More from The tech industry’s layoffs and hiring freezes: all of the news
The company reportedly told employees that it’d be cutting 500 positions, according to Reuters. It’s another entry for the sad yet informative big tech layoff tracker.
[Reuters]
Intel has been firing staff — and now, it’s instituting pay cuts, too. But don’t worry, the CEO will continue using cash to offer a dividend, because I guess paying off shareholders is the most important thing.
The latest mass layoff event in tech is happening at PayPal, where CEO Dan Schulman announced:
I’m writing to share the difficult news that we will be reducing our global workforce by approximately 2,000 full time employees, which is about 7% of our total workforce.
If you’re wondering why we’ve seen so many of these and why the 7 percent figure is so familiar, Elizabeth Lopatto can try to explain.
Why are so many tech companies laying people off right now?
With nearly 100,000 employees pushed out into the cold, January was worse than December and November combined. That’s according to the TrueUp tracker; I know some people prefer Layoffs.fyi.
Why so many layoffs following record-breaking profits? I’ll let my colleague Liz tackle that.
Didn’t they just have record-breaking profits?
Alex Heath joins the show’s first segment to talk us through the latest update on Elon’s first few months at Twitter, and then we turn to Apple’s eventless hardware announcement, HomePod and all.
We also dove into the revelations about CNET’s AI-written stories and discussed the recent spate of Big Tech layoffs, although we recorded the show (available in audio form here for your podcast apps) prior to Friday morning’s bombshell news from Google.
The company is in the process of laying off 18,000 people, and carried out a round of cuts today. Washington’s publicly-accessible WARN system lets us know how many people in Amazon’s home state were affected: 1,852 in Seattle, and 448 across the lake in Bellevue, for a total of 2,300.
“Most” of the people affected will be managers, according to Deadline, though apparently the company classifies around half of its employees with that title. In a statement to Deadline, DirecTV said it was “adjusting [its] operations costs” because less people are paying for TV and shows are getting more expensive to secure and distribute.
Following a report from The Wall Street Journal, Amazon CEO Andy Jassy is notifying employees that the company’s ongoing layoffs will affect 18,000 workers.
It’s the first time we’ve gotten a concrete number from Amazon since The New York Times reported in November that the company planned on cutting 10,000 jobs.
On January 3rd, 2022, the value of Apple’s shares briefly crossed $3 trillion.
Today, on January 3rd, 2023, the value of $AAPL shares fell to 125.07 at the market’s close, a 52-week low that sets its market cap at a frankly piddling $1.99 trillion. Now analysts are predicting a slight decline in revenue when Apple releases its latest quarterly earnings report in a few weeks.
The chipmaker announced the plan as part of its earnings report on Wednesday, saying the reduction would come from “a combination of voluntary attrition” and layoffs throughout 2023. The company also won’t be doing bonuses next year and says that executive salaries will be cut too.
Micron recently reported it has 48,000 employees, according to CNBC, meaning around 4,800 positions could be affected.
Like Intel, which has planned its own layoffs, Micron is investing billions in building new US fabs.