What do big tech companies including Google, Meta say on layoffs? Learn in One Click
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New Delhi (Best Hindu News): Retrenchment of employees continues in big tech companies. He attributed this to various reasons including over-hiring, uncertain global macroeconomic conditions, strong tailwinds due to the COVID-19 pandemic. Here’s what these top tech companies say about laying off employees
Meta (cut 11,000 jobs)
Mark Zuckerberg, Meta’s founder and CEO, said at the start of COVID, the world increasingly turned online and the boom of e-commerce drove revenue growth. Many predicted that this would be a sustainable increase that would continue even after the pandemic was over. So I decided to significantly increase my investments.
Unfortunately, it did not live up to my expectations. Not only did online commerce revert to earlier trends, but our revenue plummeted due to the macroeconomic downturn, increased competition, and the loss of ads. I was wrong, and I take responsibility for it.
Google (12,000 layoffs)
According to Sundar Pichai, CEO of Alphabet and Google, we have seen dramatic growth in the last two years. To match and fuel that growth, we hired for a different economic reality than we have today. I’m convinced of the enormous opportunity given by the strength of our mission, the value of our products and services, and our early investments in AI. To fully achieve this, we have to make tough choices.
Microsoft (cut 10,000 jobs)
Microsoft chief and CEO Satya Nadella said, as we saw customers emphasize digital spending during the pandemic and now we are looking at optimizing our digital spending. We are also seeing that every industry and organization is taking precautions, as some parts of the world are in recession and other parts are anticipating recession.
Amazon (cut 18,000 jobs)
We are facing an unusual and uncertain macroeconomic environment, says Andy Jassy, CEO of Amazon. With this in mind, we’ve spent the past few months reviewing what matters most to our customers and business. After reviews, we recently decided to consolidate some teams and programs.
This year’s reviews have been more difficult given the uncertain economy and we’ve hired faster than we’ve seen in the last several years.
Salesforce (7,000 layoffs)
As our revenue took a hit due to the pandemic, we hired a lot of people to weather this economic downturn, and I take responsibility for that, said Marc Benioff, CEO of Salesforce. The environment remains challenging and our customers are taking a more cautious approach to their purchasing decisions.
IBM (3,900 job cuts)
James Kavanaugh, IBM Chief Financial Officer, said: “We have taken a number of significant portfolio actions over the past few years, which have resulted in some locked costs in our business. We expect to settle these remaining costs early this year and anticipate taking a charge of approximately $300 million in the first quarter.
Spotify (600 job cuts)
Like many other leaders, I expected a strong adverse reaction from the pandemic and believed that our broader global business and reduced exposure to the impact of the downturn in advertising would drive us forward, said Spotify CEO Daniel. I was very ambitious in investing before my revenue growth.
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