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News on Medial
DocuSign to cut 6% workforce under restructuring plan in FY25
Livemint
·
1y ago
Medial
DocuSign, the American software company, has announced a plan to reduce its workforce by 6% in a restructuring effort. The majority of the impacted positions will be in the sales and marketing departments. The company expects to complete the reduction in workforce by the second quarter of FY25. This move comes as DocuSign faces increased competition from Adobe Inc.'s document business. The restructuring plan is estimated to cost the company between $28 to $32 million in non-recurring charges.
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ShareChat lays off about 200 employees across verticals
Economic Times
·
1y ago
Medial
Social media platform ShareChat has laid off around 200 employees, constituting 15% of its workforce, as part of a restructuring effort to cut costs and achieve profitability in the next 4-6 quarters. Backed by Google and Temasek Holdings, ShareChat is also reportedly seeking $50 million in new funding at a valuation below $1.5 billion. This move has primarily impacted roles in the company's product functions.
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Stripe is laying off 300 people, but says it still plans to hire in 2025
TechCrunch
·
6m ago
Medial
Stripe is laying off 300 employees primarily in product, engineering, and operations roles, despite plans to increase its workforce by 17% to about 10,000 by year-end. The restructuring aims to ensure the company has the right personnel to execute its plans effectively. Previously, in November 2022, Stripe had cut 14% of its workforce. The company's valuation stands at $70 billion, and it continues to focus on growth and restructuring over going public.
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Procter & Gamble to Slash 7000 Jobs Amid Tariff Strain and Consumer Uncertainty
StartupTalky
·
2m ago
Medial
Procter & Gamble plans to cut 7,000 jobs, about 6% of its global workforce, over two years due to rising costs and reduced consumer demand. Primarily affecting non-manufacturing roles, this restructuring aims to streamline operations. The decision follows weaker-than-expected sales and is part of a broader trend among large companies facing economic challenges, including those influenced by tariffs and AI adoption. Major firms like Amazon and Intel are also pursuing job cuts for similar reasons.
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Intel cuts over 500 jobs in Oregon as part of layoff plan - The Economic Times
Economic Times
·
1m ago
Medial
Intel is set to cut over 500 jobs in Oregon as part of a broader layoff plan, aiming to reduce around 20% of its workforce. The job cuts will affect facilities in Aloha and Hillsboro, eliminating 529 positions permanently. This move follows a recent layoff in California, where 107 employees were let go. The effort seeks to streamline operations under new CEO Lip-Bu Tan, aiming for a leaner and more efficient company.
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Amazon cuts more jobs, this time in books division
Economic Times
·
2m ago
Medial
Amazon has cut under 100 jobs in its books division, affecting Goodreads and Kindle units, to enhance efficiency and align with its business plan. This action is part of CEO Andy Jassy's broader strategy to reduce bureaucracy and streamline operations. The company has also recently made job cuts in its devices, services, podcast division, and communications staff. Despite these layoffs, Amazon's workforce increased by 4,000 jobs in the first quarter of this year.
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HP tops revenue estimates on PC market recovery; shares dip on weak profit view
Economic Times
·
5m ago
Medial
HP surpassed revenue expectations in the first quarter due to its strong personal systems segment and increased demand for AI-capable systems, despite a planned workforce reduction under its restructuring plan. The company anticipates a surge in PC demand linked to the Windows 10 end-of-support deadline and AI advancements. However, its shares declined by over 3% due to a profit forecast below analysts' estimates, amidst concerns over tariffs on Chinese goods and supply chain adjustments.
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Boeing cuts hundreds of jobs in Washington, California amid workforce reduction plan | Company Business News
Livemint
·
8m ago
Medial
Boeing has recently laid off hundreds of workers across Washington state and California as part of its plan to reduce its workforce by 17,000 jobs. The company previously announced that it would cut its workforce by 10% to address financial and operational challenges. Approximately 400 employees in Washington and over 500 in California were affected by these layoffs.
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Freshworks Board Approves Stock Buyback Worth $400 Mn
Inc42
·
9m ago
Medial
Freshworks, a SaaS company, has announced a share buyback initiative and has reduced its net loss by 3.5% in Q3 2024 compared to the same period last year. The company has also implemented a restructuring plan which will result in a 13% reduction in its global workforce, impacting around 660 employees.
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Polygon cofounder Sandeep Nailwal takes over as CEO amid restructuring
Economic Times
·
1m ago
Medial
Polygon, a blockchain firm, is undergoing restructuring with Sandeep Nailwal as its new CEO. The company is addressing challenges including co-founder exits and internal friction between US and India teams. The restructuring plan involves launching the AggLayer to enhance blockchain interoperability by FY25 and shutting down zkEVM due to developmental hurdles. Despite competition from players like Coinbase, Polygon aims to leverage its significant transaction volumes and collaborations with major organizations.
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Year ender 2024: The year that saw big tech job cuts surge
Economic Times
·
7m ago
Medial
In 2024, major tech companies like Google, Amazon, Apple, and Microsoft significantly increased layoffs due to economic uncertainties and technological advancements, particularly in AI. Google cut top management and advertising roles; Amazon downsized its streaming and AWS divisions; Apple laid off employees in self-driving and services groups. Microsoft, Intel, Dell, Cisco, Tesla, GoPro, and Freshworks also made notable workforce reductions, targeting cost-cutting and restructuring efforts amid challenging market conditions.
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