Layoffs

Meta's decision to downsize follows a period of declining revenue growth, driven by inflation and a reduction in digital advertising due to the slowdown in e-commerce during the pandemic

Cook's statement comes amid ongoing cost-cutting measures and a slowdown in hiring at the tech giant

As per reports, IBM has approximately 26,000 workers, therefore, almost 7800 jobs could be replaced by AI in the next few years

Previously, Amazon had laid off 20,000 employees in January and 9,000 employees in March. The Jeff Bezos-led company has struggled with its gaming division and has released only two games- New World and Lost Ark.

The report further noted that the jobs Apple's cutting is in the division that handles building and upkeep for its retail stores, and affected employees have been told that they have until the end of the week to apply for other positions at the company

According to reports, McDonald's also asked employees to cancel all in-person meetings with vendors and other outside parties at its headquarters

As per reports, this is the fourth round of layoffs, as the unicorn in November fired 350 employees or 10% of its employees

The internal memo sent to employees stated that there will be three rounds of layoffs in the beginning of the week that will result in 7000 job cuts

Last week, Meta announced its second round of layoffs which saw 10,000 employees lose their jobs

BluSapphire CEO Kiran Vangaveti advised that being cyber aware is imperative for citizens of a company or country as it impacts all of us

The report further added that Tencent Holdings and Tiger Global-backed company had laid off a similar percentage of employees in an earlier round of layoffs in December 2022

The report also revealed that the other big four firms, EY, Deloitte, and PricewaterhouseCoopers, has been going through a bleak period due to the collapse in merger and acquisition activity

According to Bloomberg, the company will sack nearly 1000 jobs, which is roughly 12% of its workforce

The layoff decision was announced right after the company's announcement of recent quarterly earnings, while the company also revealed its plan to reorganize the work structure and slash jobs to reduce cost

Yuan also stated that he and other executives will take a significant pay cut of 98% in the coming fiscal year

It is also reported that all the freshers have been fired by BYJU'S in this lay off

According to reports, Pichai didn't mention the percentage of salary that will be cut and for how long

According to a Bloomberg report, Pichai said that he had consulted with the company's founders and board in making the decision for 6% cuts

According to the third-quarter earnings report of Spotify, the music-streaming giant currently has about 9,800 employees

The report said that Hubilo will now be focusing more on physical events to align with the market changes

Microsoft would reportedly reduce its workforce by 5%, or about 10,000 employees this financial year