Page 17 - Layoff

Cognizant Q1 profit up 3%; personnel-related action to impact 3,500 staff

IT services company Cognizant posted a 3 per cent year-on-year rise in net income for the January-March quarter, gave muted guidance for the full year 2023 revenue and said its new 'NextGen programme' aimed at simplifying operating model and optimising corporate functions will impact nearly 3,500 employees. The drive for simplification will include operating with fewer layers in an effort to enhance agility and enable faster decision-making, the company said about the 'NextGen programme'. The net income rose to USD 580 million during the three months ended March 31, 2023, against USD 563 million in the year-ago period. The revenue dipped marginally to USD 4,812 million in the just-ended quarter, from USD 4826 million in the same period of the previous year. Cognizant follows January-December financial year. "Full-year 2023 revenue is expected to be USD 19.2 to 19.6 billion, or a decline of 1.2 per cent to growth of 0.8 per cent, or a decline of 1 per cent to growth of 1 per cent in

Morgan Stanley may slash 3,000 jobs in second job cut round: Report

The job cuts will impact financial advisers and personnel supporting them within the wealth management division at Morgan Stanley, the report added

Zuckerberg's net worth rises over $10 bn after results, 2 layoff rounds

Zuckerberg now has a net worth of $87.3 billion and is the 12th richest person in the world, according to the Bloomberg Billionaires Index

Clubhouse lays off over 50% staff: 'We're deeply sorry', say founders

The app was once valued at $4 billion by investors, including Andreessen Horowitz and Tiger Global

Vice media cancels flagship show amid layoffs and company restructure

The news departments at Vice Media will be significantly impacted by the restructure

Cloud storage giant Dropbox sacks 500 employees amid slowing growth

In January 2021, Dropbox had laid off 315 employees amid the Covid-19 pandemic

Layoffs continue at startups; funding winter, macro uncertainty to blame

New-age companies like Byju's, Unacademy, social media firm ShareChat, MyGate, and automobile-servicing startup GoMechanic were among the leading names that fired employees in large numbers

Amazon shuts down health-focused Halo division, lays off employees

For employees who are impacted by this decision, Amazon is providing packages that include a separation payment, transitional health insurance benefits, and external job placement support

3M to cut 6,000 positions globally to focus on high-growth businesses

The move comes as consumers are cutting back on discretionary spending as a series of interest rate hikes over the past year to bring down stubbornly high inflation

Tech investors focus on profits after layoffs; companies to highlight AI

The companies are likely to give updates on their AI efforts, a trend noticeable since last quarter when chief executives packed earnings calls with mentions of the technology

Lenovo begins laying off employees as PC business takes a beating: Report

According to a report in CRN, the job cuts at Levono are "part of a roughly $115 million cost-cutting plan"

Lyft, Deloitte announce to lay off employees amid global meltdown

According to reports, the layoffs at Uber rival may affect 30 per cent of its 4,000 employees

Lyft plans job cuts, may hit 30% of employees as it struggles over profit

The Wall Street Journal earlier reported the cuts, adding that they could help Lyft slash 50% of its costs

News outlet 'Insider' to lay off 10% workforce including staff writers

The digital publication, however, denied that its experiments with AI chatbot ChatGPT for writing assignments is behind the job cut move, reports The Daily Beast

Tiger Global-backed Koo lays off 30% of its workforce in a year

The micro-blogging website, however, says it is well capitalised at the moment after raising fresh funding recently

BuzzFeed to shut down its News division amid workforce reductions

BuzzFeed CEO said that he planned to engage with the News Guild union regarding the cost reduction plans and what that would mean for affected union members

Social media platform Koo laid off 30% of staff in recent months: Report

The spokesperson of the company said that dismissed employees will be supported by compensation packages, health benefits and aid in finding new jobs

Fresh layoffs begin at Meta globally, technical employees most hit

Meta (formerly Facebook) has kicked off a fresh round of layoffs, handing over pink slips to employees with technical backgrounds globally

Google hit leadership diversity goal 3 yrs ahead of schedule before layoffs

The company met its commitment of boosting leadership representation for underrepresented minorities by 30% in 2022, according to its annual diversity report

Disney poised to eliminate thousands of jobs next week to cut annual costs

As part of that effort, the company is paring its commitment to general entertainment, focusing more on franchise properties and well-recognized brands