Big Tech layoffs: Google, Amazon, Flipkart others slash staff by up to 35%

According to a Bloomberg report, Amazon.com’s livestreaming platform Twitch plans to fire about 500 workers, or about 35% of its whole workforce

Seems like last year’s tech layoff spree is not over yet. With companies like Amazon, Flipkart, Paytm, Unity, and Humane announcing workforce reductions in the first week of 2024, thousands of employees are in distress.

Here are five big tech layoffs that happened this week:

Amazon’s Twitch will reduce 35% of staff:

According to a Bloomberg report, Amazon.com’s livestreaming platform Twitch plans to fire about 500 workers, or about 35% of its whole workforce. The job cuts come as Twitch struggles with losses and the recent departure of multiple top executives.

Even though Twitch is trying to boost revenue through increased advertising, but the business remains unprofitable nearly a decade after Amazon acquired it. In fact, the corporation plans to exit South Korea.

Paytm cuts more than 1,000 workers:
According to Economic Times, One 97 Communications, the parent company of Paytm, fired nearly a 1,000 workers in various divisions in recent months. This is one of the biggest layoffs by an Indian IT business this year, accounting for more than 10% of Paytm’s whole workforce.

The layoffs come after Paytm decided to discontinue its “buy now, pay later” option and small-ticket financing services.

More cost-cutting initiatives are anticipated in the upcoming months due to the ongoing reorganization.

Paytm aims to cut staff costs by 10-15% this financial year through this downsizing exercise.

Flipkart may lay off 1,100–1,500 workers:

According to Economic Times, top Indian e-commerce company Flipkart is considering terminating between 5 and 7% of its employees,which translates to 1100-1500 jobs.

With this, the company’s hiring restriction of a year will come to an end. Based on employee performance, Flipkart has been cutting personnel yearly over the past two years.

With its current employee strength at 22,000 excluding Myntra may too cut 5-7% employees, which could impact approximately 1300 staff.

Unity Software will reduce its staff by 25%:

According to a Reuters report, videogame software company Unity Software announced plans to lay off 1,800 workers, or around 25% of its workforce worldwide.

With a completion date of the end of March, Unity referred to it as the “largest workforce reduction in the company’s history.”

More than 1.1 million game developers using Unity’s tools each month, including those who create well-known titles like Pokemon Go.

Humanely reduces workforce by 4% before first product launch:

AI startup Humane has laid off 10 employees this week representing 4% of its staff, ahead of launching its first product in March – a $699 screenless, voice-controlled AI pin meant to replace smartphones.

The five-year-old corporation, which just informed staff of reduced funds for 2024, characterized the reduction as a cost-cutting strategy.

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