Page 4 - It Layoffs

Spotify axes 17% of workforce in third round of layoffs this year

Spotify says it's axing 17 per cent of its global workforce, the music streaming service's third round of layoffs this year as it moves to slash costs while focusing on becoming profitable. In a message to employees posted on the company's blog on Monday, CEO Daniel Ek said the jobs were being cut as part of a strategic reorientation. The post didn't specify how many employees would lose their jobs, but a spokesperson confirmed that it amounts to about 1,500 people. Spotify had used cheap financing to expand the business and invested significantly in employees, content and marketing in 2020 and 2021, the blog post said. But Ek indicated that the company was caught out as central banks started hiking interest rates last year. We now find ourselves in a very different environment. And despite our efforts to reduce costs this past year, our cost structure for where we need to be is still too big, he said. Ek said the leaner structure of the company will ensure Spotify's continued ...

Indian technology companies sacked more staff this year than in 2022

Ed-tech, food-related firms are among the sectors which have been worst affected

Meta to lay off employees in metaverse-oriented silicon unit today

The FAST unit, which has roughly 600 employees, worked on developing custom chips to equip Meta's devices to perform unique tasks and operate more efficiently

Focused on cutting costs, Byju's to skip campus placements this year

Even if Byju's were to visit their campuses, it is unlikely that students would be keen to sit for their placements, an official aware of the matter said

Byju's rolls out new social media policy for employees amid layoffs

Any violation will be taken up by the company seriously and may result in appropriate disciplinary and legal action initiated against the employees, according to the internal company document

Parag Agrawal: Not the fire-breathing dragon Twitter needed, said Elon Musk

Walter Isaacson's biography reveals key insights into Elon Musk's takeover of Twitter and subsequent firing of top execs, including CEO Parag Agrawal

2 out of 3 firms paying for employees' upskilling programme: Scaler survey

The 2023 hiring survey stated that 72.02% of the respondents said that data science/algorithm is the most important skill

Tech companies are slowing layoffs but still not yet resuming hiring

Still, job cuts in the tech industry appeared to slow in June and July and are on track to be even lower this month, according to an analysis by research firm Jefferies

TMS Ep481: NDA and INDIA, tech layoffs, healthcare stocks, Oppenheimer

Is the era of political alliances back? Is there an end in sight for tech layoffs? Why are healthcare stocks gaining muscle? Who was J Robert Oppenheimer? All answers here

Oracle lays off hundreds of employees at its health unit Cerner: Report

In May, another media report said that Oracle had laid off 3,000 employees at Cerner

IT cos need to rightsize bench to boost efficiency, stop layoffs: Experts

While other industries have single-digit bench sizes, tech firms typically have a larger bench size of as much as 30%, they say

Amazon defers offer letters to freshers till January 2024 amidst layoffs

As the tech giant continues to restructure its internal operations and continuing global layoff, new hires have also been impacted

Nearly 200,000 tech employees fired globally in 2023; more layoffs expected

According to recent data from layoff.fyi, a layoff tracker website, 702 companies have laid off 199,047 employees in 2023 so far worldwide

Meta begins final round of layoffs, 6,000 employees to be impacted

After a period of extensive recruitment that resulted in the doubling of its workforce since 2020, Meta's current number of employees has declined to a level, which is similar to that of mid-2021

Tech job losses on course to exceed 2022 number, already at 57% of last yr

Some 8,134 employees have reportedly lost their jobs in the country as of May 2023

Digital intelligence Israel-based firm Similarweb cuts another 6% of staff

In November last year, Similarweb laid off about 10 per cent of its team, around 130 employees, when it announced its results for the third quarter of 2022

Akamai Tech lays off nearly 3% of global workforce impacting 300 workers

"This was a difficult decision, but it was necessary for us to prioritise investments in the areas with the greatest potential for future growth as we strive to deliver greater value for shareholders"

As Apple slows down hiring, Tim Cook says mass layoffs are 'last resort'

Apple services set an all-time record with $20.9 billion in the March quarter

Upto 60% jump in IT employees taking courses to avoid a possible layoff

With AI and machine learning dominating the discussion in the space, many employees are taking these courses in order to stay ahead of the curve and maintain their relevance

Cognizant to lay off 3,500 employees in 2023 amid declining revenue

In the quarter ended March 31, the company reported a margin of 14.6%, among the lowest in the industry