10 tech companies that have laid off employees so far in 2022
By Zion Rufus
Blaming it on economic downturns, restructuring efforts, global inflation, and the ever-changing macro-economic environment, the new trend of sweeping layoffs and job cuts by companies in the tech industry have begun to stir major concerns.
In July, Twitter laid off 30% of its talent acquisition team, as the company dealt with increasing business pressures and potential takeover from Tesla CEO, Elon Musk. Earlier in May, the company had announced plans to pause its hiring even as it looked to cut costs.
Snap
Citing an imperative restructuring, Snapchat parent company, Snap announced earlier this month that it’s laying off 20% of its workforce and halting several projects.
Oracle
In August, global software giant, Oracle announced thousands of job cuts. Although the layoffs affected mostly workers in its customer experience division, Junior sales employees as well as a division sales director were amongst those laid off.
Netflix
Global streaming service, Netflix, announced major job cuts across multiple business functions in the company. In May, Netflix laid off 150 employees, and dozens of contractors and part-time workers. Following again with about 300 cuts in June, Netflix indicated more rounds of layoffs would be coming this year following that first group, as it tries to adjust for its “heavily weakened stock price”.
Kuda
Kuda Bank confirmed plans to lay off about 5% of its workforce to TechCrunch via email. The fintech company disclosed that it is currently making some strategic changes to serve its customers better and continue to make financial services more accessible, affordable and rewarding to every African.
Microsoft
Microsoft cut some jobs in July as it realigned business groups and roles after the close of its fiscal year. Although the company announced plans to keep hiring for other roles the layoffs which was initiated across geographies, spanned a variety of groups including consulting and customer and partner solutions.
Apple
iPhone maker, Apple laid off many of its contract-based recruiters in August, a move to rein in the its hiring and spending. According to a Bloomberg report, about 100 contract workers were laid off in a rare move for the world’s most valuable company. The recruiters were responsible for hiring new employees for Apple, and the cuts underscore that a slowdown is underway at the company.
In August, Google threatened its workforce with layoffs. The company told its staff in an email “If results don’t live up to expectations, layoffs will be implemented.” The sales team was told that if third quarter results “don’t look up, [then] there will be blood on the streets.”
Coinbase
Coinbase joins the list of tech companies laying off its employees. In June, the crypto company laid off 18% of its total staff, around 1,100 workers, citing a looming recession, the crypto winter, and its own overly optimistic growth projections.
SoundCloud
Citing a significant transformation, SoundCloud CEO Michael Weissman emailed staff alerting them of layoffs impacting up to 20% of the company.
“Today’s change positions SoundCloud for the long run and puts us on a path to sustained profitability,” Weissman wrote in his email to staff. “We have already begun to make prudent financial decisions across the company, and that now extends to a reduction to our team.”
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