Home » Factbox-From Meta to Peloton, companies slow hiring as economy sputters By Reuters

Factbox-From Meta to Peloton, companies slow hiring as economy sputters By Reuters

by EasyDailyCrypto News
0 comment 0 views
2/2
© Reuters. FILE PHOTO: A logo of Meta Platforms Inc. is seen at its booth, at the Viva Technology conference dedicated to innovation and startups, at Porte de Versailles exhibition center in Paris, France June 17, 2022. REUTERS/Benoit Tessier/File Photo

2/2

(Reuters) – Decades-high inflation and the fallout from the Ukraine crisis have pressured many companies across the globe to consider laying off people or put a freeze on hiring.

Following is a list of companies that have announced layoffs or frozen hiring to rein in costs:

COMPANIES COMMENTS

Alibaba (NYSE:) Group China’s Alibaba might cut more than 15% of its total workforce, or about

39,000 employees, due to a sweeping regulatory crackdown in China, as well

as slowing sales growth and rising prices.

Autoliv (NYSE:) Inc The world’s largest producer of airbags and seatbelts said it was reducing

headcount to cut costs and adapt to new business conditions, but did not

specify the number.

Air France’s flagship carrier is in talks to shed nearly 300

France ground-staff positions through voluntary redundancies, with negotiations

expected to be finalised by late July, newspaper Le Figaro reported.

Cazoo Group Ltd European online car retailer Cazoo said it would cut its workforce by about

15% as it looks to conserve cash.

Carvana Co (NYSE:) Carvana said it would lay off about 2,500 employees, or 12% of its

workforce.

Coinbase (NASDAQ:) Global Coinbase will extend its hiring freeze for the foreseeable future and

Inc rescind a number of accepted offers to deal with current macroeconomic

conditions.

Compass Inc Real estate broker Compass will lay off 450 employees, about 10% of its

current workforce, as borrowing costs and inflation pressures rise.

Ebanx Ltd Brazil’s Ebanx laid off about 20% of its staff, or 340 employees.

Getir Turkey’s Getir plans to cut 14% of its staff globally due to rising global

inflation and costs, a source with knowledge of the matter told Reuters.

Gorillas German grocery app Gorillas will lay off 300 people, cutting its

administrative staff in half.

Henkel AG (OTC:) & Co Germany’s Henkel, the company behind Schwarzkopf, will cut about 2,000

KGaA positions due to low demand of its shampoos and hair spray, as well as

rising costs and global supply chain issues.

The drugmaker plans to reduce its headcount by 34% as part of a

Heron cost reduction and restructuring plan, with around 70% of the layoffs set

Therapeutics to affect research and development staff.

Intel Corp (NASDAQ:) Intel has frozen hiring in PC chip division, according to a memo reviewed

by Reuters. The memo said that some hiring could resume in as little as two

weeks after the division re-evaluates priorities and that all current job

offers in its systems will be honored.

Klarna Swedish Klarna is slashing 10% of its 7,000-strong workforce as a

consequence of a recent steep increase in inflation, fear of a recession

and the war in Ukraine worsening business sentiment.

Lyft Inc (NASDAQ:) The company said in May it would slow down hiring and assess budget cuts in

some departments.

Meta Facebook-owner Meta cut plans to hire engineers by at least 30%

Platforms Inc this year, reducing its target to around 6,000-7,000 new engineers in 2022,

CEO Mark Zuckerberg told employees on June 30.

Move About Group Sweden’s Move About Group will cut 17 out of 40 positions due to indirect

AB effects of the war in Ukraine and an excessive cost base.

Netflix (NASDAQ:) Netflix in May said it has laid off about 150 people, mostly in the U.S.,

as the streaming service company faces slowing growth.

The Australian buy-now-pay-later firm will materially reduce

Openpay Group its U.S. workforce after halting operations in the country.

Peloton (NASDAQ:) Peloton in February said it will cut about 2,800 corporate jobs as it looks

Interactive Inc to revitalize sagging sales.

Redfin (NASDAQ:) Redfin laid off 6% of its workforce, or 470 employees, and will continue

Corporation reductions until the end of June after demand in May missed expectations.

Robinhood (NASDAQ:) The retail trading platform said in April it was laying off about 9% of its

Markets Inc full-time employees.

Snap Inc (NYSE:) CEO Evan Spiegel in May told employees the company would slow hiring for

this year.

Stellantis Automaker Stellantis has indefinitely laid off an unspecified number of

employees at its stamping plant in Michigan to mitigate impacts from

various supply chain issues.

Tencent Holdings (OTC:) Chinese company Tencent is struggling to cope with the slowing economy, and

might cut between 10-15% of its total workforce this year.

Tesla (NASDAQ:) Elon Musk said on June 21 the electric car maker would cut 10% of its

salaried staff over three months, as he predicted a U.S. recession was more

likely than not.

Twitter Inc (NYSE:) CEO Parag Agrawal said in a memo that the social media company would pause

hiring and review existing job offers to determine whether any “should be

pulled back”.

Uber (NYSE:) Uber will scale back hiring and reduce expenditure on its marketing and

Technologies Inc incentive activities, Reuters reported in May, citing a letter from the

CEO.

Unity Software, which makes software for video games and

Unity Software animation, said on June 30 it would lay off 4% of its workforce.

Warner Bros Warner Bros Discovery (NASDAQ:) aims to cut 30% of its ad sales workforce, or about

Discovery Inc 1,000 jobs globally.

Valmet Oyj Valmet said in May it was in negotiations for temporary layoffs of up to

three months, with about 340 employees part of the talks at its valve

factory in Helsinki due to reduced orders caused by the war in Ukraine and

COVID-19 restrictions in China.

Source: Regulatory filings, Reuters stories, company websites

Related Posts

Leave a Comment