Updated

Tech layoffs in 2023: A timeline

Facing an uncertain global economy and slowing revenue growth, technology companies have picked up the pace of layoffs in 2023, after sweeping job cuts rocked the industry last year. Here's an updated timeline of the more notable layoffs, and the reasons why Big Tech is in turmoil.

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The move by Informatica, headquartered in Redwood City, California, will incur nonrecurring charges of approximately $25 million to $35 million in the form of cash expenditures for employee transition, notice period, severance payments and employee benefits, the company filing showed.

The company said it expects the layoffs to be completed by the first quarter of 2023 but added that there might be limited exceptions.

Jan. 4: Salesforce to cut 8,000 in restructuring plan

At the beginning of 2023, San-Francisco based Salesforce announced it will lay off about 10% of its workforce, roughly 8,000 employees, and close some offices as part of a restructuring plan.

In a filing with the US Securities and Exchange Commission (SEC), the company disclosed that its restructuring plan calls for charges between $1.4 billion and $2.1 billion, with up to $1 billion of those costs being shouldered by the company in the fourth quarter of 2023.

In a letter sent by Salesforce’s co-CEO Marc Benioff and attached to the SEC filing, he told employees that as Salesforce’s revenue accelerated through the pandemic, the company over-hired and can no longer sustain its current workforce size due to the ongoing economic downturn. “I take responsibility for that,” Benioff said.

Jan. 4: Amazon confirms more than 18,000 employees to be laid off

Seattle-based tech behemoth Amazon said it would be laying off more than 18,000 staff, with the bulk of job cuts coming later this month. The news confirmed a December Computerworld article reporting that Amazon layoffs were expected to mount to about 20,000 people at all levels While several teams are impacted, the majority of the job cuts will be in the Amazon Stores and People, Experience, and Technology (PXT) organizations.

According to a note from CEO Andy Jassy, the layoffs are a result of “the uncertain economy.” He also said that Amazon had “hired rapidly over the last several years,” but added that the layoffs will help the company pursue more long-term opportunities with a stronger cost structure.

Copyright © 2023 IDG Communications, Inc.

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