Job cuts: Amazon, Intel and five other companies that have announced thousands of job cuts

Tech companies have been on the pick-off mode lately. The likes of Amazon, Meta, Intel, Cisco, and Twitter have all announced job cuts that have resulted in the loss of thousands of employees worldwide. Various reasons are given for the layoffs that took place across the companies. Many companies have also announced extended hiring over the next few months. Here’s a look at companies that have announced thousands of job cuts

The goal is 11,000 job cuts

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The goal: 11,000 job cuts

In one of its largest layoffs ever, Meta has laid off more than 11,000 employees, about 13 percent of its total work force. CEO Mark Zuckerberg says the reason he’s laying off many of these workers is because he’s overoptimistic about the future amid the pandemic. The company also further extended the lease until the first quarter of 2023.

Amazon is cutting nearly (10) jobs

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Amazon: According to 10,000 job cuts

Amazon is reportedly laying off 10,000 employees as part of its massive firing process. Amazon CEO Andy Jassy sent a memo to all employees informing them of the job cuts. Jassy said the company’s annual review is difficult — which includes job reporting — and the company has hired rapidly in the last several years. He also added that there will be job cuts at Amazon until early 2023. The job cuts are expected to affect staff working in manufacturing, human resources, and engineering.

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Intel Millia job cuts

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Intel: Thousands of job cuts

Intel CEO Pat Gelsinger, during the company’s Q3 earnings call, said that we are responding to the current situation by taking aggressive actions to reduce costs. The company has cut jobs and suppressed new plants in an effort to save $3 billion next year. The chipmaker claims that the reduction in the ecosystem is a response to declining demand for the company’s flagship chips, which results from the decline in the PC market. This plan, as reported by Bloomberg, will affect major sales and teams in Intel teams.

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Cisco is cutting more than (4) jobs

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Cisco: More than 4,000 job cuts

According to an online report, Cisco is also laying off more than 4,000 employees, which accounts for 5% of its workforce. The deal comes after the company posted its largest quarter of revenue in its history for the first quarter of fiscal 2023. The company has not yet revealed details about the job. However, Cisco president and CEO Chuck Robbins said, “We don’t want to get into a lot of space here until we can talk to them. I will say that what we’re doing is doing business for sure.”

Seagate

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Seagate

Hard drive maker Seagate Technologies announced last month that it plans to cut 8% of its global workforce, or about 3,000 employees, to bring economic uncertainty and declining demand for its parts. Customers are sitting on a pile of extra inventory, hurting orders and weighing on Seagate’s financial performance, CEO Dave Mosley said. It cuts through the necessity. “We have taken active and decisive actions to respond to current market conditions and increase long-term profitability,” he said.

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Memasys about 2000 job cuts

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Memasys: About 2,500 job cuts

US-based enterprise software company Salesforce announced job cuts earlier this month. “Our sales performance process drives accountability. Unfortunately, that may lead to some businesses leaving, and we’re helping them through the transition,” the company said in a statement to CNBC.

Special mention to Twitter

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Twitter (Special mention)

The demo laid out almost half of its workforce. The move caps a week of chaos and uncertainty about the company’s future under new owner Elon Musk, the world’s richest man, who said on Friday the service was experiencing a “massive drop in revenue” from sales practices. “Unfortunately there is no choice when the company is losing over $4M/day,” Musk tweeted of the layoffs, adding that all those affected were offered three months of severance pay.

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