As the stock prices of the growth stocks tumbled and interest rates went up, CEOs have turned to lay-offs to try and win investors back. Since August 2022, there have been nearly 50,000 job cuts across the technology sector.
Here’s where the tech companies in MarTech and Social Media stand;
Salesforce
The CRM powerhouse announced cuts to 10% of its workforce, equating to about 8,000 employees.
HubSpot
HubSpot announced it would lay off about 7% of its workforce, or about 500 employees, as part of a plan to cut costs. they also plan to consolidate their building leases to also help with cash flow.
The king of search said it would be making a cut of 12,000 workers or about 6% of its workforce.
Snapchat
Snap said in August 2022, they were letting go of 20% of its staff for a total of 1,000 people. Snap has more than 5,600 employees and with the layoffs, the company will still have a larger workforce than last year.
Since Elon Musk took the helm, the company has let go of about half of the 7,500 staff.
Meta laid off 11,000 people, about 13% of its workforce with many citing the over-investment in the so-far unfruitful metaverse.
Amazon
The giant of e-commerce (and search, and web hosting, and everything else) announced a cut of 18,000 of its 1.5 million person workforce.
Microsoft
Microsoft said it will cut about 10,000 jobs, almost 5% of its workforce.