Twitter to Microsoft: Job cuts in Tech Industry continues in 2023

The tech industry’s tough times are continuing in 2023 as well as more companies announce job cuts. The biggest name to join the list now includes Microsoft,

Twitter to Microsoft: Job cuts in Tech Industry continues in 2023

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The Tech Companies and industries continue to struggle in 2023 as more companies announce job cuts. The biggest name to join the list now also includes Microsoft, which is reportedly planning to cut jobs in the engineering division. In India, too some tech startups have continued with similar measures, with ShareChat being the latest to join these.

After firing about 50 percent of Twitter’s workforce, or about 3,800 employees, Elon Musk has reportedly laid off at least 4,400 contractual workers at the company in 2022.

Many found out they weren’t working for the company anymore after abruptly losing access to Twitter’s internal systems.

Microsoft to cut of 10,000 Jobs

Microsoft informed on Wednesday it would cut 10,000 jobs by the end of the third quarter of fiscal 2023, the latest sign that layoffs were accelerating in the U.S. technology sector as companies brace for an economic downturn. 

Microsoft said, “The layoffs will result in charge of $1.2 billion in the second quarter of fiscal 2023, representing a negative impact of 12 cents on per-share profit”.

These layoffs will happen as the software giant said its customers are exercising caution, with some parts of the world in recession. Microsoft had previously cut jobs in October and July 2022 and put a pause on new hires as well. But these cutoffs are expected to be more brutal.

Microsoft said in July last year that a small number of roles had been eliminated, while news site Axios in October reported that the company had laid off under 1,000 employees across several divisions.

In a recent interview with CNBC-TV-18, Satya Nadella told about the need for efficiency in tech companies. He admitted that the coming next two years will be the ‘most challenging’, with a ‘real recession’ in some parts of the world, adding that as a global company, Microsoft is also not immune to these pressures.

Amazon Jobs cuts continue

Amazon CEO Andy wrote in a blog post on January 4, “In November, we communicated the hard decision to eliminate a number of positions across our Devices and Books businesses and also announced a voluntary reduction offer for some employees in our People, Experience, and Technology (PXT) organization. I also shared that we weren’t done with our annual planning process and that I expected there would be more role reductions in early 2023.”

It was first reported in November last year that Amazon would sack off 10,000 employees as part of its restructuring and cost-cutting measures. But the number has increased and now 18,000 jobs will be eliminated starting this month.

These job cuts have also impacted AMAZON INDIA as some employees took to apps like Grapevine to point out that nearly 75 percent of their team was gone. Some of the comments mentioned that those impacted were in Last Mile, Food tech, Prime, Amazon Pay and Fresh divisions.

Indian Companies are also impacted

In India, ShareChat announced job cuts that will impact around 20 percent of the company’s workforce.

In India, the ed-tech sector has also been deeply impacted by job cuts. Byju’s– which was once the world’s most valued startup– announced in October that it would cut 2500 jobs, which would impact 5 percent of its workforce. 

Unacademy fired close to 1200 people in 2022 as well. Food delivery startups Swiggy and Zomato also saw job cuts last year. Meanwhile, Dunzo cut 3 percent of its workforce with CEO Kabeer Biswas confirming the same in a statement.

Adobe, Meta, Twitter, and other IT sectors are also affected

In India, ShareChat announced the job cuts that will impact around 20 percent of the company’s workforce.

In India, the ed-tech sector has also been deeply impacted by job cuts. Byju’s– which was once the world’s most valued startup– announced in October that it would cut 2500 jobs, which would impact 5 percent of its workforce. 

Unacademy fired close to 1200 people in 2022 as well. Food delivery startups Swiggy and Zomato also saw job cuts last year. Meanwhile, Dunzo cut 3 percent of its workforce with CEO Kabeer Biswas confirming the same in a statement.

Under Elon Musk’s takeover, Twitter saw nearly half of its workforce (close to 3500 people) gone. Meta Facebook and Instagram’s Parent company had cut around 13 percent of its workforce back in November as 11,000 people were impacted.

HP announced 6000 job cuts, which will take over the next three years as demand for PCs declines. Chipmaker Intel also plans similar job cuts, which will take place over the years. Seagate Technology Holdings, known for computer hard drives, announced job cuts that would impact 3,000 employees. US-based Payments company Stripe’s job cuts would impact 14 percent of its staff. Peloton, best known for its smart exercise cycles also laid off about 500 employees in October last year.

Adobe announced job cuts as well, though it impacted around 100 jobs, so this was at a much smaller scale. Cisco systems plan to cut 5 percent of jobs as well. Last year, companies like Snap– the parent company of Snapchat, Lyft, and DoorDash also announced job cuts affecting several employees.

Many technology companies blame the economic conditions for the crisis, though some companies have admitted that they hired too many people during the pandemic.

Pratham

Pratham

Pratham is founder of Infostation experienced in digital marketing and content writing. He wants to motivate his readers to insipre to make change in this world with his words.

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