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HomeBusinessLayoffs in 2023: Spotify cuts 6% of staff in latest tech shock

Layoffs in 2023: Spotify cuts 6% of staff in latest tech shock

Music streaming giant Spotify will cut about 6% of its workforce, the Stockholm-based company’s chief executive, billionaire Daniel Ek, announced Monday, becoming the latest as fears of a looming recession linger into the new year. A company that has slashed its workforce.

January 23rd Spotify will be available at the original 9,800 The company’s shares rose more than 5 percent in early trading as investors continued to largely view technology layoffs as a positive for earnings, according to a Sept. 30 filing. News, and the company’s chief content officer Dawn Ostroff will leave the company, as part of the layoffs restructuring.
January 20Google parent Alphabet

CEO Sundar Pichai says plans to cut about 12,000 jobs globally, citing need Make “difficult choices” to “fulfill” the enormous opportunities ahead.

January 20th Boston-based furniture e-commerce company Wayfair

announces it will cut 10% of its global sales workforce (1,750 employees), including 1,200 corporate positions, to “eliminate layers of management” amid declining sales and restructured to be more flexible” — the company’s latest round of layoffs following a decision last August to cut 870 jobs. Forbes affected employees were told they could apply for other positions at the company.

January 19th Student loan servicer Nelnet announced that it would be laying off 350 employees hired in the past six months, while another 210 will be cut for “performance reasons,” told Insider that the cuts come as President Joe Biden’s student debt relief plan is under pressure from conservative groups who oppose the measure. Continues to stall after legal challenge.

January 18Microsoft Layoffs , affecting 10,000 employees, or less than 5 percent of its workforce, three months after the Washington-based company made another round of layoffs that affected less than 1 percent of its approximately 180,000 employees, the CEO said. Satya Nadella (Satya Nadella) said in a message to employees that some employees will be notified starting Wednesday, and the layoffs will be carried out at the end of the third fiscal quarter in September. January 18thAmazon, one of the largest companies in the United States, has a plan to Starting Jan. 18, the company will cut more than 18,000 jobs (including those cut in November), CEO Andy Jassy said in a message to employees earlier this month. Companies are facing an “uncertain economy” after “rapid” hiring. January 18th Teladoc Health will lay off 6% of staff – excluding clinicians — As part of the plan, the company announced restructuring plans in a financial report on Wednesday, as the New York-based telehealth company tries to reduce operating costs in a “challenging economic environment.” January 13LendingClub announced that it will lay off 225 employees (approximately 14% of the total) in a “challenging economic environment,” the SEC filed as the San Francisco-based company sought to “adjust its operations to reduce market revenue” after seven rounds of rate hikes by the Federal Reserve last year, and was skeptical of potential risks. Fears of a recession persist. January 13 Crypto.com CEO Kris Marszalek announced that the company has More than 2,500 employees, as of 2020, as the company faces “continuing economic headwinds and unforeseen industry events — including the collapse of Sam Bankman-Fried’s cryptocurrency exchange FTX late last year — will be on staffing schedules, according to PitchBook. The 20% layoffs in the message, which “significantly damaged trust in the industry. “January 12thDirecTV layoffs could affect hundreds of employees, Mostly managers, who make up nearly half of the company’s 10,000-employee workforce, lost nearly 3 percent of its subscribers in the third quarter of 2022 as the company grapples with increased costs of “protecting and distributing programming,” sources told CNBC. (400,000) later, according to a letter to the Leichtman research group. January 11 BlackRock Officials tell employees the New York-based company plans to lay off 2.5% of its workforce – there was no immediate response from the company Forbes asked for more details, but in an internal memo obtained by Bloomberg, CEO Larry Fink and President Rob Capito said the move comes amid “uncertainty around us.” In a memo to employees, Jan. 11 , Flexport CEOs Dave Clark and Ryan Petersen announced plans to cut 20% of the company’s global workforce (according to PitchBook, affecting an estimated 662 of its 3,300+ employees), said the supply chain startup was “not immune” to a global “macroeconomic downturn.” Jan 10 Largest U.S. Coinbase , one of the cryptocurrency exchanges, announced plans to lay off 25% of its staff and laid off another 18% of its staff in June last year. The company released information about its employees (950 employees) in a blog post, To “survive the crypto market downturn”. Jan 9thGoldman Sachs Job cuts could be as many as 3,200, in the largest round of job cuts through 2023 as the investment banking giant prepares for a possible recession, several media outlets reported, citing people familiar with the layoffs.January 9 artificial intelligence start-up company Scale AI announced plans to lay off one-fifth of its staff, CEO Alexander Wang declared in a blog post that the company had grown “rapidly” over the past few years but faced a macro environment that had “changed dramatically in recent quarters.” Jan 5th Online Clothing Company Stitc h Fix to lay off 20% of salaried workforce and close Salt Lake City distribution center Founder and interim CEO Katrina Lake announced in an internal memo last June after laying off another 15% . Jan 5th Crypto lender Genesis Trading reportedly fired 30% employees, according to the Wall Street Journal , the news was disclosed to unnamed sources – the company Second round of layoffs since August, bringing headcount down to 145. Jan. 4 San Francisco-based software giant Salesforce will cut 10% of its workforce, or 7,900 employees, CEO Marc Benioff announced in an internal letter amid a “challenging” economic environment and customers taking “more deliberate purchasing decisions”. On January 4th the online video platform Vimeo announced the second round of layoffs in the past six months , affecting 11% of its workforce (about 150 of its 1,400 employees, according to PitchBook), Chief Executive Anjali Sud attributed the company’s decision to “deteriorating economic conditions.” Nearly $70 billion. That’s what Alphabet, Spotify and Wayfair were worth on the day they announced their layoffs, as the market largely cheered mass layoffs. According to , more than 120 major U.S. companies — including tech startups, major banks, manufacturers and online platforms — conducted Mass layoffs, layoffs of nearly 125,000 people. Layoff Tracker by Forbes. The biggest layoffs came from Meta, the parent company of Facebook and Instagram, which laid off about 11,000 workers in November. The company with the most layoffs was Peloton, which went through four separate rounds of layoffs, one of which affected more than 2,800 employees. Despite the high-profile layoffs, the U.S. unemployment rate is still hovering near a multi-decade low of 3.5%, according to the latest government data, as the labor market remains tight. How recent layoffs impacted the company’s quarterly financial report as earnings reports heat up. Microsoft reports earnings on Tuesday, while Meta, Spotify, Alphabet and Amazon report next week.

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