Many workers have been let go by Google, Microsoft and other IT firms

As the corporations that drove the 10-year bull market adjust to a new reality, job layoffs in the IT industry are piling up.

Google revealed intentions to fire 12,000 employees on Friday, and Microsoft indicated it will let go 10,000 staff members on Wednesday. Meanwhile, Amazon started a new wave of layoffs, which will result in the greatest personnel decrease in the e-28-year retailer’s history and more than 18,000 job losses.

The layoffs occur amid sluggish economic growth, increased interest rates to combat inflation, and concerns about a potential recession in 2019.

Here are a few of the most significant layoffs in the IT sector thus far. Based on filings, public declarations, and media accounts, all figures are approximations:

Alphabet: 12,000 jobs cut

Alphabet’s main firm, Google, said Friday that it will be letting 12,000 employees go.

Google’s CEO, Sundar Pichai, said in an email to the business’s workforce that the company will start making layoffs in the United States right away. According to him, the procedure “will take longer because of local laws and procedures” in other nations. In November, CNBC reported that Google staff members had been anticipating layoffs due to company-wide budget cuts and modifications to the company’s performance evaluation process.

Up until January, when it let go of approximately 240 workers from Verily, its health sciences branch, Google had mainly avoided layoffs.

Microsoft: 10,000 jobs cut

As the software company prepares for slower sales growth, Microsoft is laying off 10,000 employees through March 31. Also, the business is incurring a $1.2 billion charge.

In a statement to staff that was published on the business website on Wednesday, CEO Satya Nadella declared, “I’m convinced that Microsoft will emerge from this stronger and more competitive. He said that some workers would learn this week whether they will keep their jobs or not.

Amazon: 18,000 jobs cut

More than 18,000 people will be laid off, mostly in the human resources and retail departments, according to Amazon CEO Andy Jassy, who made the announcement earlier this month. It followed Amazon’s announcement in November that it was considering workforce reductions, particularly in its device and recruitment divisions. At the time, CNBC claimed that the corporation intended to fire around 10,000 workers.

During the Covid-19 outbreak, Amazon hired a lot of people. By the end of 2021, the company’s worldwide employment has increased from 798,000 in the fourth quarter of 2019 to over 1.6 million.

Crypto.com: 500 jobs cut

On January 13, Crypto.com revealed that it will be laying off 20% of its staff. According to statistics from PitchBook, the business had 2,450 workers, indicating that 490 people may have been let go.

The cryptocurrency exchange developed “ambitiously,” according to CEO Kris Marszalek, but was unable to withstand Sam Bankman-crypto Fried’s empire FTX’s demise without the further layoffs.

All impacted staff have already been informed, according to a post by Marszalek.

Coinbase: 2,000 jobs cut

In an effort to save funds during the slump in the cryptocurrency market, Coinbase revealed intentions to reduce its personnel by around a fifth on Jan. 10.

An article on the exchange’s blog states that 950 positions would be lost. At the end of September, Coinbase, which had about 4,700 workers, had already laid off 18% of its personnel, citing the need to control expenses after expanding “too swiftly” during the bull market.

In a phone interview with CNBC at the time, CEO Brian Armstrong said, “With perfect hindsight, looking back, we could have done more. “The greatest thing you can do in this situation is act promptly whenever information becomes available,” said the speaker.

Salesforce: 7,000 jobs cut

Salesforce said on January 4 that it will be reorganizing its workforce and lowering certain office space by 10%. As of December, it employed more than 79,000 people.

In a letter to staff members, co-CEO Marc Benioff said that given the adverse financial situation, customers have become more “measured” in their purchase decisions, which has forced Salesforce to make the “extremely painful decision” to lay off people.

Salesforce estimated that the staff cuts will cost between $1 billion and $1.4 billion, while the office space cuts will cost between $450 million and $650 million.

Meta: 11,000 jobs cut

The largest round of layoffs ever disclosed by Facebook parent company Meta occurred in November. The firm, which employs more than 11,000 people, stated that it intended to lay off 13% of its workforce.

One-fourth of the company’s market valuation was lost due to Meta’s underwhelming projection for the fourth quarter of 2022, and the stock fell to its lowest point since 2016.

The IT business increased its personnel by almost 60% during the epidemic, so the cutbacks follow. Competition from rivals like TikTok, a general slowdown in online ad spending, and difficulties with Apple’s iOS updates have all harmed the company’s performance.

Twitter: 3,700 jobs cut

Elon Musk, the new owner of Twitter, let go of about 3,700 workers shortly after finalizing his $44 billion acquisition of the company in late October, according to internal messages seen by CNBC. It is around half the workforce. As Musk revised several restrictions about working from home and stated that he expects all workers to adhere to a “hardcore” work environment, a substantial number of staff have left the company.

Musk said in a tweet on November 4 that the firm was losing $4 million per day and that there was “no choice” but to fire workers.

Lyft: 700 jobs cut 

Lyft said in November that it will be eliminating 700 positions, or 13% of its workforce. CEO Logan Green and President John Zimmer mentioned “a predicted recession sometime in the next year” and growing ride-share insurance expenses in a letter to staff.

The ride-hailing startup offered laid-off staff 10 weeks of salary, health insurance through the end of April, expedited stock vesting for the vesting date of November 20, and assistance with recruitment. They also said that employees who have worked for the business for more than four years would receive an additional four weeks’ compensation.

Stripe: 1,100 jobs cut

Internet payment company Stripe revealed intentions to fire nearly 1,100 people, or 14%, of its workforce in November.

In a note to the workers, CEO Patrick Collison explained why the changes were required, citing factors such as rising prices, worries about an impending recession, increased interest rates, energy shocks, constrained investment budgets, and a lack of startup capital. These elements indicate “that 2022 heralds the beginning of a changed economic climate” when taken together, he claimed.

Stripe’s internal valuation was allegedly reduced to $74 billion in July from $95 billion last year.

Shopify: 1,000 jobs cut

10% of Shopify‘s worldwide staff, or 1,000 people, were let go, the company said in July.

CEO Tobi Lutke said in a note to colleagues that he had underestimated the pandemic’s impact on e-longevity commerce’s and that the firm is now suffering from a general decline in online expenditure. In 2022, its stock price is down 78%.

Netflix: 450 jobs cut

There have been two rounds of layoffs at Netflix. The streaming service cut 150 positions in May after reporting its first ten-year customer decline. It announced 300 further layoffs in late June.

“Although we continue to invest heavily in the company, we made these modifications so that our costs are rising in step with our slower revenue growth,” Netflix said in a message to workers.

Snap: 1,000 jobs cut 

Snap revealed in late August that around 1,000 people, or 20% of its staff, had been let go.

In a statement to staff members, Snap CEO Evan Spiegel said that the firm must restructure its operations in order to address its financial problems. He said that the 8% quarterly sales increase rate over the same period last year was “far below what we were expecting early this year.”

Robinhood: 1,100 jobs cut

After eliminating 9% of its employment in April, retail brokerage startup Robinhood reduced its headcount by 23% in August. According to public records and reports, it equals more than 1,100 workers.

Vlad Tenev, CEO of Robinhood, attributed the problem to “deterioration of the macro situation, with inflation at 40-year highs and a wide crypto market fall.”

Tesla: 6,000 jobs cut

Elon Musk, the CEO of Tesla, informed every employee in an email sent in June that the business was laying off 10% of its salaried staff. Based on disclosures, The Wall Street Journal projected that the reductions would affect around 6,000 workers.

As a result of becoming overstaffed in several areas, Musk said, “Tesla will be cutting salaried employment by 10%. Remember that this does not apply to anyone who actually construct automobiles, battery packs, or solar installations. Headcount will rise hourly.