Google, Meta, Amazon, others have cut more than 95,000 employees

The cuts in tech land are piling up as companies that led the 10-year bull market adjust to a new reality.

In January, Google announced plans to lay off 12,000 people from their workforce, while Microsoft said it is laying off 10,000 employees. Amazon also started one new round of cuts which is expected to eliminate more than 18,000 employees and be the largest staff reduction in the e-tailer’s 28-year history.

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On Tuesday, Meta announced plans to shut down 10,000 workersadding to the 11,000 cuts it made in November.

The layoffs come at a time of slowing growth, higher interest rates to fight inflation and fears of a possible recession next year.

Here are some of the biggest cuts in the tech industry so far. All figures are approximate based on filings, public statements and media reports:

Googlewhich is owned by parent company Alphabet, said on Friday that it will lay off 12,000 people from its workforce.

Sundar Pichai, Google’s CEO, said in an email sent to company staff that the company will begin making layoffs in the United States immediately. In other countries, the process “will take longer due to local laws and practices,” he said. CNBC reported that in November Google employees had feared layoffs as its counterparts made cuts and as employees saw changes in the company’s performance system.

Alphabet had largely avoided layoffs until January, when it happened approximately 240 employees from Verily, its health sciences division.

Microsoft reduces 10,000 workers through March 31 as the software maker accounts for slower revenue growth. The company is also taking a $1.2 billion fee.

“I am confident that Microsoft will emerge from this stronger and more competitive,” CEO Satya Nadella announced in a memo to employees that was published on the company’s website Wednesday. Some employees will find out this week if they lose their jobs, he wrote.

Earlier this month, Amazon CEO Andy Jassy said the company planned to lay off more than 18,000 employees, mainly within the personnel and store divisions. It came after Amazon said in November it wanted to cut staff, including in its units and recruiting organizations. CNBC reported when the company was looking to lay off around 10,000 employees.

Amazon went on a hiring spree during the Covid-19 pandemic. The company’s global workforce grew to more than 1.6 million by the end of 2021, up from 798,000 in the fourth quarter of 2019.

CEO Kris Marszalek said in a blog posts that the crypto exchange grew “ambitiously” but could not cope collapse of Sam Bankman-Fried’s crypto empire FTX without the additional cuts.

“All affected personnel have already been notified,” Marszalek said in a post.

The 10th of January Coin base announced plans to cut about a fifth of its workforce as it looks to save money during the crypto market downturn.

The exchange plans to reduce 950 job, according to a blog post. Coin basewhich had roughly 4,700 employees at the end of September, already had cut 18% of the workforce in June said they needed to manage costs after growing “too fast” during the bull market.

“With perfect hindsight, looking back, we should have done more,” CEO Brian Armstrong told CNBC in a phone interview at the time. “The best thing you can do is react quickly when information becomes available, and that’s what we’re doing in this case.”

Dell notified it would lay off 5% of its workforce, or about 6,650 employees, in early February. The company started the year with more than 130,000 employees, but said the cuts were made to “stay ahead of recessionary effects.”

A slower demand for computers is hitting Dell harder than its competitors.

eBay notified it would lay off 500 workers, or 4% of its workforce, in February. Like many executives, eBay CEO Jamie Iannone said the cuts came as a result of the global macroeconomic environment.

Salesforce is cut 10% of its staff and reduce some office space as part of a restructuring plan, the company announced 4 Jan. It employed more than 79,000 workers from and including December.

In a letter to employees, co-CEO Marc Benioff said customers have become more “saturated” in their purchasing decisions given the challenging macroeconomic environment, leading Salesforce to make the “very difficult decision” to lay off employees.

Salesforce said it will take charges of $1 billion to $1.4 billion related to the staff reductions and $450 million to $650 million related to the reductions in office space.

Facebook parent Meta announced his most significant layoffs ever in November. The company said it plans to eliminate 13% of the staffwhich amounts to more than 11,000 employees.

Just four months later, CEO Mark Zuckerberg said the company would lay off an additional 10,000 employees and close the hiring for 5,000 positions in a notice to employees in March.

Meta’s disappointing guidance for the fourth quarter of 2022 erased a quarter of the company’s market value and pushed the stock to its lowest level since 2016.

The tech giant’s cuts come after it expanded its workforce by about 60% during the pandemic. The business has suffered by competition from rivals like TikTok, a broad decline in online ad spending and challenges from Apple’s iOS changes.

In February, Twilio said it would lay off 17% of its workforce, or about 1,500 employees. The company reported almost 9,000 employees as of September 2022 and had already laid off 11% of its workforce in the same month.

“These changes hurt,” Twilio CEO Jeff Lawson said at the time.

Lift announced in November that it drop 13% of its staff, or around 700 jobs. In a letter to employees, CEO Logan Green and CEO John Zimmer pointed to “a likely recession sometime in the next year” and rising ridership insurance costs.

For laid-off workers, the company promised 10 weeks of pay, health care coverage until the end of April, faster vesting of shares for the Nov. 20 vesting date and recruiting assistance. Workers who have been with the company for more than four years will receive an extra four weeks’ pay, they added.

Online payment giant Stripe announced plans to lay off about 14% of its staff, which amounts to approximately 1,100 employees, in November.

CEO Patrick Collison wrote in a memo to staff that the cuts were necessary amid rising inflation, fears of a looming recession, higher interest rates, energy shocks, tighter investment budgets and sparser start-up funding. Taken together, these factors signal “that 2022 represents the beginning of a different economic climate,” he said.

Stripe was valued at $95 billion last year and reportedly lowered its internal valuation to $74 billion in July.

In July, Shopify announced it was laying off 1,000 employeeswhich represents 10% of the global workforce.

In a memo to staff, CEO Tobi Lutke admitted he had misjudged how long the pandemic-driven e-commerce boom would last, saying the company was suffering from a broader decline in online spending. Its share price fell by 78% in 2022.

Netflix notified two rounds of layoffs. In May, the streaming service was phased out 150 jobs after the company reported its first subscriber loss in a decade. In late June, it announced another 300 layoffs.

In a statement to employees, Netflix said, “While we continue to invest significantly in the business, we made these adjustments so that our costs grow in line with our slower revenue growth.”

By the end of August, Snap announced that it was laying off 20% of its workforcecorresponding more than 1,000 employees.

Snap CEO Evan Spiegel told employees in a memo that the company must restructure its operations to deal with its financial challenges. He said the company’s 8% year-over-year quarterly growth rate “is well below what we expected earlier this year.”

Retail brokerage firm Robinhood cut 23% of its stafffi August, after cutting 9% of its workforce in April. Based on public filings and reports, it amounts to more than 1,100 employees.

Robin Hood CEO Vlad Tenev blamed “deteriorating macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash.”

In June, Tesla CEO Elon Musk wrote in an email to all employees that the company was cutting 10% of white-collar workers. The Wall Street Journal appreciated the reductions would affect about 6,000 employees, based on public filings.

“Tesla will cut 10% of its workforce because we have become overstaffed in many areas,” Musk wrote. “Note that this does not apply to anyone who actually builds cars, battery packs, or installs solar power. The number of hourly employees will increase.”

Video conference provider Zoom said in February it would cut 15% of its workforce and lay off 1,300 workers. “We didn’t take as much time as we should have to carefully analyze our teams or assess whether we were growing sustainably,” Zoom CEO Eric Yuan said at the time.

Zoom’s explosive growth was fueled by Covid-19 lockdowns, but the company has suffered as life has largely returned to normal for many.