From Meta to Peloton, companies slow hiring as economy slumps
- Alibaba could lay off 15,000 employees following a sweeping regulatory crackdown in China.
- Autoliv Inc, announced a reduction in the workforce to reduce costs.
- The Swedish company Klarna cuts 10% of its 7,000 employees.
Many companies around the world have been forced to think about laying off employees or blocking hiring due to decades-long high inflation and the aftermath of the conflict in Ukraine.
Companies that have announced layoffs or layoffs in an effort to save expenses are listed below:
adabian group (9988.HK)
Alibaba, a Chinese company, could lay off more than 15,000 employees, or about 39,000 people, following a broad regulatory crackdown in China, slow sales growth and rising costs. See more
The world’s largest airbag and seatbelt maker Autoliv Inc
France Air (AIRF.PA)
According to the newspaper Le Figaro, agreements to cut around 300 ground staff positions by voluntary departure should be concluded by the end of July. See more
Cazoo Group Ltd (CZOO.N), an online European car retailer, said it would cut its employees by around 15% in a bid to save money.
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Around 2,500 employees, or 12% of staff, are said to be laid off from Carvana Co (CVNA.N). See more
In order to address the current macroeconomic situation, Coinbase Global Inc (COIN.O) will extend its hiring moratorium for the foreseeable future and revoke a number of accepted offers. See more
As borrowing rates and inflationary pressures rise, real estate brokerage Compass Inc (COMP.N) will lay off 450 people, nearly 10% of its current staff.
The Brazilian company Ebanx has laid off 340 employees, or nearly 20% of its workforce. See more
Due to rising prices and inflation around the world, Getir, a Turkish company, is aiming to cut its workforce by 14%, a source with knowledge of the situation told Reuters. See more
German grocery app Gorillas Gorillas is to halve its administrative staff and lay off 300 people. See more
HNKG p.DE Henkel AG & Co KGaA
Germany-based Schwarzkopf manufacturer Henkel will cut around 2,000 jobs due to weak sales of its shampoos and hairsprays, as well as rising prices and problems with the global supply chain.
Therapeutic Heron (HRTX.O)
The pharmaceutical company intends to lay off nearly 70% of its research and development employees as part of a cost-cutting and restructuring plan, which will result in a 34% reduction in the workforce.
According to a memo reviewed by Reuters, Intel Corp
Swedish company Klarna is cutting 10% of its 7,000 employees in response to recent sharp rises in inflation, fears of recession and the deteriorating business climate caused by the conflict in Ukraine. See more
Uber Inc. (LYFT.O)
The company said in May that it would reduce recruitment and consider making budget cuts in some divisions. See more
Mark Zuckerberg, CEO of Facebook-owned Meta Platforms Inc., told staff on June 30 that the company had reduced its goal of hiring 6,000 to 7,000 new engineers by at least 30% by the end of this year. See more
The move group AB (MOVEA.ST)
The Move About Group in Sweden will cut 17 of 40 positions due to collateral damage from the war in Ukraine and an unsustainable cost base.
In May, Netflix announced it had cut 150 jobs, mostly in the United States, due to the streaming service provider’s slowing growth. See more
Openpay Group (OPY.AX), an Australian buy-it-now, pay-later company, will significantly reduce its staff in the United States after ceasing operations there.
Peloton Interactive Inc (PTON.O) Peloton announced in February that it would cut about 2,800 corporate positions in a bid to boost sluggish revenue. See more
Redfin Corporation (RDFN.O) After demand in May fell short of estimates, Redfin cut its workforce by 6% to 470 employees and will continue to do so through the end of June.
Trading Platforms Inc. (HOOD.O)
The retail platform announced in April that it would lay off around 9% of its full-time staff. See more
Snap Inc (SNAP.N) CEO Evan Spiegel told staff in May that the company would cut employment this year. See more
To mitigate the effects of various supply chain issues, automaker Stellantis has laid off an unidentified number of workers at its Michigan stamping plant indefinitely. See more
Holdings of Tencent (0700.HK)
Tencent, a Chinese company, is struggling with a weakening economy and could cut its workforce by 10-15% this year. See more
Tesla CEO Elon Musk (TSLA.O) announced on June 21 that the electric vehicle maker would lay off 10% of its paid workers over the course of three months as he believed a US recession was more likely than not. . See more
The CEO of social media company Twitter Inc (TWTR.N), Parag Agrawal, said in a memo that the company would stop hiring and assess current job postings to see if any “should be withdrawn”. See more
Inc. Uber Technologies (UBER.N)
According to a letter from the CEO, according to the May Reuters article, Uber will cut hiring and spend less on its marketing and incentive programs. See more
Aware Software (ONU)
On June 30, Unity Software, a company that creates animation and video game software, announced that 4% of its staff would be laid off.
Warner Bros Discovery Inc (WBD.O) Warner Bros Discovery plans to cut 1,000 jobs worldwide, or 30% of its advertising sales team. See more
Oyj Valmet (VALMT.HE)
At its valve manufacturing plant in Helsinki, Valmet announced in May that it was in talks with about 340 employees for temporary layoffs of up to three months due to falling orders caused by the conflict in Ukraine and the limitations of COVID-19 in China.
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