Page 34 - Layoff

Snap cutting 20% of staff as ad sales continue to dry up; shares rise 10%

The parent company of social media platform Snapchat said Wednesday that it is letting go of 20% of its staff as it reorganizes and tries to reduce costs in the face of declining sales. In a letter to staff posted on Snap Inc.'s website, CEO Evan Spiegel said sales were not keeping up with earlier projections. Unfortunately, given our current lower rate of revenue growth, it has become clear that we must reduce our cost structure to avoid incurring significant ongoing losses, Spiegel wrote. Spiegel said Snap was restructuring its business to focus on community growth, revenue growth and augmented reality. Anything that doesn't contribute to those three areas will be discontinued or receive substantially reduced investment, Spiegel said. Last fall, Snap said its ad sales were being hurt by a privacy crackdown that rolled out on Apple's iPhones, which raised investor fears about the app's potential for growth. Most social media platforms rely heavily on advertising revenue, one reaso

Snap laying off around 1,280 employees amid poor growth, says report

Snap, the parent company of Snapchat, is reportedly laying off 20 per cent of its workforce (around 1,280 employees), and the company's Chief Business Officer Jeremi Gorman is leaving to join Netflix

Better.com fired around 250 employees in fourth round of layoff: Report

In a report published on TechCrunch, Better.com's list containing the names of the people who will be laid off from the company on Friday, was leaked internally on August 23, 2022

Ford confirms laying off 3,000 employees as company's focus on EV sharpens

The US-based car maker Ford Motor has reportedly confirmed that it is laying off roughly 3,000 employees and contract workers, with the cuts primarily affecting staff in the US, Canada and India

Virtual reality jobs die down at Meta, Google amid hiring freeze: Report

The VR job postings have also slowed down at other Big Tech companies like Apple and Google amid the hiring frezz and layoff season owing to the global economic meltdown, according to Revelio labs

E-commerce company Wayfair lays off 870 people, 5% of its global workforce

E-commerce company Wayfair CEO Niraj Shah has fired 870 people, or 5 per cent of the company's global workforce, as growth it anticipated has not materialised this year.

Unacademy founder Gaurav Munjal and Relevel deny report of layoffs

"No layoffs. We have moved some team members to other Businesses of the Group though. Team worked really really hard to ensure that we find a role for everyone," Munjal tweeted.

Apple lays off recruiters in a push to rein in hiring and spending

About 100 contract workers were let go in a rare move for Apple, the world's most valuable company

HyperSocial CEO Braden Wallake slammed for crying after firing employees

"I know it is not professional to tell my employees that I love them. But from the bottom of my heart, I hope they know how much I do," he said.

Alibaba lays off nearly 10,000 in three months after 50% drop in net income

These are an effort to cut expenses amid sluggish sales and a slowing economy in China

Snapchat planning to lay off employees after disappointing Q2CY22 numbers

The net loss of Snapchat widened to $422 million in Q2CY22, nearly tripling from $152 million in the same quarter in 2021

Linktree sacks 17% of employees in latest round of tech pink slips

With a reported 300-strong workforce, the mass layoff amounts to about 50 staff members

Coupon-finding Groupon lays off over 500 employees, 15% of its staff

Chicago-based e-commerce marketplace Groupon has confirmed that it has laid off more than 500 of its employees -- 15 per cent of its 3,416-person headcount and is also planning to slash costs

Alibaba lays off nearly 10,000 employees to cut expenses amid poor sales

According to South China Morning Post, more than 9,241 employees left Hangzhou-based Alibaba during the June quarter, as the company trimmed its overall headcount to 245,700.

Edtech firms LEAD School, Vedantu lay off nearly 100 workers each

In continuing layoffs at edtech platforms in India, industry leaders Vedantu has asked 100 more employees to go and LEAD has also laid off a similar number of staff in the ongoing funding winter

Streaming company SoundCloud announces 20% layoff of workforce

Streaming platform SoundCloud has announced to cut 20 per cent of its workforce "given the challenging economic climate and financial market headwinds".

Crypto exchange Blockchain.com cuts 25% of its workforce, halts expansion

Leading cryptocurrency exchange Blockchain.com has laid off 25 per cent of its workforce, nearly 150 employees, amid the global economic meltdown

Chinese app TikTok begins laying off people amid restructuring: Report

Owned by ByteDance and banned in India for last two years, TikTok has created a significant user base, crossing 1 billion monthly active users with thousands of employees worldwide.

Goldman Sachs warns it may slow hiring, cut expenses as deals slump

Goldman's investment banking revenue fell 41% to $2.14 bn in the second quarter, as fees from both equity and debt underwriting fell along with those from advising on stock listings and M&As

Non-fungible token marketplace OpenSea lays off about 20% of employees

On the microblogging site Twitter, the CEO shared a note that said "today is a hard day for OpenSea, as we are letting go of 20 per cent of our team"