Results for: Layoffs

Careers site Indeed is laying off about 1,000 employees, or 8% of its workforce, in an effort to simplify its organization and reduce organizational layers. The company’s CEO, Chris Hyams, took responsibility for the job cuts and said that the firm is still not set up for growth after last year’s global slowdown in hiring resulted in declining sales. The latest cuts will be more concentrated in the US and will primarily affect research-and-development and go-to-market teams. The company will work to ensure that underrepresented groups are not disproportionately affected by the layoffs.

Walmart, the world’s largest retailer, has announced job cuts and a return-to-office policy for remote workers. According to the Wall Street Journal, the company is asking workers in Dallas, Atlanta, and Toronto to relocate to larger hubs. Walmart has faced increasing pressure to automate its operations, and has closed several stores in recent months.

Tesla CEO Elon Musk recently announced plans to invest over $500 million in expanding the company’s Supercharger network this year. This announcement comes just over a week after Tesla laid off nearly 500 employees responsible for operating the charging business. Musk’s decision to expand the network despite the layoffs has raised questions about the future of Tesla’s charging operations.

Air India Express has commenced layoffs of cabin crew members who participated in Wednesday’s mass sick leaves, leading to the cancellation of 86 flights. The airline will continue to face disruptions on Thursday, with more than 70 services affected. The protest stems from Tata Group’s merging of Air India Express with AIX Connect, a move opposed by employees.

Dell is reportedly implementing rigorous measures to ensure employees return to physical offices. The company plans to monitor on-site presence through badge tracking and color-coded ratings, prompting concerns among managers who fear it could limit growth opportunities and lead to layoffs for remote workers.

Fintech company Simpl has laid off approximately 160-170 employees across multiple departments, including engineering and product development. The job cuts are part of the company’s efforts to reduce costs and improve operational efficiency as it faces high monthly cash burn and slowing user acquisition. The layoffs, which have affected about 25% of Simpl’s workforce, follow previous layoffs in March 2023. Despite hiring new staff in the intervening period, Simpl continues to face challenges related to profitability and maintaining sustainable growth.

Microsoft’s Xbox division is undergoing significant restructuring, leading to the closure of several gaming studios, including Arkane Austin, Tango Gameworks, and Alpha Dog. This move is part of a broader effort to streamline operations, reallocate resources, and focus on innovation. Despite the layoffs, the Xbox content and services segment recently reported a 62% revenue surge.

Peloton faces market challenges as Barry McCarthy steps down as CEO and the company announces layoffs. Financial expert Simeon Siegel from BMO Capital Markets provides insights on the impact of these developments on Peloton’s stock performance.

Peloton announced Thursday that CEO Barry McCarthy will be stepping down and the company will lay off 15% of its staff, approximately 400 employees. McCarthy, a former Spotify and Netflix executive, joined Peloton in February 2022 and has spent the last two years restructuring the business. During his tenure, he implemented mass layoffs, closed showrooms, and focused on growing the company’s app membership. Despite these efforts, Peloton has struggled to achieve sustained growth and profitability. The company has not reported a net profit since December 2020 and has over $1 billion in debt. In a letter to staff, McCarthy said the layoffs were necessary to achieve sustainable free cash flow. The company also announced a broad restructuring plan, including cost cuts of more than $200 million by the end of fiscal 2025. Karen Boone, Peloton’s chairperson, and director Chris Bruzzo will serve as interim co-CEOs while the company searches for a permanent CEO.

Google has confirmed layoffs across various teams, including Flutter, Dart, and Python, as part of ongoing reorganization efforts. The company maintains that the layoffs are not company-wide and that affected employees will be able to apply for other open roles within Google.