Amazon hits pause; a look at tech giants which have announced layoffs, hiring freeze
Tech winter is here. As decades-high inflation hits consumer spending and drives up costs for businesses, a host of companies are cutting jobs and downsizing operations to preserve profits
As decades-high inflation hits consumer spending and drives up costs for businesses, a host of tech companies across sectors are cutting jobs and downsizing their operations to preserve profits. Take a look (Image: Shutterstock):
Amazon publicly announced on November 3 that the company will freeze hiring in its corporate workforce as the e-commerce giant deals with an "unusaul macro-economic environment". The company has already paused hiring in some of its businesses in recent weeks but intends to hire a "meaningful" number of people next year, Beth Galetti, senior vice-president of People Experience and Technology at Amazon, said in a blog post. (Image: AP)
Lyft, a transportation company based in San Francisco, California, said on November 3 it would cut 13 percent of its workforce, or about 683 employees, in the ride-hailing firm’s latest cost-cutting step to cope with a weakening economy. (Image: Reuters)
Stripe, a digital payment processing platform, on November 3 said it would cut 14 percent of its employees, roughly 1,100 jobs, as startups trying to navigate a tough investment market rush to rein in costs. (Image: Shutterstock)
Elon Musk, who bought Twitter for $44 billion last week, has ordered cuts across the company, which employs about 7,500 people in a bid to cut costs, Bloomberg News reported on November 2. According to the report, Musk will inform the staff affected on November 4. (Image: AP)
Snap, Snapchat’s parent company, laid off 20 percent of its employees in August and will scrap several projects. CEO Evan Spiegel announced the move in a memo and told the employees the company need to restructure its business to deal with its financial challenges. (With inputs from agencies)
