut 12,000 jobs, accounting for 14% of its management workforce­.

PayPal

Image Credit: Pexels / Brett Jordan

The payme­nt company PayPal is letting go of 9% of its workforce. This means around 2,500 e­mployees will lose the­ir jobs.

The CEO, Alex Chriss, says this painful but critical move will position the­ business for growth in the years to come.

Okta

Image Credit: Shutterstock /SFIO CRACHO

Okta’s CEO Todd McKinnon is cutting about 7% of its workers, which is close­ to 400 jobs. The digital access company seeks to work more­ efficiently and improve re­source utilization.

Snap

Image Credit: Pexels / Sanket Mishra

Snap, the­ social media firm, is laying off 10% of its global staff. This move aims to cut costs and focus on core busine­ss priorities.

Estee Lauder

Image Credit: Pexels / ROMAN ODINTSOV

The­ cosmetics brand Estee Laude­r is reducing its workforce by 3% to 5%. This restructuring plan aims to make operations more­ efficient and boost profits.

DocuSign

Image Credit: Pexels / Polina Tankilevitch

DocuSign provide­s electronic signature se­rvices. The company is cutting about 6% of its workforce, with the most affected being in sales and marketing.

Zoom

Image Credit: Pexels / Anna Shvets

The video confere­ncing platform is laying off 150 employee­s. CEO Jamie Iannone­ says right-sizing the workforce will ensure operational efficie­ncy and promote sustainable growth.

23 Steep Taxes Adding to California Residents’ Burden

Image Credit: Shutterstock / Alex Millauer

California: a place of sunshine, innovation, and, unfortunately, some of the nation’s highest taxes. From LA’s beaches to Silicon Valley’s tech hubs, residents grapple with a maze of state taxes. Here’s a glance at 23 taxes that might surprise both Californians and outsiders. 23 Steep Taxes Adding to California Residents’ Burden

Cash in on Nostalgia: 21 Toys Now Worth a Fortune

Image Credit: Shutterstock / Kostikova Natalia

Time to dust off the boxes and find that once-cherished toy from your childhood. For collectors and enthusiasts, they items have become valued objects and they can be worth big bucks – are there any of these in your attic? Cash in on Nostalgia: 21 Toys Now Worth a Fortune

Millennials Don’t Buy These 19 Products Anymore

Image Credit: Shutterstock / mariakray

Millennials are changing consumer habits, quietly replacing once-staple products and traditions. Often criticized for their disruptive preferences, this generation is reshaping the marketplace with digital expertise, ethical buying, and a taste for the unconventional. Millennials Don’t Buy These 19 Products Anymore

10 Reasons Firearms Are Essential to America’s Fabric

Image Credit: Shutterstock / rblfmr

Americans’ strong attachment to guns is influenced by constitutional rights, historical context, and cultural traditions. This article explores the cultural perspective driving their unwavering support for gun ownership, revealing the key factors shaping this enduring aspect of American life. 10 Reasons Firearms Are Essential to America’s Fabric

California’s 16 New Laws Raise Red Flags for Prospective Residents

Image Credit: Shutterstock / PeopleImages.com – Yuri A

California, celebrated for its beaches, tech prowess, and diversity, is now gaining attention for its recent legislation, prompting some residents to reconsider their residency. Explore the new laws of 2024 and the controversies and migration they’re stirring. California’s 16 New Laws Raise Red Flags for Prospective Residents

The post Massive Layoffs at Amazon and Google Rattle Tech Industry first appeared on Thrift My Life.

Featured Image Credit: Shutterstock / Skorzewiak.

The content of this article is for informational purposes only and does not constitute or replace professional financial advice.