Wave of Layoffs Continues as Firms Adjust to Market Changes
Over the past few months, a trend of layoffs has been seen across a variety of companies, ranging from startups to tech giants. In January, companies such as PayPal and Alphabet were among those making headlines for workforce reductions. This trend continued with other prominent companies such as Amazon and Salesforce in March and Apple and Shopify in May. The reasons behind these job cuts are often tied to the ongoing challenges and changes in the business landscape.
Several major companies announced layoffs in March, signaling the ongoing struggles of businesses across various industries. On March 31, Netflix confirmed that it had laid off a “handful of” employees, including two long-time executives, although the exact number of job cuts is unknown. Similarly, Roku announced that it was letting go of around 200 employees, or 6% of its workforce, following a similar round of layoffs in November of last year.
Meanwhile, Unacademy also announced that it had laid off over 350 roles, or 12% of its workforce, only a few months after a previous round of layoffs in November. Lucid revealed that it would be laying off 1,300 employees, or 18% of its workforce, by the end of Q2 2023. GitHub eliminated over 100 jobs in the South Asian market, including virtually its entire engineering team in India. Disney announced that it would be implementing three rounds of layoffs impacting approximately 7,000 employees, which was previously announced in February.
Other companies that announced layoffs include Accenture, Indeed, Twitch, Amazon, Livespace, Course Hero, Klaviyo, Microsoft, Meta, Y Combinator, Atlassian, SiriusXM, Alerzo, Cerebral, Waymo, and Thoughtworks. The reasons behind these job cuts are varied and often tied to the ongoing challenges and changes in the business landscape.