Meta (11,000 job cuts)
"When Covid first launched, the world was moving online quickly, and the e-commerce boom caused an astronomical increase in revenue. Many individuals believed that this acceleration would last forever and carry on long after the pandemic was over. I decided to dramatically boost our investments because I felt the same way.
"Unfortunately, things did not go as I had anticipated. Online sales have not only resumed their previous patterns, but our revenue has also fallen far short of what I had anticipated due to the financial slump, increasing competition, and loss of ad signal. I made a mistake, and I accept responsibility for it, says Mark Zuckerberg, founder and CEO of Meta.
Google (12,000 layoffs)
"Periods of significant development have been observed over the previous two years. We hired for a different economic reality than the one we currently face in order to meet and fuel that development. Because of the strength of our mission, the value of our goods and services, and our early investments in AI, I am optimistic about the enormous opportunity that lies ahead of us. We must make difficult decisions if we are to truly capture it "Sundar Pichai, the CEO of Alphabet and Google, said.
Microsoft (10,000 job cuts)
"Customers are now optimising their wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital spending to accomplish more with less, just as we saw them increase their wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital spending during the pandemic. Additionally, as certain regions of the world are experiencing a recession and others are preparing for one, businesses in every sector and region are exercising caution "Satya Nadella, CEO and Chairman of Microsoft, notes.
Amazon (18,000 job cuts)
"As you are aware, the macroeconomic climate is still peculiar and unstable. We've been working over the past few months to better prioritise what's important to our customers and the company in light of this. We recently decided to merge some teams and programmes after conducting a thorough set of reviews. According to amazon CEO Andy Jassy, "this year's evaluation has been more challenging given the uncertain economy and that we have hired rapidly over the last several years."
Salesforce (7,000 layoffs)
"I accept responsibility for the fact that we overstaffed as a result of the pandemic, which caused the economic depression we are currently experiencing. Our clients are making more thoughtful selections about their purchases as a result of the hard environment, "Marc Benioff, CEO of Salesforce, adds.