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

Tech companies have been in elimination mode of late. Companies such as Amazon, Meta, Intel, Cisco, and Twitter have announced job cuts, resulting in thousands of job losses worldwide. Various reasons are cited for layoffs among companies. Many companies have announced that they will stop hiring for the next few months. Here’s a look at companies that have announced thousands of job cuts

Meta cuts 11,000 jobs

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The goal: to cut 11,000 jobs

In one of the largest layoffs ever, Meta laid off more than 11,000 employees, about 13 percent of its total workforce. CEO Mark Zuckerberg said his layoffs were due to an overly optimistic view of the future based on growth during the pandemic. In addition, the company extended the lease until the first quarter of 2023.

Amazon to cut nearly 10,000 jobs

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Amazon: Will cut nearly 10,000 jobs

Amazon is laying off 10,000 employees as part of a massive layoff process. Amazon CEO Andy Jassy has sent a notice to all employees about job cuts. Jassi said the company’s annual review has been tough, leading to job cuts and that the company has been hiring rapidly over the past few years. He also said the job cuts at Amazon will continue through early 2023. The job cuts are expected to affect employees in retail, human resources and appliances.

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Intel to cut thousands of jobs

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Intel: Cut thousands of jobs

Intel CEO Pat Gelsinger said during the company’s Q3 earnings call that we are responding to the current environment by taking aggressive actions to reduce costs. The company is cutting jobs and slowing spending on new plants in an effort to save $3 billion next year. The chipmaker says the job cuts are in response to lower demand for the company’s consumer chips caused by a shrinking PC market. Bloomberg reports that the layoffs will have a significant impact on Intel’s sales and marketing teams.

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Cisco to cut more than 4,000 jobs

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Cisco: Cutting more than 4,000 jobs

According to an online report, Cisco is also laying off more than 4,000 employees, or 5% of its workforce. The job cuts come after the company posted the biggest quarterly profit in its history for the first fiscal quarter of 2023. The company has not yet disclosed details of the job cuts. However, Cisco Chairman and CEO Chuck Robbins said, “Until we talk to them, we don’t want to go into too much detail. I would say what we’re doing is legalizing certain businesses.”

Seagate

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Seagate

Hard drive maker Seagate Technology said last month it plans to cut 8% of its global workforce, or about 3,000 jobs, citing economic uncertainty and lower 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. This necessitated cuts. “We have taken swift and bold actions to respond to current market conditions and increase long-term profitability,” he said.

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Salesforce to cut about 2,500 jobs

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Salesforce: Cut about 2,500 jobs

US software company Salesforce also announced job cuts earlier this month. “Our sales performance process reinforces accountability. Unfortunately, this may result in some going out of business, and we will support them through their transition,” the company said in a statement to CNBC.

Twitter deserves special mention

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Twitter (special note)

Twitter has cut nearly half of its workforce. The move follows a week of chaos and uncertainty over the company’s future under new owner Elon Musk, the world’s richest man, who tweeted on Friday that the service was experiencing a “massive drop in revenue” due to advertiser retreats. “Unfortunately, there is no choice when the company is losing more than $4 million a day,” Musk tweeted about the layoffs, adding that all those affected were offered three months of severance pay.

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