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☆ CNBC Daily Open: Big Tech earnings loom large
▼ + stars: | 2024-01-29 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Tech layoffs surgeSilicon Valley's tech companies are slashing headcount at a rapid pace. Since the start of January, some 23,670 workers have been laid off from 85 tech companies, according to the website Layoffs.fyi. U.S. crude posted its best week, rising 6.27%, since Sept. 1, while the global benchmark was last up 6.35% for the week.

Persons: Dow, Jake Sullivan, Wang Yi, Brent, Kingsley Jones, Jevons, Tesla, Jones Organizations: Artificial Intelligence, Intel, Economic, CNBC, Nasdaq, Tech Locations: Davos, Switzerland, China, Taiwan Beijing, Taiwan, U.S

☆ AI hiring frenzy to fuel layoffs in other tech segments as firms strive to balance costs
▼ + stars: | 2024-01-26 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

(Photo by Jakub Porzycki/NurPhoto via Getty Images)As tech firms prioritize investments into artificial intelligence and go on a hiring spree, other segments are likely to see layoffs continue into 2024, according to industry experts. More than 20,000 tech employees have already lost jobs so far in 2024, according to tracker layoffs.fyi. "Google and the rest of Big Tech are betting big on AI while cutting back on non-strategic areas. Layoffs will continue to happen for Big Tech in some areas while the hiring frenzy in AI will be unprecedented as this arms race continues across the tech world," Dan Ives, managing director at Wedbush Securities, told CNBC. Google CEO Sundar Pichai last week warned employees there would be more job cuts this year as the company continues to shift investments toward AI.

Persons: Jakub Porzycki, Dan Ives, Sundar Pichai, Pichai Organizations: Getty, Google, Big Tech, Wedbush Securities, CNBC, Microsoft Locations: Krakow, Poland

☆ Salesforce is the latest tech company to cut jobs with 700 layoffs, report says
▼ + stars: | 2024-01-26 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

The cuts will affect around 700 employees, The Wall Street Journal reported. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The layoffs are the latest in a wave of cuts sweeping the tech industry this month. More than 20,000 tech workers across 80 companies have been affected by job cuts in the first month of the year, according to tracker Layoffs.fyi . January is historically a common month for layoffs as companies adjust budgets and plans for the new year.

Persons: Salesforce, —, Marc Benioff's, Sundar Pichai Organizations: Street Journal, Service, Business, Industry, Google, Tech

☆ Tech layoffs are expected to continue as companies seek to hire more AI talent, analyst says
▼ + stars: | 2024-01-26 | by ( Aaron Mok | ) www.businessinsider.com time to read: +3 min

And more Big Tech layoffs may be coming this year as companies bet big on AI, an analyst told CNBC. As of January 2024, 89 tech companies have laid off almost 25,000 employees, according to tracker site Layoffs.fyi. "Google and the rest of Big Tech are betting big on AI while cutting back on non-strategic areas," Dan Ives, a tech analyst at Wedbush Securities, told CNBC. Layoffs will continue in some areas, while"the hiring frenzy in AI will be unprecedented as this arms race continues across the tech world." But while growing investment in AI may soon put more out of work, new roles are being created within the AI space.

Persons: —, it's, Dan Ives, Ives, Sundar Pichai Organizations: Big Tech, CNBC, Google, Service, Wedbush Securities, Business, Amazon, Prime, Amazon MGM Studios, SAP, Apple, Meta, Nvidia

☆ Tiger Global-backed Productboard conducts third round of layoffs in two years, sources say
▼ + stars: | 2024-01-26 | by ( Tasmin Lockwood | Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. This story is available exclusively to Business Insider subscribers. Now, Productboard has begun another round of layoffs, the scale of which is unknown as yet, the former staffers said. Startups and Big Tech companies alike have slashed their wage bills as the high-interest rate environment encourages businesses to prioritize sustainability over growth. AdvertisementIn January alone, 76 tech companies have laid off 21,370 employees, according to tracker site Layoffs.fyi.

Persons: —, Productboard, Daniel Hejl, Hubert Palan, Kleiner Perkins, Palan, Productboard's headcount Organizations: Service, Business, Tiger Global, Dragoneer, Microsoft, Volkswagen, Sequoia, Bessemer Venture Partners, Index Ventures, Big Tech, Bloomberg, LinkedIn Locations: San Francisco, Czech Republic, Silicon Valley, Sequoia Capital, Productboard

☆ TECH'S JOB-CUTS JANUARY
▼ + stars: | 2024-01-24 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +3 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . But by the third week of the month, layoffs had become a reality for many in tech. More than 70 tech companies have swung the ax so far this year, affecting more than 13,000 workers, according to tracker Layoffs.fyi. January is historically a common month for layoffs as companies adjust budgets and plans for a new year. In January 2023, more than 270 tech companies laid off nearly 90,000 employees, according to Layoffs.fyi.

Persons: —, Sundar Pichai, Dan Clancy, it's, Jason Citron Organizations: Industry, Google, Service, Tech, Workers, Prime, Amazon MGM Studios, YouTube, eBay Locations: TikTok, overhiring

☆ Google's efforts to shrink its workforce in Korea has hit a snag as some employees are refusing to go
▼ + stars: | 2024-01-23 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

About 10 Google employees from its office in Seoul have accepted the company's suggestion to resign, the report said. Around 100 Google workers in Korea formed a union last year due to mounting concerns over the industry-wide layoffs in the US. "With the ongoing job cuts within the US tech industry, employees have been concerned about their job security and decided to establish a union," Kim Jong-sub, head of the Google Korea union, told Korea Herald last April. Google laid off 12,000 employees in 2023 — about 6% of its headcount — and it's continuing to make job cuts this year. A total of 262,595 employees were laid off from 1,186 tech companies in 2023, Layoffs.fyi, which tracks job cuts, showed.

Persons: KangNam, Bongsoo Jung, Kim Jong, Sundar Pichai, Hugh Langley, Google didn't Organizations: Service, Google, Korea JoongAng Daily, Business, Google Korea, Korea Herald, Korea Locations: South Korea, Korea, Seoul

☆ eBay is laying off 1,000 employees, about 9% of its staff
▼ + stars: | 2024-01-23 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —eBay is cutting 1,000 roles, about 9% of its full-time employees, the company’s CEO announced online Tuesday. CEO Jamie Iannone cited the “challenging macroeconomic environment” as an external pressure but added that there are factors the company can control. “We’re committed to treating everyone with respect and empathy through this transition and providing impacted employees with support and resources,” Iannone said. The eBay action is the latest round of layoffs to hit the tech industry in the first month of 2024, after an already difficult 2023 for the sector. Almost 11,000 tech employees have been laid off at 63 companies so far in 2024, according to data from layoffs.fyi.

Persons: Jamie Iannone, Iannone, ”, “ We’re, ” Iannone, Sundar Pichai, ” Duolingo, Brian Fung, Jennifer Korn, Clare Duffy, Catherine Thorbecke Organizations: New, New York CNN, eBay, Google Locations: New York, layoffs.fyi

☆ After big tech layoffs, Silicon Valley may have lost its monopoly on workers
▼ + stars: | 2024-01-14 | by ( Rachel Curry | ) www.cnbc.com time to read: +6 min

According to Dice's 2023 Tech Sentiment Report, 60% of tech workers in general are interested in leaving their jobs in 2024, which is up from 52% the year prior. According to Art Zeile, CEO of tech careers marketplace Dice, tech workers are most in demand in the aerospace, consulting, health care, financial services and education industries. Zeile says it's in spaces like these — non-tech enterprises with major tech branches — that tech workers can find better work-life balance and more stability than the tech leaders can provide. In corporate America outside of big tech, he said, "There is more of a dedication to making sure that the project gets fulfilled." Tech job growth geographicallyUltimately, Zeile says recent layoffs have induced a jarring disruption in two decades of growth in big tech.

Persons: Justin Sullivan, Jeff Spector, Spector, I'm, CBRE, Art Zeile, Zeile Organizations: Google, Tech, Meta, Microsoft, MGM Studios Locations: Mountain View , California, Silicon Valley, Seattle, America, India

☆ The tech sector is pouring billions of dollars into AI. But it keeps laying off humans
▼ + stars: | 2024-01-13 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +6 min

More than 5,500 tech layoffs less than two weeks into 2024The latest rounds of tech job cuts are occurring across a range of roles and in both Big Tech companies and smaller startups. There were some 262,682 tech industry layoffs recorded in 2023, per Layoffs.fyi data, after 164,969 cuts the previous year. Against that backdrop, the tech industry went on a remarkable hiring spree. Disparate impacts of tech job cuts come under scrutinyAs the tech industry layoffs continue, labor advocates and even lawmakers are taking notice. “Recent findings have consistently shown that minorities and women are vastly overrepresented in industry layoffs,” the letter said.

Persons: Roger Lee, Lee, Dropbox, Goldman Sachs, Parul, Koul, ”, Emanuel Cleaver, Missouri, Barbara Lee of, Julie Su Organizations: CNN, Big Tech, Tech, Google, Unity Software, ”, Chegg, IBM, Alphabet Workers, CWA, Democratic, American, Labor, Department of Labor Locations: Silicon Valley, Barbara Lee of California

☆ Why Are So Many Companies ‘Rightsizing’?
▼ + stars: | 2024-01-12 | by ( ) www.nytimes.com time to read: 1 min

More than 260,000 tech employees were laid off in 2023, according to Layoffs.fyi, a site that tracks job cuts across the tech industry. That included workers from Meta, Alphabet, Microsoft and Amazon. Google just announced more cuts this month. “The term ‘rightsizing’ sounds more neutral,” Roger Lee, the creator of Layoffs.fyi, said, adding that the phrase is also used “to convey the fact that these companies did a lot of hiring the past couple years, and now realize, given the current economic reality, it makes sense for the business to go back to a smaller size.”

Persons: Roger Lee, Layoffs.fyi Organizations: Meta, Microsoft, Google

☆ Spotify is being hammered for wrapping 2023 with big layoffs just before Christmas
▼ + stars: | 2023-12-05 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +2 min

Users on X are mocking the company's timing with its signature Spotify Wrapped style. "That puts you in the top 3% of biggest layoffs this year from a tech company," one user quipped. The layoffs come despite Spotify reporting its first quarterly profit in a year in October — and less than a month before the Christmas holidays. That puts you in the top 3% of biggest layoffs this year from a tech company," wrote Roshan Patel on a post titled "Daniel Ek's Spotify Wrapped." Another X user, @digi_chad42069, shared a video mocking the timing of the layoffs: "2023 was a feast for your shareholders.

Persons: —, Daniel Ek, Daniel Ek's, — Roshan Patel, Roshan Patel, Daniel, ike, uros Organizations: Spotify, Service Locations: —

☆ Wholesale marketplace Faire, which raised $416 million 18 months ago, laid off 250 workers in a company-wide restructuring
▼ + stars: | 2023-11-02 | by ( Madeline Stone | ) www.businessinsider.com time to read: +3 min

Faire, the wholesale marketplace company, laid off about 250 employees on Wednesday. This is the second time in just over a year that the company has laid off workers, although this second restructuring appears to be bigger. Faire is an online marketplace that connects independent brands with retailers that can stock their products in their stores. Faire recently announced a partnership with Shopify that established Faire as the preferred wholesale marketplace for Shopify merchants. Shopify also became a shareholder in Faire as part of the deal, which Insider first reported on in July.

Persons: Shopify, We're, who've, Layoffs.fyi Organizations: Dragoneer Investment, Sequoia Capital, Founders Fund, Forerunner Ventures, Tech Locations: mstone@insider.com

☆ Startup employees are reeling as they brace for back-to-back rounds of layoffs: 'When it happens again, you start to lose that confidence and faith in your leadership.'
▼ + stars: | 2023-10-25 | by ( Samantha Stokes | Madeline Renbarger | ) www.businessinsider.com time to read: +9 min

For the startup employees interviewed by Insider, the constant threat of layoffs is having a detrimental effect on company morale. said one employee working at a growth stage startup that's conducted three rounds of layoffs this year. For Reay, the former Sendoso employee, constant rounds of layoffs gave him and his surviving colleagues "strategy whiplash." "When it happens again, you start to lose that confidence and faith in your leadership." Some startup employees are reconsidering their future in the industryAs startup employees brace for the potential of more job cuts, they say that the experience has them second-guessing whether to stay in the industry at all.

Persons: Sean Reay, it's, Reay, SoftBank, Sendoso, what's, I'm, Raey, SchoolMint, I've, you'd, he's, Jackie Xu, Xu Talent, Kleiner Perkins, Xu, you've Organizations: Facebook, Meta, Twitter, Sendoso, GV, Google, Employees Locations: San Diego, That's, SPAC

☆ SoftBank-backed gifting startup Sendoso just completed its fourth round of layoffs in the last 16 months
▼ + stars: | 2023-10-03 | by ( Samantha Stokes | Madeline Stone | ) www.businessinsider.com time to read: +4 min

SoftBank-backed gifting startup Sendoso laid off an undisclosed number of employees in its latest round of job cuts on Tuesday. This is the fourth time in the last 16 months that Sendoso has axed its headcount: the marketing startup in June 2022 laid off around 100 employees from its then 700-employee workforce, Insider previously reported . Sendoso most recently raised $100 million in a Series C funding round led by SoftBank Vision Fund. Better, which went public in August via a long-delayed SPAC deal, conducted another round of layoffs last month . Do you have information about job cuts at tech startups?

Persons: Sendoso, SoftBank, it's, —, Samantha Stokes, Madeline Stone Organizations: LinkedIn, U.S, Sendoso, SoftBank Vision, Greensill, Stock Locations: Ireland, sstokes@insider.com, mstone@insider.com

☆ How layoffs and A.I. are impacting tech workers
▼ + stars: | 2023-08-03 | by ( Shawn Baldwin | ) www.cnbc.com time to read: +1 min

Tech companies shed more than 386,000 jobs last year and in the first half of this year, according to Layoffs.fyi. But while layoffs have taxed workers, a booming artificial intelligence market is giving the industry a renewed sense of optimism. "I have been in San Francisco for almost 12 years now and I have never felt this kind of energy," said Flo Crivello, CEO of AI startup Lindy. Generative AI startup deals announced or finalized In the first quarter of this year totaled more than $12 billion, compared to about $4.5 billion invested in the space all of last year, according to PitchBook. So how have layoffs impacted tech workers and what will the AI boom mean for their future?

Persons: Flo Crivello, Crivello, it's Organizations: Microsoft Locations: San Francisco

☆ AI is already linked to layoffs in the industry that created it
▼ + stars: | 2023-07-04 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +6 min

Some 212,294 workers in the tech industry have been laid off in 2023 alone, according to data tracked by Layoffs.fyi, already surpassing the 164,709 recorded in 2022. But in the shadow of those mass layoffs, the tech industry has also been gripped by an AI fervor and invested heavily in AI talent and tech. Roger Lee, a startup founder who has been tracking tech industry layoffs via his website Layoffs.fyi, also runs Comprehensive.io, which examines job listings and compensation data across some 3,000 tech companies. Those looking to thrive in the tech industry and beyond may need to brush up on their AI skills. It’s not that everyone needs to become AI specialists, Wang added, but rather that workers should know how to use AI tools to become more efficient at whatever they’re doing.

Persons: Arvind Krishna, Barrons, Krishna, Dropbox, ”, Drew Houston, “, Dan Wang, ” Wang, Mark Zuckerberg, Roger Lee, Lee, Wang, It’s, That’s Organizations: CNN, Bloomberg, Columbia Business School, Layoffs.fyi, Microsoft, Machine Locations: OpenAI, Silicon Valley

☆ Pokemon Go maker Niantic is laying off 230 employees
▼ + stars: | 2023-06-30 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +2 min

New York CNN —Niantic, the creator of hit mobile game Pokemon Go, announced it is laying off 230 employees and reorganizing its business as it grapples with new macroeconomic uncertainty. In a letter to staff announcing the job cuts, Niantic CEO John Hanke said the company is taking other significant actions as well: shuttering its Los Angeles studio, sunsetting its NBA All-World game and halting production on Marvel: World of Heroes. The privately held company’s breakout hit, Pokemon Go, was among the first mobile games to embrace augmented reality when it launched in 2016. “In the wake of the revenue surge we saw during Covid, we grew our headcount and related expenses in order to pursue growth more aggressively, expanding existing game teams, our AR platform work, new game projects and roles that support our products and our employees,” Hanke wrote. Eventually, however, “our revenue returned to pre-Covid levels and new projects in games and platform have not delivered revenues commensurate with those investments,” he added.

Persons: New York CNN — Niantic, John Hanke, sunsetting, Hanke, ” Hanke, “ Organizations: New, New York CNN, NBA, Marvel, Layoffs.fyi Locations: New York, Los Angeles

☆ How to tell your company has layoffs planned. Some signs ‘will send shivers down your spine,’ career expert says
▼ + stars: | 2023-06-20 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

Amazon, Dropbox and Lyft had the biggest layoffs in the tech industry for April. Google and Meta Platforms are responsible for the most tech layoffs since the pandemic, according to Layoffs.fyi. Look at WARN notices in your stateSo-called WARN notices can help workers figure out if layoffs are coming, Vivian Tu, a former trader turned influencer who goes by "Your Rich BFF," said in a March Instagram video. However, sometimes companies can avoid releasing these notices by spreading out the layoffs, said Susan Houseman, director of research for the W.E. "So maybe you're going to lay off 75, say you lay off 40 one month and 26 the next to avoid WARN notice," she said.

Persons: Daniel Grill, —, José Fernández, Lyft, Vivian Tu, influencer, BFF, Susan Houseman, Houseman Organizations: Challenger, Retailers, University of Louisville, Google, Worker, . Upjohn Institute, Employment Research

☆ Mass layoffs are creating a new generation of founders building climate, health, and fintech startups
▼ + stars: | 2023-06-14 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

Tech layoffs are fuelling an influx of new founder talent. Delivery Hero scaled down its ghost kitchen project and, despite being offered another role internally, Pankow exited in December 2022. As the cofounder of cybersecurity startup Simplyblock, he is part of a new wave of founders born of tech layoffs. In 2022, programme applications from founders working at tech companies that have made layoffs increased by 111% to 1,273. "As the world's strongest talent, capital and political will gravitates towards this issue, we are seeing founders building technology designed to leave a real impact," Klink added.

Persons: Rob Pankow, Pankow, Christoph Klink, Klink, Ling Walker, Patreon, Tasmin Lockwood Organizations: Meta, WIRED, Ventures Locations: Berlin, Patreon

☆ The CEO of software giant Intuit, which has avoided mass layoffs, says tech firms axed jobs because they misread the pandemic
▼ + stars: | 2023-06-02 | by ( Shona Ghosh | ) www.businessinsider.com time to read: +4 min

Almost 300,000 staff have been laid off by tech firms since the start of 2022, per Layoffs.fyi. Those mass layoffs are down to companies misunderstanding the pandemic, says Intuit's CEO. "There's nothing for these people to do — they're really — it's all fake work," Rabois said at the time. However, Goodarzi told Insider that mass layoffs had in fact unnerved the remaining star talent at major tech firms, particularly in AI. Hiring, he said, had "actually become easier because of all the tech layoffs, because of the uncertainty the layoffs have caused."

Persons: miscalculating, Sasan Goodarzi, Goodarzi, Mark Zuckerberg, Zuckerberg, Keith Rabois, Elon Musk, Rabois Organizations: Intuit, Companies, Meta, Google, Facebook, Twitter

☆ Europe's startups overpaid and over-hired in the COVID-19 boom. Now they're feeling buyer's remorse.
▼ + stars: | 2023-05-22 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +4 min

Tech workers in Europe enjoyed a golden period of inflated salaries during the pandemic. One CEO told Insider that he now feels some staffers aren't "worth" the pandemic price tag. That didn't just apply to good engineers, always gold dust, but to good HR staff, marketers, and other less technical roles. Few CEOs will say this aloud, but this attitude has clearly manifested in widespread, global layoffs across the tech industry. Pay for tech workers in Europe in general rose significantly during COVID-19 with salaries increasing by around 50% between 2018 and 2021, according to data from Advanced HR, cited by Sifted.

☆ Layoffs aren't over yet for tech giants as managers prepare to tighten on the 'laptop generation,' says tech investor Gene Munster
▼ + stars: | 2023-05-18 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Tech layoffs are far from over, according to tech investor Gene Munster. He also sees them getting tighter on the "laptop generation" who refuse to return to the office. More layoffs could be on their way at big tech firms as bosses prepare to tighten on the "laptop generation," according to Gene Munster. Munster's comments come as tech companies shift their tone away from growth to focus on efficiency. Munster thinks that "there has been this laptop generation" that "some of these tech companies are going to tighten on."

☆ LinkedIn cuts over 700 jobs, phases out China app as demand wavers
▼ + stars: | 2023-05-09 | by ( Stephen Nellis | ) www.reuters.com time to read: +3 min

In the past six months, more than 270,000 tech jobs globally have been cut, according to Layoffs.fyi, which has been tracking the fallout. A LinkedIn spokesperson said the vendors were "external partners" who would take on new and existing work. The remaining China app, called InCareers, will be phased out by Aug. 9, LinkedIn said. LinkedIn will retain a presence in China to help companies operating there to hire and train employees outside the country, the company spokesperson said. Before LinkedIn's announcement, 5,000 technology jobs had been in eliminated in May alone, according to Layoffs.fyi.

☆ The Bearer of Bad News
▼ + stars: | 2023-05-05 | by ( Lora Kelley | ) www.nytimes.com time to read: 1 min

A short list of moments in the day when Roger Lee is thinking about layoffs: while waiting for someone to show up to a Zoom call. Though Mr. Lee, 36, reads bad news constantly, he remains a stalwart optimist about tech. He recognizes the pain that layoffs cause, but he also believes the industry will “100 percent” bounce back. And Mr. Lee believes that talking openly about layoffs in the industry he loves is healthy. If people are speaking openly about layoffs, he reasons, workers can find new jobs efficiently.

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