Layoffs 2023
IT Layoffs
Amazon And Spotify
Amazon, the e-commerce giant, reduced its workforce by nearly 18,000 employees in the year 2023, implementing job cuts in both the company's music division and the Alexa business. Additionally, in early December, Spotify disclosed its plans to cut 17 percent of its workforce as part of a cost-cutting initiative.
Job Loss
Byju's
Funding
Tentative Reason
In response to a dearth of available funding in the economy, founders have opted to reduce their workforce as a strategy to implement cost-cutting measures. Technological progress, shifting consumer preferences, and an ongoing demand for operational excellence significantly contribute to influencing transformations in the workforce. Moreover, the technology sector is grappling with sluggish revenue growth due to a worldwide economic downturn triggered by factors such as the Russia-Ukraine conflict and inflationary pressures.