Meta Platforms Inc became the first Big Tech firm to embark on a second round of mass layoffs, as Corporate America continues to cut costs in anticipation of a global economic downturn.
Interest rate hikes by global central banks to tame stubborn inflation have weighed on consumer and corporate spending, affecting the outlook for companies from Amazon.com Inc and Walt Disney Co to Wall Street heavyweights Goldman Sachs Group and Morgan Stanley.
This has sparked widespread job cuts. Layoffs by U.S. companies between January and February touched the highest since 2009, according to a report by employment firm Challenger, Gray & Christmas Inc.
Here are some of the job cuts by major American companies announced in recent weeks.
TECHNOLOGY, MEDIA AND TELECOM SECTOR
Meta Platforms Inc:
The Facebook-parent said it would cut 10,000 jobs, just four months after it let go 11,000 employees.
IBM Corp:
The software and consulting firm said it will lay off 3,900 employees.
Spotify Technology SA:
Music streaming service Spotify is cutting 6% of its workforce, or roughly 600 roles.
Alphabet Inc:
Alphabet Inc is eliminating 12,000 jobs, its chief executive said in a staff memo.
Microsoft Corp:
The U.S. tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023.
The company laid off under 1,000 employees across several divisions in October, Axios reported, citing a source.