Lyft and Deloitte became the latest companies to announce layoffs this week, news outlets reported, following large-scale layoffs this week at Whole Foods, Meta, Opendoor and Ernst & Young, as high inflation and economic instability continue to push major U.S. firms to reduce their head counts.
Lyft confirmed a round of layoffs in a blog post but didn’t specify how many, though people familiar with the decision told the Wall Street Journal at least 1,200 jobs would be cut, citing a need to reduce the cost of its more than 4,000-person workforce (excluding drivers) nearly six months after 700 people were laid off from the company.
Deloitte will cut 1,200 of its more than 156,000 jobs in its U.S. workforce, the Financial Times reported, citing internal employee communications (Deloitte did not immediately respond to a Forbes inquiry for confirmation).
Whole Foods plans to cut several hundred corporate jobs, the Wall Street Journal reported an internal memo as showing, as the company aims to simplify operations and restructure some of its corporate teams, but it will not close any facilities or stores (Whole Foods did not immediately respond to a Forbes inquiry for confirmation).
Meta informed employees in an internal message board the cuts would start Wednesday morning, while a source told Vox they could affect Roughly 4,000 employees—part of the company’s latest round of layoffs Zuckerberg unveiled last month, affecting approximately 10,000 of its nearly 87,000 employees and bringing Meta’s total number of job cuts since November to 21,000.
Opendoor will cut 560 employees, roughly 22% of its workforce, in its latest round of cuts, after the online real estate company slashed another 18% of its staff in November, telling Forbes the company has suffered from high mortgage rates and has been “weathering a sharp transition in the housing market,” with a 30% decline in new listings from last year.
Ernst & Young is cutting roughly 3,000 employees based in the U.S.—less than 5% of its U.S. workforce and less than 1% of its more than 358,000 employees worldwide, according to PitchBook—over concerns with the “impact of current economic conditions, strong employee retention rates and overcapacity,” (Ernst & Young did not immediately respond to a Forbes inquiry for confirmation).
David’s Bridal laid off 9,236 positions across the United States Friday, according to a notice filed to the Pennsylvania Department of Labor, the state where the company is headquartered, with the company’s CEO James Marcum saying the recent uncertain economic conditions and the post-Covid environment led to company’s choice to file for Chapter 11 bankruptcy and lay off a majority of their employees.
The extent of Best Buy’s layoffs is not yet clear, though sources told the Wall Street Journal the big box tech and appliance retailer informed hundreds of employees who had sold smartphones and computers at more than 900 U.S. stores their positions had been eliminated.
Redfin cut 200 employees “due to the housing downturn and economic uncertainty,” the Seattle-based company confirmed to Forbes, following two rounds of layoffs over the past year, including one in November affecting 862 employees (Redfin has more than 5,500 employees, according to PitchBook).
Walmart, the biggest employer in the country, laid off more than 2,000 employees at five plants, including in Florida, New Jersey, Pennsylvania and Texas, just weeks after reportedly asking roughly 200 workers to look for other jobs at other company sites last month as part of an adjustment in staffing “to better prepare for the future needs of customers.”
McDonald’s plans to cut “hundreds” of employees this week in a restructuring plan, Reuters reported Monday, citing unnamed sources, after the fast-food giant closed its corporate offices for part of the week in order to conduct the layoffs—McDonald’s, which has 150,000 global employees, according to PitchBook, did not respond to a Forbes inquiry.
Hyland Software, the developer behind process management software OnBase, announced plans to cut 1,000 employees—roughly a fifth of its workforce—and reassess job responsibilities, as CEO Bill Priemer said the Ohio tech company “did not anticipate the degree to which inflation, rising interest rates and wage increases would impact our expenses.”
Billionaire Richard Branson’s aerospace company Virgin Orbit announced it will cut 675 employees, reducing its head count to 100 employees, as the company reportedly ceases operations “for the foreseeable future” after the struggling company failed to secure last-minute funding.
Roku is letting go of 6% of its workforce (200 employees) and exiting office facilities it no longer occupies, the San Francisco Bay area based tech company announced in a Securities and Exchange Commission filing Thursday, as part of its latest restructuring plan, after cutting another 200 positions in November.
Electronic Arts, the maker of video game franchises such as Battlefield, FIFA and Madden, will cut roughly 6% of its workforce, the company announced in a SEC filing Wednesday, with CEO Andrew Wilson writing in a memo to staff the company is “moving away from projects that do not contribute to our strategy” amid “macro uncertainty.”
Robert Kyncl, the CEO of Warner Music Group, announced the New York-based entertainment company will cut 270 positions in a memo seen by Variety, calling the reduction an example of “some hard choices in order to evolve” (Warner Music Group did not respond to a request for comment from Forbes).
Lucid Group, a San Francisco Bay area electric car maker, announced in a SEC filing it will cut 18% of its more than 7,200 employees by July as part of a restructuring plan to adjust to “evolving business needs and productivity improvements.”
The first group of Disney employees being laid off will be notified this week, followed by two additional groups before the start of the summer, according to a staff memo seen by multiple outlets, as part of the company’s plan to cut 7,000 positions (roughly 3.2% of its 220,000 global employees)—CEO Bob Iger had previously called the layoffs a “necessary step to address the challenges we face today,” in a conference call last month.
Bed Bath & Beyond’s cuts affect 1,300 employees, including 572 at an e-commerce facility and 377 at its corporate headquarters in New Jersey, according to state financial documents, as the company’s financial woes continue and after it announced plans last August to cut 20% of its workforce and close 150 stores.
A round of cuts at Indeed will affect 2,200 of its more than 14,600 employees from “nearly every team,” CEO Chris Hyams said in a statement, writing the cuts come as the job market cools following a “recent post-Covid boom,” and warning tech revenue will likely decline in fiscal years 2023 and 2024.
Glassdoor, a San Francisco-based employer rating site, will reduce its workforce by roughly 15%, affecting 140 employees, CEO Christian Sutherland-Wong announced in a statement, blaming the “shifting macroeconomic environment.”
Data chip manufacturer Marvell Technologies will cut 4% of its workforce (approximately 320 employees) as part of a move to put its workforce in position to “take advantage of our most promising opportunities, both now and when we emerge from the current industry downcycle,” the company told Bloomberg.
Amazon CEO Andy Jassy announced the company—which has roughly 1.5 million employees—will cut 9,000 positions primarily from its advertising, web services, people experience and technology solutions (PXT) and Twitch platforms, following two rounds of layoffs since January that affected roughly 18,000 employees.
Marketing e-commerce firm Klaviyo slashed 140 of its roughly 1,200 positions, TechCrunch and the Boston Globe reported, making it the latest Boston-based tech company to reduce its head count, following HubSpot, Wayfair and Whoop.
Tyson Foods will lay off 1,660 employees and close two plants in Arkansas and Virginia, the agricultural giant confirmed to Forbes, following an underwhelming financial report that showed operating income from its chicken business was less than half of what it was last year.
Lockheed Martin plans to cut 176 employees from its Sikorsky heavy lift helicopter division in Maryland, according to a Work Adjustment and Retraining Notification filing with the Maryland Department of Labor—Lockheed Martin had 116,000 employees as of last month, according to PitchBook.
Hunter Douglas plans to lay off 361 of its roughly 23,000 employees, the company announced in a state filing, as the window and curtain company closes a facility in Cumberland, Maryland, the Cumberland Times-News reported.
Atlassian will cut 500 full-time employees, or roughly 5% of its staff, it announced in a Securities and Exchange Commission filing Monday—co-CEOs Mike Cannon-Brookes and Scott Farquhar cited a “changing and difficult macroeconomic environment” in an internal memo, adding, “we need to go further in rebalancing the skills we require to run faster at our company priorities.”
Satellite radio company SiriusXM CEO Jennifer Witz announced in a memo to employees the layoffs will affect roughly 8% of its nearly 6,000 employees (roughly 475 positions) and affect “nearly every department,” as executives attempt to “maintain a sustainably profitable company” amid “today’s uncertain economic environment.”
Citigroup’s cuts are expected to affect less than 1% of the company’s roughly 240,000 employees, sources familiar with the matter told Bloomberg, after the company reportedly cut another 50 trading employees in November (Citi did not respond to Forbes’ request for details).
Chicago-based software consulting firm Thoughtworks will cut 4% of its roughly 12,500 global employees (500 employees) in a move intended to “support the future growth of the business,” spokesperson Linda Horiuchi confirmed to Forbes, following the company’s prediction in a first quarter forecast that revenue will drop by more than 5% from the first quarter last year.
Waymo’s cuts will affect 8% of its workforce, sources familiar with the matter told Reuters and The Information Wednesday, bringing the total number of employees laid off at the company this year to 209, after its parent company Alphabet—which is also the parent company of Google—announced a massive round of layoffs affecting roughly 12,000 employees (Waymo did not immediately respond to a request for comment from Forbes).
Cuts at General Motors will number in the “low hundreds” of employees, a source familiar with the matter told Reuters, while the Detroit News reported the number could affect as many as 500 of the company’s 167,000 employees (GM did not respond to Forbes’ inquiry as to how many employees could be cut).
Twitter started laying off 200 of the social media giant’s remaining 2,000 employees in the social media platform’s latest round of job cuts, sources familiar with the matter told the New York Times, just weeks after CEO Elon Musk pledged to “stabilize the organization” following several rounds of layoffs last fall that cut the company’s staff of roughly 7,500 by more than half.
Cerebral confirmed the mental-health startup will cut 15% of its workforce (roughly 285 employees) in a statement to Forbes, saying the layoffs are part of a reorganization plan—the company’s third round of layoffs since last summer, including one round in June that affected 350 employees.
Denver-based software company Palantir Technologies will cut just under 2% of its workforce, even as the company reported a $31 million profit in the last fiscal quarter—affecting as many as 76 of the company’s 3,838 employees, according to PitchBook (Palantir did not immediately respond to an inquiry from Forbes).
Ericsson’s latest round of layoffs, which is expected to affect 8% of its nearly 106,000 global employees (roughly 8,500 positions), comes as part of a cost-cutting plan intended to save roughly $880 million by the end of 2023 and includes 1,400 positions it had announced would be cut earlier this week in Sweden, where the company is headquartered.
NPR President and CEO John Lansing announced the layoffs, which are expected to affect at least 100 of its roughly 1,100 employees, in a memo to staff Wednesday afternoon amid a slowdown in advertising revenue and as “the global economy remains uncertain.”
McKinsey’s job cuts could affect more than 4% of the company’s nearly 44,000 employees, according to PitchBook—McKinsey did not immediately respond to Forbes’ request for further details, though people familiar with the matter told Bloomberg the New York-based company is expected to conduct the layoffs in the coming weeks.
DocuSign unveiled plans to cut 10% of its staff in a Securities and Exchange Commission filing on Thursday, affecting roughly 740 of its 7,400 employees—the San Francisco-based software company’s second round of cuts in less than half a year, after it slashed another 9% of its workforce last November.
Accounting firm KPMG could cut 2% of its staff (roughly 700 employees), the Financial Times reported, citing a staff memo from Carl Carande, the vice-chair of the company’s U.S. advisory business, who said the cuts are intended to align its workforce with “current and anticipated market demand”—making it the first of the so-called Big Four accounting firms to conduct a major round of layoffs amid growing recession fears in recent months.
Twilio’s cuts, which will affect just over 1,500 of the company’s nearly 9,000 employees, according to Pitchbook, come as part of a major realignment plan—the company’s second in five months, following its decision to slash another 11% of its workforce last September, with CEO Jeff Lawson saying in a message to employees on Monday, “it’s clear that we’ve gotten too big.”
News Corp, the owner of the Wall Street Journal, New York Post, publishing giant HarperCollins as well as outlets in the U.K. and Australia, plans to slash its workforce by 5% this year (roughly 1,250 employees), the Journal reported, following a 7% revenue drop to $2.52 billion over a 12-month period ending in December.
Yahoo plans to cut more than half of its Yahoo For Business division by the end of the year, affecting more than 1,600 employees, including nearly 1,000 this week alone, according to a company spokesperson, who told Forbes the cuts will “simplify and strengthen our advertising business,” which has been “not profitable and struggled to live up to our high standards.”
Nomad Health, a New York-based online healthcare staffing management company, is laying off 17% of its corporate staff (nearly 120 employees), with CEO Alexi Nazem telling workers in a letter obtained by Forbes the move comes as the company is “confronting a major shift in the post-pandemic economy” due to high inflation, recession fears and low consumer demand.
Internet technology management company GitHub, which is owned by Microsoft, announced it is laying off 10% of its workforce—roughly 300 of its 3,000 employees—officials confirmed to Forbes, saying the move is part of a “budgetary realignment” intended to preserve the “health of our business in the short term”).
In a Securities and Exchange Commission filing, eBay announced a 4% reduction to its workforce (500 employees), as the San Jose, California-based e-commerce company works to cut costs “with considerations of the [global] macroeconomic situation.”
In a message to employees, Eric Yuan, the CEO of online meeting platform Zoom, unveiled plans to slash roughly 15% of the company’s workforce as “the world transitions to life post-pandemic” and amid “uncertainty of the global economy”—cutting approximately 1,300 positions, after it tripled its staff at the outset of the pandemic.
Atlanta-based cybersecurity company Secureworks announced in a SEC filing it will cut 9% of its staff (estimated to affect roughly 225 of its nearly 2,500 employees, according to PitchBook), as it looks to reduce spending amid a “time when some world economies are in a period of uncertainty.”
Jet maker Boeing confirmed to multiple news outlets plans to cut around 2,000 jobs in finance and human resources this year, though the firm said it will increase its overall headcount by 10,000 employees “with a focus on engineering and manufacturing.”
Texas-headquartered Dell Technologies, which owns PC-maker Dell, could cut roughly 6,650 employees, reportedly citing “uncertain” market conditions in their decision to move beyond earlier cost-cutting measures, while analysts noted a crash in demand for personal computer products—which makes up the majority of Dell’s sales—after a pandemic high.
