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DoorDash, Roku, HP: Tech layoffs keep on coming

 1 year ago
source link: https://finance.yahoo.com/news/door-dash-roku-hp-and-more-tech-layoffs-keep-on-coming-223006378.html
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DoorDash, Roku, HP, and more: Tech layoffs keep on coming

Thu, December 1, 2022, 7:30 AM·5 min read

Tech layoffs are dominating newsfeeds and headlines, and the cuts are coming across the board.

This isn't the first round of tech layoffs since the end of the pandemic, but this time the cuts aren't sector-specific. Everyone's getting slammed, said Roger Lee, founder of Layoffs.fyi, a site that tracks the cutbacks.

"Earlier in the year, layoffs in tech were concentrated within food, transportation, and finance startups — but at this point it's hitting every sector within tech," he told Yahoo Finance.

CompTIA Chief Research Officer Tim Herbert said the cuts are related to the broader macroeconomic climate, which has taken a turn for the worse as the Fed continues to hike rates in an attempt to fight inflation.

"The Federal Reserve remains intent on slowing the economy, so some corresponding degree of slowing in the labor market is inevitable," he said.

Yahoo Finance has compiled an ongoing list of recent tech layoffs — one that's likely to keep growing, Lee said, noting: "The pain won't end until the Fed's able to get a handle on inflation."

DoorDash

DoorDash (DASH) said on Nov. 30 that it's cutting 6% of its workforce, which comes out to 1,250 jobs. The company had staffed up to support its pandemic growth and is now cutting back to cope with the slowdown in demand, CEO Tony Xu told employees.

HP (HP) is planning to lay off between 4,000 and 6,000 employees over the next three years as computer sales have lagged. This news comes about a year after HP announced it would be cutting as many as 9,000 jobs.

Roku (ROKU) said it would cut 200 jobs in a Nov. 17 SEC filing. The company cited "economic conditions" in a statement, as it cut about 5% of its workforce.

Amazon

Amazon (AMZN) recently laid off 10,000 employees, about 3% of its corporate workforces. The e-commerce giant had previously put a hold on "new incremental hires in [its] corporate workforce," the company said in a statement on Nov. 3. In October, the e-commerce giant put a hold on hiring in for its retail business.


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