The tech industry started the year with a wave of job cuts, around 50,000 in January alone, and there doesn’t appear to be any let up this month. Know more:
The tech industry started the year with a wave of job cuts, around 50,000 in January alone, and there doesn’t appear to be any let up this month. The computer maker Dell said Monday that it’s cutting about 6,600 jobs.
Large and small tech companies went on a hiring spree in over the past several years due to a demand for their products, software and services surged with millions of people working remotely. However, even with all of the layoffs announced this year, most tech companies are still vastly larger than they were three years ago. Here’s a look at some of the companies that have announced layoffs so far.Zoom: The video-conferencing service is cutting about 1,300 jobs, or approximately 15% of its workforce. CEO Eric Yuan said in a blog post Tuesday that the company ramped up staffing during the COVID-19 pandemic, when businesses became increasingly reliant on its service as people worked from home. Yuan said Zoom grew three times in size within 24 months to manage demand. The executive said that businesses continue to depend on its service post-pandemic but that adjustments are needed. “The uncertainty of the global economy, and its effect on our customers, means we need to take a hard – yet important – look inward to reset ourselves so we can weather the economic environment, deliver for our customers and achieve Zoom’s long-term vision,” he wrote. Yuan said he was also lowering his salary for the coming fiscal year by 98% and foregoing his 2023 corporate bonus, saying he was accountable for mistakes made at the San Jose, California-based company and the actions being taken. Yuan’s executive leadership team is also reducing their base salaries by 20% for the coming fiscal year and forfeiting their 2023 corporate bonuses. Dell: The computer maker reduced its payroll by 5%, or about 6,600 jobs, saying that the steps it’s taken to stay ahead of eroding market conditions are no longer enough. Profits have slipped over the past two quarters at the company, which employed about 133,000 people at the start of last year. The largest drop-off ever in PC deliveries was recorded last year after a surge in purchases during the pandemic. Dell’s shipments dropped 16%.
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