Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexCryptocurrenciesCybersecurityPress Releases

Factbox-From Meta to Peloton, companies slow hiring as economy sputters

06/22/2022 | 10:03am EDT
Peloton in New York City

(Reuters) - Decades-high inflation and the fallout from the Ukraine crisis have pressured many companies across the globe to consider laying off people or put a freeze on hiring.

Following is a list of companies that have announced layoffs or frozen hiring to rein in costs:

COMPANIES COMMENTS

Alibaba Group China's Alibaba might cut more than 15% of its total workforce, or about

39,000 employees, due to a sweeping regulatory crackdown in China, as well as

slowing sales growth and rising prices.

The world's largest producer of airbags and seatbelts said it was

Autoliv Inc reducing headcount to cut costs and adapt to new business conditions, but did

not specify the number.

Cazoo Group Ltd European online car retailer Cazoo said it would cut its workforce by about

15% as it looks to conserve cash.

Carvana Co Carvana said it would lay off about 2,500 employees, or 12% of its workforce.

Coinbase Global Coinbase will extend its hiring freeze for the foreseeable future and rescind

Inc a number of accepted offers to deal with current macroeconomic conditions.

Real estate broker Compass will lay off 450 employees, about 10%

Compass Inc of its current workforce, as borrowing costs and inflation pressures rise.

Brazil's Ebanx laid off about 20% of its staff, or 340 employees.

Ebanx Ltd

Getir Turkey's Getir plans to cut 14% of its staff globally due to rising global

inflation and costs, a source with knowledge of the matter told Reuters.

Gorillas German grocery app Gorillas will lay off 300 people, cutting its

administrative staff in half.

Henkel AG & Co Germany's Henkel, the company behind Schwarzkopf, will cut about 2,000

KGaA positions due to low demand of its shampoos and hair spray, as well as rising

costs and global supply chain issues.

Intel Corp Intel has frozen hiring in PC chip division, according to a memo reviewed by

Reuters. The memo said that some hiring could resume in as little as two weeks

after the division re-evaluates priorities and that all current job offers in

its systems will be honored.

Klarna Swedish Klarna is slashing 10% of its 7,000-strong workforce as a consequence

of a recent steep increase in inflation, fear of a recession and the war in

Ukraine worsening business sentiment.

Lyft Inc The company said in May it would slow down hiring and assess budget cuts in

some departments.

Meta Platforms Facebook parent Meta said in May it would slow the growth of its workforce.

Inc

Move About Group Sweden's Move About Group will cut 17 out of 40 positions due to indirect

AB effects of the war in Ukraine and an excessive cost base.

Netflix Netflix in May said it has laid off about 150 people, mostly in the U.S., as

the streaming service company faces slowing growth.

Peloton Peloton in February said it will cut about 2,800 corporate jobs as it looks to

Interactive Inc revitalize sagging sales.

Redfin laid off 6% of its workforce, or 470 employees, and will

Redfin continue reductions until the end of June after demand in May missed

Corporation expectations.

Robinhood The retail trading platform said in April it was laying off about 9% of its

Markets Inc full-time employees.

Snap Inc CEO Evan Spiegel in May told employees the company would slow hiring for this

year.

Automaker Stellantis has indefinitely laid off an unspecified

Stellantis number of employees at its stamping plant in Michigan to mitigate impacts from

various supply chain issues.

Tencent Holdings Chinese company Tencent is struggling to cope with the slowing economy, and

might cut between 10-15% of its total workforce this year.

Elon Musk said on June 21 the electric car maker would cut 10% of

Tesla its salaried staff over three months, as he predicted a U.S. recession was

more likely than not.

Twitter Inc CEO Parag Agrawal said in a memo that the social media company would pause

hiring and review existing job offers to determine whether any "should be

pulled back".

Uber Uber will scale back hiring and reduce expenditure on its marketing and

Technologies Inc incentive activities, Reuters reported in May, citing a letter from the CEO.

Warner Bros Discovery aims to cut 30% of its ad sales workforce,

Warner Bros or about 1,000 jobs globally.

Discovery Inc

Valmet Oyj Valmet said in May it was in negotiations for temporary layoffs of up to three

months, with about 340 employees part of the talks at its valve factory in

Helsinki due to reduced orders caused by the war in Ukraine and COVID-19

restrictions in China.

Source: Regulatory filings, Reuters stories, company websites

(Reporting by Tiyashi Datta in Bengaluru and Louise Breusch Rasmussen, Marie Mannes and Agata Rybska in Gdansk; Editing by Devika Syamnath, Anil D'Silva and Milla Nissi)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED 2.45% 79.72 Delayed Quote.-34.45%
AUTOLIV, INC. 2.10% 70.25 Delayed Quote.-33.55%
CARVANA CO. 6.75% 26.65 Delayed Quote.-89.29%
CAZOO GROUP LTD -1.58% 0.51 Delayed Quote.-91.41%
COINBASE GLOBAL, INC. 5.46% 66.71 Delayed Quote.-75.02%
COMPASS, INC. 9.44% 2.555 Delayed Quote.-74.37%
HENKEL AG & CO. KGAA 0.90% 60.78 Delayed Quote.-15.35%
INTEL CORPORATION 0.34% 26.9885 Delayed Quote.-47.63%
LYFT, INC. 2.72% 14.555 Delayed Quote.-66.86%
META PLATFORMS, INC. 3.62% 139.1648 Delayed Quote.-60.04%
NETFLIX, INC. 6.25% 238.48 Delayed Quote.-62.76%
PELOTON INTERACTIVE, INC. 0.30% 8.235 Delayed Quote.-77.07%
REDFIN CORPORATION 2.93% 6.155 Delayed Quote.-84.45%
ROBINHOOD MARKETS, INC. 3.61% 9.965 Delayed Quote.-45.89%
SNAP INC. 1.82% 10.65 Delayed Quote.-77.78%
STELLANTIS N.V. 0.12% 12.848 Delayed Quote.-23.09%
STELLANTIS N.V. 0.31% 12.864 Real-time Quote.-23.02%
TENCENT HOLDINGS LIMITED -2.42% 274 Delayed Quote.-38.53%
TESLA, INC. -0.27% 282.32 Delayed Quote.-19.68%
TWITTER, INC. 2.01% 42.945 Delayed Quote.-3.93%
VALMET OYJ 1.41% 20.85 Delayed Quote.-45.57%
WARNER BROS. DISCOVERY, INC. -0.79% 11.32 End-of-day quote.-51.91%
Latest news "Economy & Forex"
11:25aMexicans consuming more sugar despite rising prices, report finds
RE
11:25aFed's Bowman calls for overhaul of approach to evaluating banking competition
RE
11:20aU.S. consumer bureau orders Regions to pay $191 million for surprise overdraft fees
RE
11:20aKatie Couric reveals breast cancer diagnosis
RE
11:15aPimco cio says we have begun adding interest rates exposure to p…
RE
11:15aPimco cio says it makes sense for investors to begin to return t…
RE
11:13aMore than half the gas has left damaged Nord Stream pipelines - Danish Energy Agency head
RE
11:13aCopenhagen police chief: danish police has initiated an investig…
RE
11:12aPimco cio says we think we’ll begin to see inflation trend lower…
RE
11:12aPimco cio says we think inflation has likely peaked, or about to…
RE
Latest news "Economy & Forex"