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Twilio announces third major round of layoffs with 5% workforce reduction
Livemint
·
1y ago
Medial
Twilio, a cloud communications platform, is undergoing a third round of layoffs, cutting primarily salespeople for its consumer data platform and contact center software. CEO Jeff Lawson justified the cuts as necessary for the transition to profitable growth. This follows Twilio's struggle to maintain high revenue growth and investor interest. The company has laid off over 3,000 workers since September 2022, nearly one-third of its total workforce in 2022, and may incur charges between $25 million and $35 million related to the layoffs. Twilio's shares fell by 1.1% after the announcement.
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Microsoft Announces Workforce Reduction, Reports Impressive Profits
Business Bytes
·
1y ago
Medial
Microsoft announced plans to reduce its workforce by about 10,000 employees, which accounts for 5% of its total workforce. This move reflects the company's commitment to optimizing operations and aligning the workforce with changing business needs. Despite the reduction, Microsoft reported impressive financial results, with profits of $22.3 billion, a 27% increase. This highlights their success in the tech industry.
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Cable TV Crumbles: Paramount to Lay Off 3.5% of US Staff
StartupTalky
·
2m ago
Medial
Paramount Global is set to lay off 3.5% of its US workforce as part of a restructuring effort to respond to the declining cable TV viewership, shifting towards streaming services. This follows a previous reduction of 15% of its workforce. The layoffs aim to streamline operations amid changing market demands, especially as the company seeks to proceed with a major merger with Skydance Media. This trend of layoffs mirrors broader industry shifts towards digital platforms.
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A comprehensive list of 2023 & 2024 tech layoffs
TechCrunch
·
1y ago
Medial
2023 has seen significant tech layoffs across various sectors, including major companies like Google, Amazon, and Microsoft. Layoffs have been driven by market conditions and a need for companies to pivot from growth to efficiency. Some notable layoffs include Fisker laying off 15% of its workforce, EA cutting 5% of its workforce, and Apple cutting hundreds of employees from its autonomous electric car project. The overall impact of these layoffs on innovation and the job market remains to be seen.
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Dunzo to have third round of layoffs in 2023
Money Control
·
2y ago
Medial
Dunzo's Co-founder and CTO Mukund Jha informed employees that the company will undergo another round of layoffs, the details of which will be finalized this week. This will mark the third round of layoffs for the company this year. Approximately 20% of Dunzo's workforce, around 200 employees, are expected to be affected by this restructuring, according to senior employees' estimates.
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ShareChat cuts 5% jobs as part of performance review cycle
Entrackr
·
6m ago
Medial
ShareChat cuts 5% jobs as part of performance review cycle Vernacular social media platform ShareChat is reportedly laying off about 5% of its workforce, marking its second round of layoffs in the past six months. In August 2024, ShareChat let go of 5% of its workforce as part of its mid-year performance cycle. In 2023, the firm implemented several cost-cutting measures and sacked 700 employees across two phases. According to Moneycontrol, which first reported the news, ShareChat currently employs between 530 and 550 people, and around 5% will be let go as part of an annual review process set to conclude later this month. Entrackr has reached out to ShareChat for comments. In 2024, the Ankush Sachdeva-led firm raised $65 million in debt across two tranches. ShareChat has raised around $1.3 billion from investors including Twitter (now X), Alkeon Capital, Moore Strategic Ventures, and Tencent, among others. In the last fiscal year, ShareChat's operational revenue increased by 29.9% to Rs 718.1 crore from Rs 552.73 crore in FY23. With a reduction in expenses and moderate growth in scale, the company's losses decreased by 41.4% to Rs 1,898.94 crore in FY24. In 2024, the number of layoffs dropped significantly to 4,700 employees, a sharp decrease from the 24,000 layoffs in 2023 and 20,000 in 2022. With funding recovery underway, layoffs are expected to decrease further in the current calendar year.
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Rivian lays off 10% of workforce as EV pricing pressure mounts | TechCrunch
TechCrunch
·
1y ago
Medial
Electric vehicle manufacturer Rivian is implementing a 10% reduction of its salaried workforce, as well as a limited number of non-manufacturing hourly employees, in an effort to cut costs and navigate the challenging EV market. It marks the third round of layoffs for the company since July 2022. Rivian aims to upgrade its manufacturing line, improve production rates, and invest in its future technologies and facilities. Despite doubling its EV production and revenue in 2023, the company still recorded losses of over $5.4 billion. These recent developments have led to a significant decline in Rivian shares.
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After Prime, Amazon's Twitch and Audible face layoffs due to financial issues
Livemint
·
1y ago
Medial
Amazon's gaming streaming unit, Twitch, is laying off 500 staff members (one-third of its workforce) due to financial struggles. Additionally, Audible, an Amazon company, is planning to cut 5% of its workforce. This comes after recent job cuts in Amazon's Prime Video and MGM Studios units, as the company aims to cut back in areas that are not delivering. Other tech companies, including Google and Xerox, have also announced layoffs in recent days.
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Sony cuts 900 jobs in PlayStation units, shuts London Studio amid challenges
Livemint
·
1y ago
Medial
Sony is planning to cut around 900 jobs in its PlayStation unit and close a London-based studio as a response to the challenges faced by the videogame industry after the pandemic slump. This move follows a recent reduction in sales expectations for the PlayStation 5 console. The job cuts will affect about 8% of the division's workforce across different regions. Sony's decision aligns with industry trends, as other companies, like Microsoft and Riot Games, have also undertaken layoffs due to a sluggish gaming market recovery. Despite challenges, the PlayStation 5 has sold over 50 million units since its launch in 2020.
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DOGE-led software revamp to speed US job cuts even as Elon Musk steps back
Economic Times
·
3m ago
Medial
A federal software revamp spearheaded by Elon Musk's Department of Government Efficiency aims to expedite U.S. government layoffs. This updated program, derived from an old Pentagon tool, accelerates workforce reduction by automating tedious processes, allowing agencies like the Department of Veterans Affairs to proceed with downsizing plans more efficiently. While it's positioned to streamline layoffs, concerns remain about potential errors and challenges in decision-making inherent in automated systems.
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Tesla lays off more staff in software, service teams, Electrek reports
Thehindubusinessline
·
1y ago
Medial
Electric vehicle manufacturer Tesla has reportedly carried out a new round of layoffs, targeting employees in software, service, and engineering departments. This move follows the recent disbandment of its EV charging department and the announcement of a 10% reduction in its global workforce. Tesla has not yet commented on the news. The company has been facing challenges due to dropping sales and increased competition in the market, resulting in a slower adoption of electric vehicles. The layoffs are expected to cost Tesla more than $350 million in the second quarter and have also led to the departure of several top executives.
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