Morning Tidings

Tag: LayOffs

  • L&T Layoffs: L&T Technology Company Lays Off 200 Employees From Mid-to-Senior Roles: Report

    L&T Layoffs: L&T Technology Company Lays Off 200 Employees From Mid-to-Senior Roles: Report

    Mumbai, November 24: L&T Technology Services, also known as LTTS, has reportedly laid off over 200 people in mid-senior roles. The people were sacked as a part of the performance cycle and to reduce role overlaps. LTTS sacked these people from its delivery and support functions due to automation. According to the reports, the company automated many functions in these departments and no longer required the employees in these roles.

    As per reports, L&T Technology Services has laid off employees mainly from the delivery and support functions. LTTS is an Indian multinational technology company providing services in Engineering and R&D. The company’s headquarters is located in Vadodara, Gujarat. According to the Times of India report, layoffs account for less than 1% of the company’s workforce. Currently, the L&T employs around 24,000 people. Earnings From Gaming in India: Over 45% of Serious Gamers Earning Between 6 to 12 Lakh Per Annum in 2023, Says Report.

    L&T Technology Services and IT Sector: 

    According to the Times of India report, IT spending by customers is being pulled back by the customers as the sector faces a challenging environment. The report said that the companies are tackling these challenges by introducing cost-efficiencies and operation rigour. 

    An LTTS spokesperson told the Times of India the LTTS company conducts performance reviews as a standard process to assess workforce capabilities every year. According to the report, the company continues to hire new employees in its digital, plant and software engineering. Cyber Attack at Taj Hotel: Data of Tata-Owned Hotel Breached by ‘Dnacookies’, Around 1.5 Million Customers at Risk.

    Will LTTS Job Cuts Affect Its Revenues? 

    According to reports, the Larsen & Toubro (L&T) company expects its revenues to grow by 17.5% to 18.5% through achieving its targets. The report said L&T Technology Services had reached “3.2% sequential growth in constant currency, and its operating margin came in at 17% after it absorbed wage hikes.”

    (The above story first appeared on Morning Tidings on Nov 24, 2023 10:38 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • PhysicsWallah Layoffs: Edtech Company Cuts Over 100 Employees Amid Cost-Restructuring Exercise

    PhysicsWallah Layoffs: Edtech Company Cuts Over 100 Employees Amid Cost-Restructuring Exercise

    New Delhi, November 19: Edtech company PhysicsWallah (PW) has reportedly laid off more than 100 employees, a first job cut at the company amid a cost-restructuring exercise. According to a report in Entrackr, citing sources, PhysicsWallah confirmed that about 70-120 employees were let go. Employees across content, operations and other departments were laid off, according to the report.

    “At PW, we regularly assess performance through mid-term and end-term cycles. For the cycle ending in October, less than 0.8 per cent of our workforce, ranging from 70 to 120 individuals with performance concerns — may be asked to transition,” Satish Khengre, CHRO, PW, was quoted as saying in the report. Tech Layoffs Dampen Festivities; Google, Amazon, Snap and Others Announce Fresh Job Cuts.

    “We plan to hire an additional 1,000 employees in the next six months, reinforcing our commitment to growth,” the company executive added. PhysicsWallah turned unicorn last year with a $100 million round from WestBridge Capital and GSV Ventures.

    The company’s revenue from operations increased 9.5X to Rs 233 crore in FY22 from Rs 24.6 crore in FY21. Founded in 2016 by renowned YouTube STEM educator Alakh Pandey and later joined by tech executive Prateek Maheshwari, PhysicsWallah offers online and offline courses and study materials for JEE, NEET and other engineering entrance and state board exams. Amazon Layoffs: E-Commerce Giant Cuts Jobs Amid Global Churning in Alexa Division, India Unit Impacted.

    PW has over 31 million subscribers spread across 61 YouTube channels. Moreover, its mobile app has been downloaded over 10 million times and boasts a 4.5 rating on the Google Play Store.

    (The above story first appeared on Morning Tidings on Nov 19, 2023 08:37 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Amazon Layoffs: E-Commerce Giant Cuts Jobs Amid Global Churning in Alexa Division, India Unit Impacted

    Amazon Layoffs: E-Commerce Giant Cuts Jobs Amid Global Churning in Alexa Division, India Unit Impacted

    New Delhi, November 18: Amazon has announced to lay off “several hundred employees” from its Alexa division, including in India, amid a renewed focus on artificial intelligence (AI). The number of employees being impacted by the decision in India could not be ascertained yet.

    The e-commerce giant will “communicate with impacted colleagues in India next week”. In a memo sent to employees, Daniel Rausch, vice president of Alexa and Fire TV team, said that the company is eliminating “several hundred roles”. Amazon Layoffs: E-Commerce Giant Laying Off Hundreds Employees in Alexa Division, India Team Impacted.

    “As we continue to invent, we’re shifting some of our efforts to better align with our business priorities, and what we know matters most to customers — which includes maximising our resources and efforts focused on generative AI,” he told employees in the memo. “These shifts are leading us to discontinue some initiatives, which is resulting in several hundred roles being eliminated,” Rausch added.

    He said that the company “will communicate with impacted colleagues in India next week, and are following local processes in other regions, which may include time for consultation with employee representative bodies, and possibly resulting in longer timelines to communicate”.

    Amazon did not provide further details on the initiatives being discontinued. The e-commerce giant had conducted layoffs in its Devices & Services division last year as part of company-wide cuts. Rausch said that the investments in generative AI are bringing “our vision for an even more intuitive, intelligent, and useful Alexa closer than ever before”. Amazon Layoffs Continue: E-Commerce Giant Lays Off ‘Just Over’ 180 Employees in Its Gaming Division, Shuts Down Crown Channel.

    “We will reach out to colleagues in the US and Canada who are impacted by these role reductions. Notification emails will be sent out shortly, and we expect all notifications in the .S and Canada to be completed this morning (Pacific time),” the memo further read. “To those of you impacted by these reductions, please know we did not make this decision lightly,” it added.

    The company is providing impacted employees packages that include a separation payment, transitional health insurance benefits, external job placement support, and paid time to conduct job search. Dave Limp, in charge of the Devices & Services division at Amazon, in August announced to leave the company. Former Microsoft executive Panos Panay has succeeded him.

    (The above story first appeared on Morning Tidings on Nov 18, 2023 11:28 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Amazon Layoffs: E-Commerce Giant Laying Off Hundreds Employees in Alexa Division, India Team Impacted

    Amazon Layoffs: E-Commerce Giant Laying Off Hundreds Employees in Alexa Division, India Team Impacted

    San Francisco/New Delhi, November 17: Amazon is laying off “several hundred employees” from its Alexa devision, including in India, amid a renewed focus on artificial intelligence (AI), the media reported on Friday. In a memo sent to employees and seen by GeekWire, Daniel Rausch, vice president of Alexa and Fire TV team, said that the company is eliminating “several hundred roles”. “As we continue to invent, we’re shifting some of our efforts to better align with our business priorities, and what we know matters most to customers — which includes maximising our resources and efforts focused on generative AI,” he told employees in the memo.

    “These shifts are leading us to discontinue some initiatives, which is resulting in several hundred roles being eliminated,” Rausch added. He said that the company “will communicate with impacted colleagues in India next week, and are following local processes in other regions, which may include time for consultation with employee representative bodies, and possibly resulting in longer timelines to communicate”. Amazon did not provide further details on the initiatives being discontinued, the report noted. Amazon Layoffs Continue: E-Commerce Giant Lays Off ‘Just Over’ 180 Employees in Its Gaming Division, Shuts Down Crown Channel

    The e-commerce giant had conducted layoffs in its Devices & Services division last year as part of company-wide cuts. Rausch said that the investments in generative AI are bringing “our vision for an even more intuitive, intelligent, and useful Alexa closer than ever before”. “We will reach out to colleagues in the US and Canada who are impacted by these role reductions. Notification emails will be sent out shortly, and we expect all notifications in the U.S. and Canada to be completed this morning (Pacific time),” the memo further read. Tech Layoffs Dampen Festivities; Google, Amazon, Snap and Others Announce Fresh Job Cuts

    “To those of you impacted by these reductions, please know we did not make this decision lightly,” it added. The company is providing impacted employees packages that include a separation payment, transitional health insurance benefits, external job placement support, and paid time to conduct job search. Dave Limp, in charge of the Devices & Services division at Amazon, in August announced to leave the company. Former Microsoft executive Panos Panay has succeeded him.

    (The above story first appeared on Morning Tidings on Nov 17, 2023 10:47 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Tech Layoffs Dampen Festivities; Google, Amazon, Snap and Others Announce Fresh Job Cuts

    Tech Layoffs Dampen Festivities; Google, Amazon, Snap and Others Announce Fresh Job Cuts

    New Delhi, November 15:  Google, Amazon, Snap, Microsoft and many other tech companies have announced significant layoffs in the third and fourth quarter of 2023. The tech industry has sacked lakhs of employees globally this year due to multiple reasons. Besides the tech giants, more than a thousand companies have announced layoffs in tech and associated industries. The major layoffs news started during the holidays when the companies are expected to have more profits. 

    According to multiple reports, the tech industry has laid off around 2.4 to 2.5 lakh employees worldwide. The reports said that more widespread terminations in the tech and gaming industry may happen as 2023 is not over. Recently, companies like Google, Microsoft, Wells Fargo, Splunk, Pfizer, Viasat, F5, and many more terminated employees from mostly tech and gaming divisions. Amazon has sacked hundreds of employees from its music and gaming division. Below is the list of companies that have laid off employees in 2023. Global Internet Shutdown To Happen Soon? Scientist Warns About ‘Internet Apocalypse’ as Solar Superstorm Could Disrupt Satellites, GPS Systems and Fibre Optic Cables.

    Tech Layoff in 2023, List of Companies That Have Laid of Employees:

    • Google: Google has reportedly downsized its workforce from the Google Users and Products and customer support staff, 
    • Amazon: Amazon has cut over 180 jobs from its gaming division in the 2nd round of layoffs. This year, the e-commerce giant layoffs have affected more than 27,000 workers in multiple other divisions.
    • Snap: Snapchat-parent Snap also laid off 20% of employees from the product team and over a hundred from its Augmented Reality division. The company said it cut jobs to manage costs due to economic and market conditions.
    • Pfizer: The leading American pharmaceutical company reportedly cut jobs in the UK. More job cuts are expected in Pfizer from various divisions before the end of 2023.
    • Wells Fargo: American multinational financial service company Wells Fargo has started layoffs of high-ranking posts from investment banking and corporate divisions. The reports said the company reported a 5% YoY decline in workforce.
    • Splunk: American software major Splunk sacked 7% of its global workforce ahead of the Cisco acquisition.
    • Viasat: The global telecommunication company reportedly laid off 10% of its workforce, about 800 employees.
    • F5: F5 is a global leader in multi-cloud applications and other tech services that laid 120 employees in November 2023.

    According to reports, companies like Ubisoft, Virgin Galactic, Cruise, Pico, Chewy, OpenSpace, Starz, LinkedIn, and many others have significantly laid off their employees in 2023. The job cuts in the tech industry have impacted over lakhs of employees working in different divisions of their respective companies. Google Pays Apple 36% of Safari Search Engine Revenue Under Terms of Default Search Agreement, Says Alphabet CEO Sundar Pichai.

    The industry experts and reports predict there may be more layoffs in the coming days before the year ends. The tech layoffs have impacted the divisions like data, HR recruitment, and others. 

    (The above story first appeared on Morning Tidings on Nov 15, 2023 02:27 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Amazon Layoffs Continue: E-Commerce Giant Lays Off ‘Just Over’ 180 Employees in Its Gaming Division, Shuts Down Crown Channel

    Amazon Layoffs Continue: E-Commerce Giant Lays Off ‘Just Over’ 180 Employees in Its Gaming Division, Shuts Down Crown Channel

    San Francisco, November 14: Amazon is laying off over 180 employees in its games division, as the company shuts down its Crown channel that streams on Twitch, closes its Game Growth effort that helps game makers market their products, and “refocusing” the work it does with its free games offered through Prime Gaming. According to a memo sent to employees by VP of Amazon Games, Christoph Hartmann, and seen by The Verge, Amazon is getting rid of its gaming content channel amid larger games layoffs.

    “After further evaluation of our businesses, it became clear that we need to focus our resources and efforts to deliver great games to players now and in the future,” Hartmann wrote in the memo. In April this year, Amazon laid off more than 100 employees across its gaming divisions that include Prime Gaming, Game Growth and Amazon Games. According to Hartmann, after the initial restructuring in April, “it became clear that we needed to focus our resources even more on the areas that are growing with the highest potential to drive our business forward”. Amazon Layoffs Continue: E-Commerce Giant Lays Off More Employees From Amazon Music Team in Three Continents

    “With these changes in our business approach come changes to our resourcing, resulting in the elimination of just over 180 roles,” the Amazon executive informed. The company is working to ensure all impacted employees are given the support they need on an individual level, including severance pay, outplacement services, health insurance benefits and more. “I recognise that this is the second time this year that you are hearing about org-wide team changes and seeing colleagues go, so let me be very clear when I say this: I remain confident in our future,” Hartmann wrote. Amazon Layoffs: Nearly 2,000 Employees To Stage Walkout Against New Job Cuts, Return-to-Office Mandate

    “We are developing and publishing great games with high potential, our studio teams are growing, and our roadmap is bright,” the executive added. In March, Amazon announced to lay off another 9,000 employees in Amazon Web Services (AWS), Twitch, advertising, and HR. Amazon initially eliminated 18,000 positions in January.

    (The above story first appeared on Morning Tidings on Nov 14, 2023 10:32 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Layoffs: Nearly 1,106 Tech Firms and Startups Companies Sacked About 2.5 Lakh Employees So Far in 2023

    Layoffs: Nearly 1,106 Tech Firms and Startups Companies Sacked About 2.5 Lakh Employees So Far in 2023

    New Delhi, November 11: Nearly 2.5 lakh employees have been laid off so far this year in the global technology and startup sector, as the tech layoffs continue unabated for the past two years. Nearly 1,106 tech companies have sacked 248,974 employees (till November 11), according to data compiled by the website Layoffs.fyi. Last year, 1,024 tech companies laid off a total of 154,336 employees. Citing the global macroeconomic conditions, Big Tech firms and startups across the spectrum have fired employees.

    On average, about 555 employees lost their jobs every day in the last two years – or 23 workers every hour. In January alone, 89,554 employees were laid off. In terms of sector, retail tech and consumer tech were the ones which laid off the most employees in this year. As 2023 is not over yet, more layoffs are set to happen in the remaining period. Several tech and gaming companies laid off employee this month. SiFive Layoffs: Semiconductor Design Company SiFive Lays Off More Than 100 Employees, Over 20% of WorkForce

    French video game company Ubisoft, which published popular franchises like Assassin’s Creed and Far Cry, has laid off about 124 employees as part of a corporate restructuring and reorganisation effort. Game development software company Unity has announced that it will “likely” go for layoffs as part of cost-saving measures. Snap, the parent company of Snapchat, has laid off nearly 20 employees who held product management titles as part of a restructuring aimed at streamlining the social messaging company. Layoffs Continue in IT Sector: Tech Companies Lay Off 226,000 Employees to Date, 40% More Than in 2022, Says Report

    US-based F5, a global leader in multi-cloud application security and delivery, reportedly laid off 120 employees this month. Global communications company Viasat is laying off 800 employees, about 10 per cent of its workforce, and the impact will spread across the business in terms of geographies and divisions. US-based cybersecurity company Splunk has announced to lay off about 7 per cent of its global workforce, just months ahead of its acquisition by global networking giant Cisco.

    (The above story first appeared on Morning Tidings on Nov 11, 2023 02:51 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Layoffs: Gaming Company Unity Announces Likely Job Cuts To Reduce Costs

    Layoffs: Gaming Company Unity Announces Likely Job Cuts To Reduce Costs

    San Francisco, November 10: Game development software company Unity has announced that it will “likely” go for layoffs as part of cost-saving measures. The company said that several weeks ago, it started a comprehensive assessment of its product portfolio to focus on those products that are most valuable to its customers.

    In its Q3 earnings report, Unity said that it is also evaluating the right cost structure that aligns with the more focused portfolio. “We are acting quickly and expect to make final decisions over the next few weeks. We expect to start implementing the plan within this quarter and expect to complete all interventions before the end of the first quarter of 2024,” said the company. OpenAI Introduces ‘Data Partnership’ To Work With Organizations To Produce Public and Private Datasets For Training AI Models.

    This move will “likely include discontinuing certain product offerings, reducing our workforce, and reducing our office footprint,” the game developer added. The exact timing of these interventions is difficult to estimate, said the company, adding that it is not providing guidance for the fourth quarter or the full year 2023. Apple Reaches USD 25 Million Settlement US Government Over ‘Discriminatory Hiring’ and ‘Job Bias’ Allegations.

    In September, Unity announced a new pricing model that was met with backlash from developers. In October, Unity CEO John Riccitiello announced his retirement and the company amended its pricing model after outcry from the gaming community. “The Board will initiate a comprehensive search process, with the assistance of a leading executive search firm, to identify a permanent CEO,” the company said, adding that James Whitehurst will step in as interim CEO, president, and board member.

  • Amazon Layoffs Continue: E-Commerce Giant Lays Off More Employees From Amazon Music Team in Three Continents

    Amazon Layoffs Continue: E-Commerce Giant Lays Off More Employees From Amazon Music Team in Three Continents

    Mumbai, November 9: Amazon reportedly announced to lay off its employees from Amazon Music in the latest round from three continents. According to reports, Amazon already laid off 18,000 employees from various departments last year, and earlier this year, the e-commerce giant laid off another 9,000 more. In total, the job cuts at Amazon have affected over 27,000 employees.

    Amid the Amazon layoff rounds, Amazon Music is the latest department to get affected. The reports say there has yet to be a confirmation about the total number of employees laid off from the department. The Amazon Music layoff has affected employees from 3 continents, so that the numbers could be higher. Omegle Website Shuts Down After 14 Years, Founder Leif K-Brooks Says ‘Don’t Want Heart Attack in My 30s’ in Statement on Closure of Online Video Chat Site.

    Amazon Music Layoffs on Wednesday:

    According to the reports, the Amazon Music staff in North America, Latin America, and Europe received notices about the layoffs. The reports further said that the job cuts announcement affected Amazon Music’s audio and editorial teams. The Amazon spokesperson told Bloomberg that the company has a close eye on the “organizational needs” and considers what matters the most for the customers and business. The company has reportedly eliminated the employees to fulfill these needs. Snapchat Parent Snap Lays Off Nearly 20 Employees From Its Product Team.

    According to the reports, the third quarter of the year comes with many “income-exceeding” opportunities like festivals, holiday shopping, and aligning with expectations. As per reports, Amazon CEO Andy Jassy commented on the layoffs and said the company decided to be more “streamlined” with its costs and number of employees. He noted that Amazon added a “significant amount of headcounts” following the economy and business. Now, he said, the situation is uncertain.

    (The above story first appeared on Morning Tidings on Nov 09, 2023 01:53 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Salesforce Layoffs: Software Firm To Let Go 10% of Employees, Close Some of Its Offices

    Salesforce Layoffs: Software Firm To Let Go 10% of Employees, Close Some of Its Offices

    Salesforce, a leading software company, has announced that it’s cutting some 10% of its workforce after “hiring many people during the pandemic”, reported Techcrunch. This layoff will be impacting more than 7,000 employees of the firm. The company also said that it will close its offices in “certain markets.” ByteDance Layoffs: TikTok Owner Slashes Thousands of Jobs Across Multiple Departments.

    Salesforce Layoffs:

    (SocialLY brings you all the latest breaking news, viral trends and information from social media world, including Twitter, Instagram and Youtube. The above post is embeded directly from the user’s social media account and Morning Tidings Staff may not have modified or edited the content body. The views and facts appearing in the social media post do not reflect the opinions of Morning Tidings, also Morning Tidings does not assume any responsibility or liability for the same.)