Nov 10, 2022By: Vaamanaa Sethi
According to Layoffs.fyi, which tracks all tech startup layoffs, 1,026 tech companies globally fired over 1.54 lakh employees in 2022. In 2023, 122 tech companies have already laid off 37,526 employees – or 1,975 employees each day.
The co-founder of car repair startup GoMechanic, Amit Bhasin, admitted to errors in financial reporting and stated on LinkedIn that the company will lay off roughly 70 percent of its workforce.
Microsoft announced it will lay off 10,000 employees, cutting about 5 percent of its global workforce. In October 2022, the computer software major said it had laid off 1,000 employees across multiple divisions. The company said it had slashed its workforce around the globe in ‘order to set business priorities and make structural adjustments’.
As per IANS, Amazon has kickstarted the process of laying off as many as 18,000 people. It has already laid off 2,300 employees in Washington. The news about layoffs at Amazon first surfaced in November, 2022.
The Bengaluru-based Google-backed delivery platform Dunzo laid off 3 percent of its workforce citing restructuring. The company did not reveal the exact number of employees that were laid off.
Meta CEO Mark Zuckerberg, in a post, fired 13 percent of the company’s global workforce, which has hit Indian teams too. The company has also extended hiring freeze through Q1.
Elon Musk took over the social media platform and on November 4 fired 50 percent of Twitter’s global workforce – or 3,700 employees, including 180 from India. Musk said he had no choice as Twitter was losing over $4 million a day. Latest reports indicated Twitter will lay off 50 more workers.
Enterprise software company Salesforce announced that it will lay off 10 percent of its workforce. As per the Salesforce's website it globally employs around 79,000 people – meaning about 7,900 people could be laid off.
The edtech company said it had decided to let go of five percent of its workforce, i.e 2,500 employees, to avoid role duplication across its business. This occurred a few days before the unicorn signed on football icon Lionel Messi as global brand ambassador for its social initiative.
SoftBank-backed edtech major Unacademy, earlier in November, laid off 10 percent of its workforce, or nearly 350 employees, due to the current funding winter in the startup ecosystem.
BBusiness-to-business e-commerce platform Udaan, which raised $120 million in October, has sacked nearly 1,000 employees (both on-roll and contractual).
The chip maker was looking to cut its staff – affecting nearly 20 percent of its employees, according to a Bloomberg report in October. The company faced a drop in its sales and profits in the second quarter performance this year.
Snap, the company which runs Snapchat, was looking to cut 20 percent of its workforce, according to a report by the Verge last August. This followed on the heels of an 80-percent drop in its stock price, as per media reports.