AMSTERDAM, Jan 30 (Reuters) - Dutch health technology company Philips (PHG.AS) will scrap another 6,000 jobs worldwide as it tries to restore its profitability and improve the safety of its products following a recall of respiratory devices that knocked off 70% of its market value.
Half of the job cuts will be made this year, the company said on Monday, adding that the other half will be realised by 2025.
Salesforce, the business software giant, said on Wednesday that it planned to lay off 10 percent of its work force, or about 8,000 employees, and scale back office space because of concerns about the economy.
"The environment remains challenging, and our customers are taking a more measured approach to their purchasing decisions," Marc Benioff, the company's co-chief executive, said in a note to employees announcing the cuts.
BERLIN—Software company SAP SE joined the ranks of tech companies announcing job cuts this year, saying it would shed up to 3,000 positions after a steep profit drop in late 2022.
After growing rapidly at the height of the Covid-19 pandemic, technology companies have been laying off workers mainly in the U.S., with large employers such as Facebook parent Meta Platforms Inc. and Amazon.com Inc. shedding thousands of jobs last year.
Hasbro said Thursday it would eliminate around 1,000 employee positions and warned of weak holiday-quarter results.
Shares of the toy maker fell more than 6% in extended trading.
New York(CNN) — BlackRock, the world's largest asset manager, is cutting about 500 jobs following a period of rapid hiring.
A spokesperson for BlackRock told CNN on Wednesday that the layoffs amount to less than 3% of the company's workforce.
BlackRock (BLK), a leader on Wall Street, has been on a major hiring spree in recent years.
The company hasn't conducted a major round of layoffs since 2019 and has increased its headcount by about 22% over the past three years, a BlackRock spokesperson told MarketWatch, adding the job cuts are coming in the face of an "unprecedented market environment."
Jan 9 (Reuters) - Goldman Sachs Group (GS.N) will start cutting thousands of jobs across the firm from Wednesday, two sources familiar with the move said, as it prepares for a tough economic environment.
Just over 3,000 employees will be let go, one of the sources said, but the final number is yet to be determined. That scale of layoffs would be the largest since the 2008 financial crisis, one of the sources said.
Vimeo has chopped down its workforce by 11 percent in a new sweep of layoffs, the video hosting platform said Wednesday in a company blog post.
"Today we made the decision to reduce the size of our team by 11%. Everyone whose job is impacted has received an email and an invite for a meeting with their team leader and HR," read the letter from Vimeo CEO Anjali Sud, who thanked the impacted employees for their contributions. "This was a very hard decision that impacts each of us deeply. It is also the right thing to do to enable Vimeo to be a more focused and successful company, operating with the necessary discipline in an uncertain economic environment."
Salesforce, the business software giant, said on Wednesday that it planned to lay off 10 percent of its work force, or about 8,000 employees, and scale back office space because of concerns about the economy.
"The environment remains challenging, and our customers are taking a more measured approach to their purchasing decisions," Marc Benioff, the company's co-chief executive, said in a note to employees announcing the cuts.
Jan 23 (Reuters) - Spotify Technology SA (SPOT.N) said on Monday it plans to cut 6% of its workforce and would take a related charge of up to nearly $50 million, adding to the massive layoffs in the technology sector in preparation for a possible recession.
The tech industry is facing a demand downturn after two years of pandemic-powered growth during which it had hired aggressively. That has led firms from Meta Platforms Inc (META.O) to Microsoft Corp (MSFT.O) to shed thousands of jobs.
"Over the last few months we've made a considerable effort to rein in costs, but it simply hasn't been enough," Chief Executive Daniel Elk said in a blog post announcing the roughly 600 job cuts.
Since Mark Zuckerberg founded Facebook in 2004, the Silicon Valley company has steadily hired more employees. At the end of September, it had amassed its largest-ever number of workers, totaling 87,314 people.
But on Wednesday, the company — now renamed Meta — began cutting jobs, and deeply.
Meta said it was laying off more than 11,000 people, or about 13 percent of its work force, in what amounted to the company's most significant job cuts. The layoffs were made across departments and regions, with areas like recruiting and business teams affected more than others. The divisions that were not cut as steeply included engineers working on projects related to the metaverse, the immersive online world that Mr. Zuckerberg has bet big on, two people with knowledge of the matter said.
The Amazon Spheres, part of the Amazon headquarters campus, right, in the South Lake Union neighborhood of Seattle, Washington, U.S., on Sunday, Oct. 24, 2021.
Chona Kasinger | Bloomberg | Getty Images
Amazon on Wednesday will begin a fresh round of job cuts in what's expected to become the largest workforce cuts in its 28-year history.
Earlier this month, CEO Andy Jassy said the layoffs would affect more than 18,000 employees, primarily in its human resources and stores divisions. Amazon said in November it was looking to cut staff, including in its devices and recruiting organizations. CNBC reported at the time that the company was looking to lay off about 10,000 employees.
Jan 20 (Reuters) - Google's parent Alphabet Inc (GOOGL.O) is cutting about 12,000 jobs as it faces "a different economic reality", it said in a staff memo, doubling down on artificial intelligence (AI) and axing staff who support experimental projects.
The job cuts affect 6% of its workforce, and follows thousands of layoffs at tech giants including Amazon.com Inc (AMZN.O), Microsoft Corp (MSFT.O) and Meta Platforms Inc (META.O) who are downsizing after a pandemic-led hiring spree left them flabby in a weak economy.
IBM joined the wave of layoffs by technology companies on Wednesday, saying it will shed 3,900 workers.
By Supantha Mukherjee and Anna Ringstrom
STOCKHOLM (Reuters) - Swedish telecom operator Telia Company on Thursday reported fourth-quarter core profit slightly below estimates, proposed a lower dividend and said it would cut 1,500 jobs this year, more than previously planned.
The logo of Microsoft is seen outside their offices in Herzliya, near Tel Aviv, Israel, Dec 27, 2022. REUTERS/Rami Amichay
18 Jan 2023 10:22PM (Updated: 19 Jan 2023 10:09AM)
DAVOS, Switzerland: Microsoft Corp on Wednesday (Jan 18) said it would eliminate 10,000 jobs and take a US$1.2 billion charge to earnings, as its cloud-computing customers reassess their spending and the company braces for potential recession.
The layoffs add to the tens of thousands announced in recent months across the technology sector, which has downshifted following a strong growth period during the pandemic.
The news comes even as the software maker is set to ramp up spending in generative artificial intelligence that the industry sees as the new bright spot.
In a note to employees, CEO Satya Nadella attempted to address the divergent outlook for different parts of the business.
Customers wanted to "optimize their digital spend to do more with less" and "exercise caution as some parts of the world are in a recession and other parts are anticipating one," he said. "At the same time, the next major wave of computing is being born with advances in AI."
Nadella said the layoffs, affecting less than 5 per cent of Microsoft's workforce, would conclude by the end of March, with notifications beginning Wednesday.
However, Microsoft would keep hiring in "strategic areas," he said. AI is likely to be one of those areas. Nadella this week touted AI to world leaders gathered in Davos, Switzerland, claiming the technology would transform its products and touch people around the globe.
Microsoft has looked at adding to its US$1-billion stake in OpenAI, the startup behind the Silicon Valley chatbot sensation known as ChatGPT, which Microsoft plans to soon market through its cloud service.
Shares of the Redmond, Washington-based company ended 2 per cent lower on Wednesday.
The announcement corresponds with the start of layoffs at its retail and cloud-computing rival Amazon.com Inc, which started notifying employees Wednesday of its own 18,000-person job cuts.
In an internal memo seen by Reuters, Amazon said that affected workers in the United States, Canada and Costa Rica would be informed by the end of the day. Employees in China will be notified after the Chinese New Year.
Facebook parent Meta Platforms Inc has announced cuts of 11,000 jobs, while cloud-based software company Salesforce Inc said it would cut 10 per cent of its 80,000-member workforce.
Overall, in 2022, more than 97,000 job cuts in tech were announced, the highest for the sector since 2002, when 131,000 cuts were announced, according to outplacement firm Challenger, Gray & Christmas.
