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Tag: Layoff 2023

More than 1000 employees laid off in Paytm, Artificial Intelligence is the reason for layoffs

Paytm Layoffs: There has been news about the fintech firm Paytm, stating that the company has once again chosen to fire its staff. Simultaneously, indications of how artificial intelligence would affect employment have begun to appear. In this round of layoffs, Paytm reportedly let go of almost 10% of its whole workforce.

This time, One97 Communications, the parent firm of Paytm, reportedly let go of over 1000 employees, according to an ET report. According to the ET news, which cited two relevant sources, these layoffs occurred within the last few months, affecting workers from different Paytm divisions.

Paytm reportedly carried out this layoff to lower expenses and restructure its many companies.

Paytm’s decision to discontinue its “Buy Now Pay Later” service and exit the small loan market is thought to be the reason for this layoff. The Reserve Bank of India (RBI) recently released new guidelines aimed at curbing the nation’s rising amount of unsecured loans. Following this, banks’ ‘Buy Now Pay Later’ service—which is utilized for credit card issuance, personal loan distribution, and the purchase of the majority of electronics—has been impacted.

Microsoft announces new round of layoffs and cuts 275 jobs

Microsoft announced a new round of job layoffs on Monday morning, affecting a variety of customer care, support, and sales positions. Microsoft is reportedly slashing close to 275 positions, per a GeekWire story.

The 10,000 global layoffs that Microsoft initially announced on January 18 are not included in these reductions.

For Microsoft, whose fiscal year 2023 ended on June 30, making the decision to restructure some of its operations as it begins a new fiscal year is not unusual.

Autonomous delivery robot startup Nuro will lay off 340 employees

Nuro Layoffs: An autonomous delivery robot startup Nuro, based in the U.S. will layoffs 30 percent of its employees, or approximately 340 people, as part of its restructuring effort.

According to news, the co-founders of Nuro, Dave Ferguson and Jiajun Zhu, stated last week that the company would layoffs employees and reallocate resources from commercial operations to R&D.

Nuro has fired employees twice in an effort to reduce expenses and increase the capital runway. About 300 employees, or 20% of the company’s personnel, were let go in November of last year.

Digital intelligence company SimilarWeb laid off 6% of its workforce

A new round of layoffs at the digital analytics company Similarweb will result in the departure of around 60 employees, or about 6% of its whole workforce. The majority of the layoffs involve workers who are based outside of Israel.

The reductions were disclosed along with the company’s first-quarter 2023 earnings.

When Similarweb released its statistics for the third quarter of 2022 in November of last year, it announced the layoff of 10% of its team or roughly 130 individuals.

Paramount Media Networks layoffs 25 Percent of workforce, MTV News Shutting Down

MTV News is being shut down and 25 percent of Paramount Media Networks’ workforce is being layoffs, due to “broader headwinds like our peers”.

The 1980s-era MTV news branch will now be shut down, according to a company document seen by Variety.

25% of the workforce at Showtime, MTV Entertainment Studios, and Paramount Media Networks in the US will see layoffs.

Intel will be layoffs its workforce to reduce costs

On Monday, semiconductor chip manufacturer Intel confirmed that it plans to cut its workforce to reduce costs amid a wave of layoffs in the tech industry.

In order to maintain long-term growth, the company noted the necessity to accelerate its plan in a difficult macroeconomic climate while continuing to invest in key parts of its operations, like its manufacturing facilities in the United States.

In response to a decline in personal computer sales, Intel posted its greatest quarterly loss in corporate history last month. The first quarter’s net loss was $2.8 billion while revenue decreased by 36% from the prior year.

Shopify announced layoffs of 20 percent of its workforce

The layoff round is still on, and this time Shopify’s name has come up. Canada’s Shopify is said to have hinted at more big layoffs after releasing its first-quarter results.

His wave of Shopify layoffs will be the company’s second round of large-scale layoffs, according to a Reuters story. As a result, the company is expected to reduce its workforce by about 20 percent this time.

A memo posted on the company’s website by CEO Tobi Lütke announced the job cuts. The layoffs did not specify which units will be affected.

Cognizant says to lay off 3500 employees to avoid fall in revenue

According to Cognizant, its 2023 estimates for revenue are projected to be lower. Cognizant will reduce costs by firing 3,500 workers and giving up millions of square feet of office space in order to address this.

3,500 employees of the tech business Cognizant will soon receive their pink slips, according to Moneycontrol. The IT giant’s CEO, Ravi Kumar S, announced plans to layoffs thousands of workers to cut costs.

The research also notes that the firm’s 14.6 percent margins are among the lowest in the sector.

US-based software company – Hyland Software will layoffs around 1,000 employees

The flood of layoffs appears to have no stop. Hyland Software, a US-based software company with a location in Kolkata, is the newest company to join the wave of layoffs.

About 1,000 employees will be laid off, or about 20 percent of the company’s workforce. Hyland’s registered office is located at Rajarhat’s DLF IT Park.

William Priemer, president and chief executive officer of Hyland, identified organizational reorganization as the cause. According to him, they are reducing management layers, changing team sizes, and redistributing duties among various levels and departments.

McDonald’s temporarily closes US offices and plans new layoffs

This week, one of the biggest fast food businesses in the world, McDonald’s, temporarily closed all of its US offices and instructed staff to work remotely.

According to the report, the business is getting ready to inform its corporate staff about the upcoming round of layoffs at this time.

As part of its new business plan, the fast food chain corporation announced in January that it would reassess the level of corporate employment. This might result in expansion in certain places while causing layoffs in others. On Wednesday, it’s anticipated that the layoffs will be disclosed.

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