In the month of May, more than 15,000 people working in the technology sector lost their jobs around the world, as global macroeconomic variables wreaked havoc on businesses, particularly startups. More than 15,000 tech professionals have lost their jobs this month, according to layoff aggregator layoffs.fyi, according to TechCrunch. Throughout 718 firms around the world have laid off 1.25 lakh employees since the Covid-19 outbreak began in march 2020. Several concerns confront tech companies, including growing inflation, recession fears, and the Russia-Ukraine conflict.
Meta (previously Facebook) and Social medias have both declared employment restrictions, while Snap, the parent company of Snapchat, has acknowledged that it is limiting hiring due to revenue targets not being met. Vtex, an enterprise e-commerce platform, announced the layoffs of 193 employees on Thursday. PayPal's US headquarters in San Jose has laid off dozens of staff. Getir and Gorillas, two of the most popular instant grocery apps, announced layoffs this week. Getir, a Turkish company, said it aims to cut its global staff by 14%, while Gorillas said it was making the "very difficult decision" to let off roughly 300 people.
Instacart, a grocery delivery service, is also cutting back on employment. "Over the last year, we've added over 1,500 employees and virtually doubled the size of our engineering teams. We're slowing down our hiring in the second half of the year to focus on our most important priorities and continue to drive profitable growth, as part of our second-half strategy "Instacart made the announcement in a statement. Over 6,000 individuals in india have been laid off in the name of "restructuring" and "cost cutting," as startups and unicorns close non-performing sectors, decrease marketing spend, and halt new hires.
Meta (previously Facebook) and Social medias have both declared employment restrictions, while Snap, the parent company of Snapchat, has acknowledged that it is limiting hiring due to revenue targets not being met. Vtex, an enterprise e-commerce platform, announced the layoffs of 193 employees on Thursday. PayPal's US headquarters in San Jose has laid off dozens of staff. Getir and Gorillas, two of the most popular instant grocery apps, announced layoffs this week. Getir, a Turkish company, said it aims to cut its global staff by 14%, while Gorillas said it was making the "very difficult decision" to let off roughly 300 people.
Instacart, a grocery delivery service, is also cutting back on employment. "Over the last year, we've added over 1,500 employees and virtually doubled the size of our engineering teams. We're slowing down our hiring in the second half of the year to focus on our most important priorities and continue to drive profitable growth, as part of our second-half strategy "Instacart made the announcement in a statement. Over 6,000 individuals in india have been laid off in the name of "restructuring" and "cost cutting," as startups and unicorns close non-performing sectors, decrease marketing spend, and halt new hires.
