Factbox-From Meta to Peloton, companies slow hiring as economy sputters -Breaking
© Reuters. FILE PHOTO : The Peloton logo appears on a sign in Manhattan, New York City. This was taken January 25, 2022. REUTERS/Carlo Allegri
(Reuters) – Many companies are now considering laying people off or freezing their hiring due to decades of high inflation.
Elon Musk, who stated last Friday that he had a “superbad feeling” about economic conditions, plans to trim Tesla’s workforce (NASDAQ) by approximately 10% according to Reuters. This was in an internal email.
Musk backedtracked Saturday, stating that while the total number of electric-vehicle makers will rise over the next twelve months, the number and quality of their salaried employees should not change.
Here’s a list of other companies which have made announcements about layoffs and/or frozen hiring in an effort to reduce costs.
Alibaba (NYSE: Alibaba Group China may reduce its workforce by more than 15%, or around
China has imposed a strict regulatory clampdown on the company, which resulted in 39,000 people being laid off.
Rising prices and slower sales growth
Cazoo is an European online retailer of cars and said that it was going to reduce its workforce
Cazoo Group is reducing its spending by around 15% to save cash.
Carvana Co (NYSE 🙂 Carvana announced that it will layoff approximately 2,500 employees or 12%.
Coinbase (NASDAQ 🙂 Coinbase will continue its hiring freeze into the future.
Global Inc has a variety of offers that can be accepted to address current macroeconomic conditions.
Getir Turkey’s Getir will reduce its workforce by 14% due to the rising costs of living.
Global inflation and cost, a source who has knowledge told Reuters
April 25, 2010.
Gorillas, a German grocery app, will lay off 300 employees to reduce its workforce.
Kagan Sumer Chief Executive, Gorillas Administrative Staff in Half
Henkel AG (OTC:) & Germany’s Henkel, the company behind Schwarzkopf, said on May 5 it would cut
Co KGaA occupied approximately 2,000 positions because of low demand for shampoos and hair spray.
As well as increasing costs and issues in global supply chains.
Klarna Swedish firm Klarna announced that on May 23, it had slashed 10% of its 7,000-strong staff
Fear of an inflation spike and a sudden increase in the cost of living have caused a dramatic rise in employment.
The recession and war in Ukraine are affecting business sentiment.
Lyft Inc (NASDAQ: ) In May, Inc stated that they will reduce the number of employees and cut budgets.
Meta Facebook (NASDAQ 🙂 parent Meta stated in May that it would slow down its growth.
Move About Sweden’s Move About Group announced on May 20 that it would eliminate 17 of its 40 jobs
Group AB was created by the indirect effects from war in Ukraine as well as an exaggerated cost base.
Netflix (NASDAQ: ) Netflix announced in May it had laid off around 150 workers, most of them in the U.S.
Slowing growth is a concern for the streaming services company.
Peloton (NASDAQ 🙂 In February Peloton announced that it was cutting approximately 2800 corporate jobs.
Interactive revitalize sagging sales.
Robinhood (NASDAQ 🙂 In April, the retail trading platform stated that it was laying off about 9 percent of its employees.
Markets Inc employees are full-time
Snap Inc (NYSE:) In May, CEO Evan Spiegel told employees that the company would slow down hiring.
Tencent Chinese Company Tencent struggles to deal with slowing economic growth.
The Holdings may reduce its workforce by between 10 and 15% this year.
Twitter Inc (NYSE.) Parag Agrawal, CEO of social media company Social Media Company stated that the company would pause.
Hire and examine existing job listings to decide if any are “should be”.
Uber (NYSE : Uber) Uber is cutting back on hiring, and will reduce marketing spending.
Technologies incentives activities were reported by Reuters in May. It was based on a letter sent to the CEO.
Valmet Oyj Valmet stated that it is currently in discussions for temporary layoffs up to a year.
Three months with approximately 340 employees participating in the talks at the valve factory
In Helsinki, due to lower orders caused in part by the conflict in Ukraine and COVID-19
China has restrictions
Source: Regulatory Filings, Reuters Stories, Company Websites