Economy

Factbox-Factbox companies are cutting jobs and freezing hiring in preparation for economic slowdown

Factbox-Factbox companies are cutting jobs and freezing hiring in preparation for economic slowdown

(Reuters) – Tech companies, cryptocurrency exchanges and financial firms are cutting jobs and slowing hiring as global economic growth slows due to high interest rates, hyperinflation and Europe’s energy crisis.

In a sign of a grueling second half of the year, growth in the United States, the world’s largest economy, contracted for the second consecutive quarter, while business growth in the eurozone slowed sharply in June due to the rising cost of living.

LAYOFFS:

Company name Release date Effect of suspension

Ali Baba (NYSE: Group March 16 March 16 About 39,000 employees began laying off employees in February. Discuss work

With many business units that month and left

A source told Reuters they had to make specific plans.

Tencent Holdings (OTC ๐Ÿ™‚ March 16 10%-15% Headcount at an internal meeting at Tencent at the end of 2021, CEO

Bonnie told what employees the company should prepare for

“Winter,” two sources told Reuters.

Tesla (NASDAQ ๐Ÿ™‚ Inc on June 3 nearly 10% in “I have a very bad feeling about the economy,” CEO Elon

Musk, the salaried employee, said in emails reviewed by Reuters.

JPMorgan Chase (NYSE:) & June 22 Over 1,000 “This week’s hiring decision was a cyclical outcome

Company employees change in the mortgage market. โ€

Shopify (NYSE ๐Ÿ™‚ Inc Jul 26 10% off “Ultimately, placing this bet was my calling to do so and I

CEO Toby Lutke said, referring to a bet

On the post-pandemic growth in online shopping that has worsened.

Netflix (NASDAQ ๐Ÿ™‚ 17 May 150 posts โ€œAs we continue to invest heavily in

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June 23 300 business jobs, we made these adjustments so that our costs

Growth in line with slower revenue growthโ€

The company said.

Coinbase (NASDAQ: Global June 14 1,100 jobs) “It looks like we’re entering a recession after 10+ years.”

Economic boom inc. Stagnation may lead to another cryptocurrency

Winter, and it can go on for a long time,” CEO Brian

Armstrong said.

OpenSea July 14 20% off “The reality is we’ve entered like never before

The workforce mix of crypto winter and broad macro economy

instability, we need to prepare the company for

The potential for a prolonged recession,โ€ CEO Devin Finzer

He said.

Klarna May 23 10% of “Since then (2021) we’ve seen tragic and unnecessary

Ukraine’s workforce war unfolds, shift in consumer sentiment, a

A sharp increase in inflation, a highly volatile stock

market and potential recessionโ€, CEO Sebastian

Simyatkovsky said.

Robinhood (NASDAQ ๐Ÿ™‚ Apr 26 9% of “rapid growth in headcount has led to some duplicate roles

Markets Inc full-time and functional jobs, and more layers and complexity than they are

CEO Vlad Tenev said.

August 2

23% of them

full-time โ€œearlier this year, I announced that we would allow it

Our employees go with 9% of our workforce and focus on more cost

Discipline throughout the organization. This did not go

Tenev said.

Oracle Corporation (NYSE: Aug. 1) ‘Thousands’ of start-ups to cut ‘thousands’ of jobs globally to make $1

A report in The Information said jobs in the billions are global in cost savings.

Areas of the workforce affected include the United States, Canada and India

and parts of Europe.

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Beyond Meat (NASDAQ ๐Ÿ™‚ Inc Aug 4 About 4% of the global โ€œreduction is expected to reduce operating expenses by an amount

A workforce of about $8 million per year, although we expect it to incur

One-time additional termination costs approximately $1 million

In the third quarter, CFO Phil Harden said about earnings

a call.

Hiring Freeze:

Company name Action date Comment

Apple Inc (NASDAQ: July 18) To slow the hiring process, the decision stems from a move to be more careful while doing so.

Spending the next year in uncertain times, although it’s not a companywide policy,

In some units, Bloomberg News reported, citing sources.

Meta Platforms June 30 Clip Recruitment Plans โ€œIf I had to bet, I would say this could be one of the

Inc’s engineers are in the worst downturn we’ve seen in recent history,” CEO

At least 30% to Mark Zuckerberg Tell Employees Weekly Q&A

~ 6000-7000 sessions, Reuters heard her voice.

Twitter Inc (NYSE: May 12 to suspend most CEO Parag Agrawal, in a staff memo seen by Reuters,

Recruitment, the review attributed the decision in part to a lack of confidence in

The current function of Twitter’s ability to reach strong growth targets has had

Submit to see if it is set in 2020.

ie ‘must be

pulled back”

Lift Inc (NASDAQ ๐Ÿ™‚ Sep 27 Freeze all

employment in

United State

To the end

the year

Uber (NYSE: May 9) to scale back โ€œWe will treat hiring as a privilege and we will be willful

Technologies Inc. is hiring, reducing when and where to add staff,โ€ CEO Dara

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The spending on Khosrowshahi said in a letter seen by Reuters.

marketing,

incentives

Snap Inc. (NYSE: May 23) to slow hiring and โ€œwe continue to face rising inflation and interest rates,

Push some planned deficiencies in the supply chain and labor disruptions, the platform

Employment until 2023 policy changes, the impact of the war in Ukraine, and

More,โ€ CEO Evan Spiegel said in a note to employees.

Amazon.com Inc (NASDAQ :), July 28 Inc. is

doubts it

recruitment plans,

probably won’t

Recruitment at the same pace

as before

Years

Intel Corp (NASDAQ: June 8 Recruitment freezes at

to divide

Computer Responsible

Desktop and laptop

Chips

Source: Company filings and media reports

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