Exploring major tech companies like Google, Riot Games, and eBay that have implemented layoffs
Several technology companies have recently started laying off employees after rapidly expanding their workforce during the COVID-19 pandemic, when online activities and spending surged. These companies are now implementing job cuts as a means to reduce expenses and strengthen their financial performance. Here are a few examples of companies that have recently downsized their workforce:
Google announced that it is laying off hundreds of employees working in the hardware, voice assistance and design teams. The cuts are the result of promises by executives at Google and its parent company Alphabet to cut costs. A year ago, Google announced that it would lay off 12,000 employees, or about 6 percent of its workforce.
We are on WhatsApp channels. Click to join.
Riot Games
Video game developer Riot Games, behind the popular “League of Legends” multiplayer fighting game, is cutting 11% of its staff. The company, owned by Chinese tech giant Tencent, said 530 jobs would be cut, representing about 11 percent of its workforce. Los Angeles, California-based Riot Games said it had spread its investments into too many areas, doubling its staff in a few years, and was now toying with its focus on games.
TikTok
TikTok said it is cutting dozens of employees from its advertising and sales unit. A spokesperson for the company confirmed that the social media platform is cutting 60 jobs. TikTok, owned by Beijing-based ByteDance, did not give a reason for the layoffs.
eBay
Online retailer eBay Inc. is cutting about 1,000 jobs, or an estimated 9 percent of its full-time workforce, saying its workforce and costs have outpaced how much the company is growing amid a slowing economy.
Amazon
Amazon-owned Twitch is cutting more than 500 jobs to save costs. The video streaming platform’s CEO, Dan Clancy, said in an email to employees that while cost-cutting and efficiencies are increasing, the platform “is still significantly larger than it needs to be for the size of our company.”
Amazon-owned online audiobook and podcast service Audible is laying off about 5 percent of its workforce. An Audible spokeswoman declined to say how many employees would be affected by the cuts. Audible CEO Bob Carrigan said in a memo to employees that the company is in good shape but faces an “increasingly challenging landscape.” In addition, Amazon’s Prime Video and MGM Studios unit is cutting hundreds of jobs as it shrinks unprofitable areas.
Spotify
Music streaming service Spotify said in December it was cutting 17 percent of its global workforce as it moved to cut costs while focusing on profitability. The spokesperson confirmed that the layoffs are about 1,500 people. It was the company’s third round of layoffs last year.
Also read today’s top stories:
Fixing broken AI! RagaAI has received funding to develop a tool that aims to diagnose and fix deficiencies in artificial intelligence systems, responding to the increasing emphasis on security and reliability during the AI boom. Dive here.
Big Tech Powers SmallBiz with AI Power! A flood of generative AI software is transforming small businesses. And it’s Big Tech companies like Microsoft that lead the way. Know what Microsoft is doing here.
Health tracking technology competition! Samsung is exploring the development of a non-invasive blood glucose monitor and continuous blood pressure monitoring, setting its sights on ambitious healthcare goals as it competes with Apple. Jump in here.
