eBay and Zoom join Dell, Okta, Spotify, Google, Intel, Microsoft, and Amazon in laying off employees

eBay and Zoom have recently announced significant layoffs, joining Okta, Splunk, PayPal, IBM, SAP, Spotify, Alphabet, Intel, Microsoft, Coinbase, Cisco, Amazon, Salesforce, HP, Roku, Beyond Meat, Meta, and Twitter.

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Approximately 95,000 people worldwide have lost their jobs in the tech industry since 2023 began, according to data gathered by Trade Algo.

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Below is a compilation of well-known companies from a variety of industries that have been reducing their workforce.

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Zoom

About 1,300 employees, or 15% of Zoom Video Communications Inc.'s employees, will be let go.

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Zoom CEO and founder Eric Yuan noted the business' quick expansion during the epidemic in a blog post on February 7. The crisis, when the globe faced one of its greatest crises, "forever changed our course, and I am proud of the way we organized as an organization to keep users linked," he wrote. We had to quickly hire more people in order to handle the fast-increasing number of individuals on our network and their changing needs.

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According to the CEO, Zoom's size tripled in less than a year.

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According to the chief executive, Zoom has had to take "a hard, yet crucial, look within to recalibrate ourselves so we can storm the economic environment" as a result of the uncertain state of the global economy and its impact on clients.

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Yuan announced that he will eliminate his company bonus for the fiscal year 2023 and reduce his income for the upcoming year by 98%. The executive leadership team of the company would forfeit their incentives and have their wages reduced by 20% for the upcoming fiscal year, he continued.

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Zoom had previously been a pandemic tech winner as individuals employed from home, however, the business has recently struggled as people start going back to the office.

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eBay

eBay will lay off 500 workers, or around 4% of its workforce, making it the newest e-commerce company to declare cutbacks.

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CEO Jamie Iannone stated, "Over the recent months, we've taken a considerate look at where we are as a corporation with factors of the macroeconomic conditions all around the world and how to finest invest and start operating so that we can continue to be profitable. "As we move forward with our vision, we must evolve our organization to be centered on driving expansion, creating a trustworthy marketplace, empowering fans, and sowing innovative technologies for the future," says the statement.

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According to its CEO, the reduction will allow eBay to focus on areas where it can have the largest impact. Importantly, this change provides us with more room to invest in and develop new positions in high-potential fields like technological advances, customer developments, and important markets while also allowing us to continue to adjust and flex with the shifting macro, e-commerce, and technological landscapes.

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Dell

Inc. Dell Technologies DELL has added to the list of tech behemoths announcing job layoffs, with the company revealing plans to reduce its headcount by about 5%.

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In a report with the Securities and Exchange Commission, the corporation explained the layoffs and cited "a tough worldwide economic climate."

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As of January 28, 2022, the tech behemoth employed 133,000 employees, according to its most recent 10-K report. The corporation would have laid off 6,650 workers if the personnel level had remained the same.

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Jeff Clarke, Dell's vice chair and co-chief operating officer detailed a variety of modifications the company is implementing around global sales and services in a message to staff members that was also filed with the SEC. He claimed that all these changes will increase the company's flexibility and give it a "stronger foundation" for the coming years.

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Okta

Okta Inc. As the software producer adapts to the present economical situation, OKTA announced it will reduce its global staff by 5%, or roughly 300 employees. The CEO of Okta, Todd McKinnon, apologized profusely in an email to staff members, saying, "A workforce cut like this was the last thing I wanted to do."

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For future financial worker compensation and benefits expenses, which will mostly be paid in the first quarter of fiscal 2024, Okta said in a filing with the Securities and Exchange Commission that it will take restructuring charges totaling about $15 million in the fourth quarter of fiscal 2023.

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Splunk

Inc. Splunk In response to job cuts in the software business, SPLK announced it will fire roughly 325 emoyees or about 4% of its workforce.

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Splunk predicted that its reorganization strategy would result in charges and cash outlays of around $28 million, according to an SEC filing. Splunk anticipated that the plan would be finished within the first quarter of the year 2024, and that "virtually all" associated costs and cash outlays would be recorded.

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PayPal

PayPal Inc. announced that it was reducing its global staff by about 2,000 full-time workers, or 7% of the entire workforce. Employees received an email from CEO Dan Schulman announcing the layoffs. " Some organizations will be more negatively impacted than others as a result of these changes," he wrote.

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According to spokesperson Amanda Miller of PayPal, it will keep hiring "strategically" this year, she told MarketWatch.

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PayPal unveiled a cost-cutting program in August, stating it aimed to save at least $1.3 billion by 2023.

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IBM

Global Business Machines Corporation IBM announced that it would reduce its personnel by 1% to 1.5%. According to IBM Chief Financial Officer James Kavanaugh in an interview with Bloomberg, who broke the news of the job layoffs first, the reductions will affect around 3,900 employees.

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IBM's fourth-quarter results did not bring up the layoffs. According to a spokeswoman, the separation and sale of IBM's Watson Health division, which resulted in a $300 million cost in the first quarter, were the main causes of the downsizing.

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SAP

In the midst of a restructuring process, SAP SAP said it will be eliminating nearly 3,000 positions. The provider of business software stated in its fourth-quarter earnings report that it will be undergoing a "targeted" restructure in 2023 with a focus on "rapid cloud transition" and key growth areas.

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About 2,800 people would be impacted by the restructuring plan. The Walldorf, Germany-based business employed 111,961 people worldwide as of the end of 2022.

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Lam Research

Lam Research Corp. is an equipment provider for silicon foundries. By the end of March, LRCX claimed it will reduce its global headcount by 7%, or 1,300 workers. The layoffs of 700 employees at Lam Research's "temporary workforce," which occurred at the end of December, were not included in the cuts.

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The reductions happened as Lam Research released their earnings report for the period ending December 22, 2022.

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Spotify

Spotify Technology SPOT announced in a statement with the Securities and Exchange Commission that it would cut 588 people, or nearly 6%, from its staff.

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The first news about job losses from the music streaming service came from Trade Algo. Globally, Spotify employed 9,808 full-time employees at the conclusion of the third quarter.

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The layoffs followed a slowdown in Spotify's hiring in 2022. According to a Trade Algo report, Spotify CEO Daniel Ek informed staff members in June that the business will be reducing hiring by 25%. In October, Spotify's Gimlet and Parcast podcast divisions let go of at least 38 staff members.

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Google

Alphabet Inc., the company that owns Google GOOGL GOOG has declared plans to axe 12,000 positions internationally. Alphabet and Google CEO Sundar Pichai called the firings "a painful decision to set us up for the future" in a blog post.

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Alphabet had about 187,000 personnel by the end of September 2022, up from around 164,000 at the close of March.

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Intel

At Silicon Valley, Intel said that the company was eliminating hundreds of employees. The layoffs were added to the employment losses that had already been publicized and that had started late last year.

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According to documents submitted to California's Employment Development Department, the chipmaker intended to eliminate 201 employees at its Santa Clara, California, offices, which house Intel's corporate headquarters, as of January 31. Intel announced 90 job losses at the end of December, and the company also acknowledged that some production staff members had been placed on unpaid leave.

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Microsoft

Windows Corporation When the software maker announced intentions to lay off around 10,000 workers, MSFT joined other tech behemoths in the limelight about layoffs.

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The IT giant recorded a $1.2 billion charge in the second quarter for severance expenses, adjustments to its hardware portfolio, and lease consolidation charges as it increased workspace density.

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Coinbase

Blockchain Global Inc. In an effort to reduce costs, COIN announced the loss of 950 jobs.

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In a statement to staff members on January 10, Coinbase CEO Brian Armstrong stated that "in 2022, the crypto market trended lower along with the broader macroeconomy." We also witnessed the consequences of dishonest people in the field, and there may yet be spread.

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Cisco

Microsoft Corporation According to documents filed with the state of California in January, CSCO began the previously disclosed layoffs in December, eliminating close to 700 positions in Silicon Valley.

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The networking behemoth's layoffs affected a number of departments and a range of professions, including those in hardware and software development, program management, product design, and marketing. The company's San Jose, California, headquarters had 371 affected employees, 222 jobs were being eliminated in neighboring Milpitas, and then another 80 jobs were being eliminated in Cisco's San Francisco office, according to state documents. The notifications stated that workers were informed in early December and offered the option of a February 1 or March 13 effective termination date.

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Amazon

More job layoffs than anticipated—more than 18,000—were announced by Amazon to start the new year. Amazon CEO Andy Jassy stated in a memo to staff on January 4 that "between the reductions we announced in November and the ones we're sharing today, we plan to cut just over 18,000 roles." Several teams are affected, but our Amazon Stores and PXT [People Experience and Technology Solutions] divisions see the majority of role eliminations.

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Salesforce

Oracle Corporation CRM declared at the start of 2023 that 10% of its workers would be let go as part of a reorganization strategy.

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According to the company's filing, the reorganization plan aims to lower operating expenses, boost operating margins, and further Salesforce's commitment to "profitable growth."

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In accordance with the restructuring plan, Salesforce predicted that it would have to pay anywhere between $1.4 billion and $2.1 billion in charges, of which $800 million to $1 billion was anticipated to be paid in the fourth quarter of 2023.

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HP

A month ago, HP Inc. In response to what CEO Enrique Lores called "a turbulent macro climate and softer demand in the second half, with a slowdown on the commercial side," HPQ executives revealed intentions to reduce up to 10% of the company's staff.

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Roku

In response to a difficult advertising environment, ROKU declared in November that it will reduce its employment by around 5%.

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Roku predicted expenses of between $28 million and $31 million linked to the job cutbacks, primarily from severance payments, notice pay, employee benefits, and other costs, in a filing with the Securities and Exchange Commission. The majority of such charges were anticipated to be taken by the corporation in the final quarter of 2022. By the end of the first quarter of 2023, the staff cutbacks will have been implemented to a large extent.

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Kaltura

Software developer Kaltura Inc. KLTR announced on January 4 that it intended to cut roughly 11% from its workforce.

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In a document submitted to the Securities and Exchange Commission, Kaltura stated that the goal of its restructuring plan was to boost productivity and efficiency in response to the current macroeconomic environment.

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Redfin

Redfin also announced layoffs in November, with CEO Glenn Kelman stating that 862 workers, or 13% of the company's workforce, will be let go. RedfinNow, a business that bought houses for cash and then resold them to customers on the open market, was also shut down, according to the real estate agency.

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Beyond Meat

In October, Beyond Meat Inc. made additional job cuts, reducing its global headcount by around 19%. A revenue warning was also issued by the company due to slowness in the plant-based meat market, as well as heightened competition and inflationary pressures. Beyond Meat announced that company would record a one-time cash charge of about $4 million in the third quarter to offset the employment cutbacks.

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The reductions came after an August workforce decrease of 4%.

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Meta

The parent company of Facebook, Meta META, also disclosed in November that it would lay off 11,000 workers, or roughly 13% of its staff, marking the first layoffs in the 18-year history of the business. CEO Mark Zuckerberg accepted responsibility for the layoffs and admitted that the company had grown too quickly during a period of revenue growth brought on by the pandemic.

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Twitter

The layoffs at Twitter, which affected roughly half of that company's 7,500 employees, followed quickly on the heels of Meta's job losses. Elon Musk purchased Twitter for the inflated price of $44 billion in late October and immediately began an initiative to cut costs at the underperforming company.

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Twitter was involved in a class-action lawsuit alleging inadequate employee notification before the layoffs actually happened.

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Lyft

A month ago, Lyft Inc. LYFT revealed plans to fire 683 workers, or 13% of the workforce. The leaders of the ride-hailing company explained the action as a preventative measure as they prepare for the upcoming year and anticipate a potential recession.

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Shopify

In addition, Shopify Inc. The e-commerce startup SHOP announced intentions to lay off 10% of its workforce, citing a changing business environment. Tobi Lütke, the chief executive of Shopify, wrote in a blog post that the company had staked money on the epidemic moving e-proportion commerce's of sales five or perhaps ten years ahead of physical retail. He wrote, "It's clearly obvious that bet didn't pay off. "What we see now is the mix reverting to about where pre-COVID data would've have suggested that it should be at this stage," the author writes.

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Adobe

According to a Trade Algo article, Adobe Inc. stated in December 2022 that it will reduce roughly 100 employees, mostly in sales.

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According to Adobe, there were no company-wide layoffs and the company was still hiring for key positions everywhere. Adobe continued, "We will be able to continue to drive great growth with the investments we're making now to drive innovation, extend our product line, and serve a growing number of customers.