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The past few weeks have been turbulent, with layoffs hitting several industries, amid unyielding inflation and soaring interest rates. Economists and business executives remain anxious about a possible recession going into 2023.
Here is a brief list of Fortune 500 companies that have announced major layoffs this month:
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Amazon (AMZN)
Retail giant Amazon, earlier this month, said it was laying off 10,000 employees. The layoffs represent the largest jobs cut in the company’s history. The layoffs are likely to continue into 2023, Andy Jassy, Amazon’s CEO, said in a statement. -
Meta Platforms (META)
Meta Platforms, the parent company of Facebook, earlier this month announced it was cutting its headcount by 11,000 employees, roughly 13% of its workforce. CEO Mark Zuckerberg said the decision came on the back of costs rising by 19%, contrasted by declining sales. -
Salesforce (CRM)
After laying off about 90 employees in October, the software company shed more employees in November, with analysts putting the month’s figure at an estimated 2,000 employees. The company explained the decision aimed at greater efficiency.
“Our sales performance process drives accountability. Unfortunately, that can lead to some leaving the business, and we support them through their transition,” a spokesperson for Salesforce told CNBC. -
Carvana (CVNA)
Used car retailer Carvana announced last week it was slashing its workforce by 8%, with nearly 1,500 employees being laid off. The move came on the back of a poor third quarter combined with a decline in sales. Carvana’s stock has fallen nearly 97% since peaking in August 2021. -
Coinbase (COIN)
Cryptocurrency exchange Coinbase said earlier this month it was cutting 60 positions, following layoffs in the summer. Cryto firms have been forced to shrink operations after a market crash that’s wiped out over $2 trillion in market value.
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