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Identity security company Okta told employees Thursday it will cut up to 400 jobs. This is the latest in a series of layoffs that have rocked the tech industry this year, including Microsoft, Amazon, eBay and PayPal, following a parade of layoffs. In 2022 and 2023.
important facts
Octa CEO Todd McKinnon announced in a filing with the Securities and Exchange Commission that the identity management company will cut its workforce by about 400 employees (7% of its workforce), adding, “The reality is that costs are still high.'' “It's too much,” he admitted.
proof pointThe company, which provides email and data security tools, said it plans to cut 280 employees, adding that the job cuts are part of a “future plan” aimed at positioning the company “for continued long-term success.” This is part of a strategy that focuses on the future.
blockThe payments company, led by Twitter co-founder Jack Dorsey, has implemented a series of job cuts that the company announced late last year, affecting 1,000 of its approximately 13,000 employees. multiple media outlets reported.
PayPal The company plans to cut 2,500 employees over the next 12 months, reducing its San Francisco Bay Area headcount by about 9% in an effort to “rightsize” the company, according to an internal memo obtained by Bloomberg. It is said that it will be done. .
i robot The company announced Monday that it would cut about 350 jobs after canceling a planned acquisition by Amazon that was initially worth $1.7 billion. iRobot's latest job cuts come after the Massachusetts-based company cut 140 employees in August 2022.
After cutting 10,000 employees last winter; microsoft Last week, Microsoft announced plans to cut an additional 1,900 jobs, or about 8% of its workforce, at its video game division, which includes Xbox and Activision Blizzard, the video game company that Microsoft acquired in a blockbuster $68.7 billion deal late last year. Announced. Microsoft Gaming CEO Phil Spencer says it's a “sustainable cost structure.”
online retailers eBayThe company, which cut 500 employees last February, has reduced its headcount by 1,000 people (about 9% of its workforce), and CEO Jamie Iannone said in a blog post that the company's expenses have increased. “It has outpaced business growth,” he lamented.
San Francisco tech giant sales force The company also plans to implement large-scale layoffs that will affect about 700 employees, or 1% of its workforce, people familiar with the matter told The Wall Street Journal. Just over a year after the company cut 7,900 employees, CEO Marc Benioff blamed the “challenging” economic environment.
After cutting 1,750 employees last year; wayfair A week after CEO Niraj Shah encouraged employees to work “long hours” earlier this month, the company is cutting back on its 1,650 headcount to “position the company now and in the long term.” The company told employees it would make cuts.
Macy's The company this week announced plans to cut 2,350 jobs and close five department stores, affecting about 13% of its workforce and 3.5% of its total workforce, according to an internal memo obtained by The Wall Street Journal. That's what it means.
Google The company plans to cut employees across its global advertising and sales teams, a week after laying off “hundreds” more employees across multiple departments, including its engineering and hardware teams. In addition to acknowledging this in a statement to Forbes, the company also fired employees who voiced their opinions. The company operates a virtual assistant called Google Assistant, according to internal emails obtained by The New York Times and Semafor.
convulsionsTwitch, the Amazon-owned live streaming site, announced plans to cut 35% of its staff (approximately 500 employees), CEO Dan Clancy said in a blog post last Wednesday. “We have work to do to right-size'' the company, which is “well above what we need to be given the scale of our business,'' he said, adding that Amazon's audiobook arm Audible is also hiring fewer employees. The company has implemented a series of job cuts affecting 100 employees.
That same day, Amazon According to a memo obtained by Forbes from Prime Senior Vice President Mike Hopkins, the company is reviewing “nearly every aspect” of its business operations and cutting “hundreds” of employees across its Prime Video and MGM Studios divisions. announced plans to reduce video.
language learning app Duolingo While the company cut 10% of its contract workforce earlier this month (it wasn't immediately clear how many employees this would affect) as it pivots to rely on artificial intelligence for content generation, the company said it has no permanent employees. Multiple media outlets reported that no one was present. will be affected by layoffs.
discord CEO Jason Citron announced that the platform will cut 17% of its workforce (approximately 170 people) in an effort to “sharpen.” [its] focus and improve [it] work[s] “Working together to bring greater agility,” The Verge reported.
video game software developer unity software announced in a regulatory filing that it will cut a quarter of its workforce (approximately 1,800 people) as part of a restructuring plan to “position itself for long-term, profitable growth.” did.
amazing facts
Layoffs hit a 10-month high in January, with more than 82,300 employees at U.S. companies losing their jobs, according to a report released Thursday by Challenger, Gray & Christmas. A group of tech giants and startups, as well as banks and financial services companies, are cutting jobs en masse, making January the second-highest number of layoffs since January 2009 (January 2023). Approximately 103,000 people lost their jobs).
big number
Over 305,000. That's the number of workers who lost their jobs in large-scale layoffs in the U.S. last year, including layoffs that affected more than 100 jobs, according to Forbes' Layoff Tracker. The biggest job cuts occurred in July, when now-bankrupt trucking company Yellow laid off all 30,000 employees. Yellow Corporation was preceded by technology and manufacturing companies that announced layoffs, including Amazon, which said it would cut 8,000 employees in January 2023 amid an “uncertain economy.” It announced plans to cut 10,000 jobs in the second half of 2022, followed by a further 9,000 layoffs in November. Google's parent company Alphabet cut another 12,000 employees in January 2023 in what CEO Sundar Pichai called “tough choices,” while Meta and Microsoft each cut 10,000 employees in the same month. positions (Meta cut another 6,000 employees two months later).
tangent
Banking giant Citigroup announced earlier this month that it has no plans for the next two months after suffering a fourth-quarter net loss of $1.8 billion, the bank's worst quarter in 15 years, according to a statement from Chief Financial Officer Mark Mason. The company announced that it would cut 20,000 employees over the year. Citigroup's layoffs come in a wave of layoffs at major U.S. banks, following investment bank Goldman Sachs, which cut 4,000 employees last year, and JPMorgan Chase, which laid off 1,000 employees in May. This was in response to the incident.
References
More than 305,000 people will be laid off in this year's massive U.S. layoffs – here's the biggest one (Forbes)
2023 Layoff Tracker: Nike Reportedly Will Cut 'Hundreds' of Employees (Forbes)
Amazon, Twitch, Prime Video, MGM Studios lay off hundreds of employees (Forbes)
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