Google is cutting back on STAPLERS and laptop replacements for employees as a huge cost-cutting measure

In recent months, several tech companies have announced cost-cutting measures, with Amazon, Apple and Google parent Alphabet all announcing delays or freezes on hiring.

For the tech sector, the pandemic boom has turned into a post-pandemic crisis, as rising interest rates push stock prices up and inflation weighs on earnings.

The industry cut 9,587 jobs in October, the largest monthly total since November 2020, according to data from consultancy Challenger, Gray & Christmas quoted by Bloomberg.

Total job cuts announced by U.S.-based employers rose 13% in October to 33,843, the highest since February 2021, a report said.

PayPal

PayPal has announced it will cut about 7% of its total workforce, or about 2,000 full-time employees, as the digital payments company grapples with what it calls “the challenging macroeconomic environment.”

PayPal said it will implement the cuts over several weeks, with some of its organizations more affected than others.

The company did not specify further. PayPal is the parent company of Venmo, Xoom and Honey, among others. The company is based in San Jose, California.

“Over the past year, we’ve made significant progress in strengthening and reshaping our business to address the challenging macroeconomic environment while continuing to invest to meet the needs of our customers,” said PayPal president and CEO. Dan Schulman in a statement Tuesday.

“While we have made significant progress in adjusting our cost structure and focusing our resources on our core strategic priorities, we have more work to do.”

Alphabet

Google’s parent company Alphabet is cutting 12,000 jobs in the latest round of layoffs in the tech sector.

Sundar Pichai, Alphabet’s CEO, said the losses affect teams across the company, including recruiting and some corporate functions, as well as some engineering and product teams.

Pichai said in the note, “I am confident in the tremendous opportunity ahead of us through the strength of our mission, the value of our products and services, and our early investments in AI.

‘To capture it fully, we will have to make difficult choices. That’s why we’ve conducted a thorough review of all product areas and functions to ensure our people and roles are aligned with our highest priorities as a company. The roles we eliminate reflect the outcome of that assessment. They traverse Alphabet, product areas, functions, levels and regions.’

meta

Facebook’s parent company said in November it would cut 13% of its workforce, or more than 11,000 employees, in one of the largest tech layoffs this year as it grapples with a weak advertising market and rising costs.

Like its peers, Meta hired aggressively during the pandemic to cope with an increase in social media use by stay-at-home consumers.

But the boom of the pandemic is over as advertisers and consumers stop spending because of rising costs and rapidly rising interest rates.

After pouring billions into CEO Mark Zuckerberg’s Metaverse vision with little return, Meta was faced with rising costs and falling profits.

Once worth more than $1 trillion, Meta is now valued at $256 billion after losing more than 70% of its value last year alone.

“Not only has online commerce returned to previous trends, but the macroeconomic downturn, increased competition and the loss of advertising have caused our revenue to be much lower than I anticipated,” Zuckerberg said in a message to employees. Reuters.

“I’m wrong, and I take responsibility for that.”

During a brief phone call, a red-eyed Zuckerberg addressed employees but did not answer questions.

He stuck to a script closely following the wording in that morning’s blog post, calling the increased investment in e-commerce a “major planning mistake.”

Twitter

Twitter laid off half its workforce in teams ranging from communications and content curation to product and engineering after Elon Musk’s $44 billion acquisition.

The cuts affected some 3,700 employees, who learned about their fate via email last week.

However, Bloomberg reported that Twitter reached out to dozens of employees who lost their jobs and asked them to return.

Sales team

In January, cloud-based software company Salesforce announced it will lay off 10% of its employees, or about 8,000 workers.

CEO Marc Benioff cited a difficult period for the tech sector and over-hiring during the coronavirus pandemic that led to the decision.

It quietly laid off hundreds of employees a few weeks ago.

“Our sales performance process encourages accountability. Unfortunately, that may lead some to leave the company, and we support them through their transition,” a Salesforce spokesperson told CNBC in a November statement.

Salesforce had 73,541 employees at the beginning of last year – it is the largest employer in the San Francisco area.

Salesforce said in an August filing that its headcount increased 36% over the past year “to meet increased demand for services from our customers.”

Amazon

Amazon said it would cut 18,000 corporate and technology jobs in what will be the largest job loss in the company’s history.

Amazon reportedly lost $1 trillion over the year after its stock plummeted from a high during the pandemic.

The move comes after the company introduced a staff freeze, impacting major teams including Prime Video, Alexa and Amazon Fresh.

“We are facing an unusual macroeconomic environment and want to balance our hiring and investments with thinking about this economy,” Beth Galetti, senior vice president of People Experience and Technology at Amazon, wrote in a memo, seen by the Wall Street Journal.

Intel

Intel Corp’s CEO Pat Gelsinger told Reuters that “people actions” would be part of a cost-cutting plan.

The chipmaker recently said it would cut costs by $3 billion in 2023 before ramping that up to $10 billion in 2025.

The adjustments would go into effect in the fourth quarter, Gelsinger said, but did not specify how many employees would be affected.

Some Intel divisions, including the sales and marketing group, could be cut by up to 20%, Bloomberg News reported last month, citing people with knowledge of the situation.

Intel had 113,700 employees in July when it cut its annual sales forecast by $11 billion after missing estimates for second-quarter results.

Intel, based in Santa Clara, California, declined to comment on the job cuts when reached by DailyMail.com in October.

Intel has been stung by shifting market trends, including the decline of traditional PCs as smartphones and tablets become more popular.

Last quarter, global PC shipments, including desktops and laptops, fell another 15% from a year ago, according to IDC.

Microsoft

Microsoft began laying off 10,000 employees in January, citing declining customer demand and a negative economic climate.

“We also see organizations in every industry and region taking caution as some parts of the world are in recession and others are anticipating it,” CEO Satya Nadella said in a memo from the company.

The layoffs affected nearly 5% of Microsoft’s global workforce.

According to Axios, Microsoft previously laid off fewer than 1,000 employees across several divisions last year.

In a statement, Microsoft executives said, “Like all businesses, we regularly review our business priorities and make structural adjustments accordingly.