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Business Layoffs

All articles tagged with #business layoffs

business-layoffs1 year ago

Rivian's Ongoing Struggles: Layoffs, Stock Downgrades, and Tough EV Market

A former Rivian employee, who survived three earlier layoffs, shares their experience of being laid off from the company. Despite initially being enthralled by the startup's mission and culture, the constant layoffs led to frustration and anxiety, making major life decisions difficult. The employee describes the anxiety and anticipation leading up to the layoff announcement, and the subsequent relief of no longer working for a company where job security was a recurring concern. They also reflect on the company's aggressive cost-cutting measures and their plans to seek new job opportunities, potentially at another startup.

business-layoffs1 year ago

Rivian Faces Layoffs and Stock Downturn as EV Industry Challenges Mount

Rivian, an electric vehicle company, left thousands of its workers in suspense after announcing a 10% layoff of its salaried staff, with employees having to wait until the next morning to find out if they were affected. The company cited challenging macroeconomic conditions, including high interest rates and geopolitical uncertainty, as reasons for the layoffs. This move comes as part of a trend in the tech industry, with other companies implementing various methods to inform employees of changes in their roles.

business-layoffs2 years ago

SolarEdge Announces 16% Workforce Reduction

SolarEdge Technologies, an Israeli solar energy company, is laying off 900 employees, including 550 in Israel, representing about 16% of its workforce, due to weak financial results and a fall in its share price. The layoffs are primarily at the company's headquarters in Herzliya. The decision comes as a response to the weakness in the solar energy market, and the company remains committed to its vision and strategic direction in leading the renewable energy revolution.

business-layoffs2 years ago

"Wayfair CEO Faces Backlash as Company Cuts 13% of Workforce"

Wayfair, an online furniture seller, has announced the layoff of 1,650 employees, about 13% of its workforce, aiming to achieve annual cost savings of $280 million. The company's Indian-origin CEO, Niraj Shah, attributed the decision to an overzealous hiring approach during a strong economic period, deviating from core principles. Wayfair anticipates enhanced profitability in 2024 through optimized payroll and increased efficiencies in logistics and advertising spend, following a drop in net revenue due to pandemic-related shifts in consumer spending.

business-layoffs2 years ago

"Amazon's Audible Division Cuts 5% of Staff"

Amazon-owned Audible is laying off 5% of its staff due to the "increasingly challenging landscape," following a trend of ongoing layoffs across the tech industry. Amazon has been aggressively cutting back its workforce, with layoffs across multiple departments including AWS, Twitch, and advertising. This comes as Twitch, MGM Studios, and Prime Video, all acquired by Amazon, have also let go of hundreds of employees. The company is making cuts to reduce or discontinue investments in certain areas while increasing focus on content and product initiatives.

business-layoffs2 years ago

"Unity Software's Massive Layoffs: 1,800 Employees Cut in Restructuring Move"

San Francisco-based gaming firm Unity has laid off 1,800 employees, which accounts for 25% of its workforce, citing reasons such as excessive growth and the need for increased efficiency in 2024. This marks the company's largest layoff ever, with completion expected by the end of March. Despite the recent layoffs, tech experts believe that the number of large-scale layoffs in the San Francisco Bay Area will likely be lower than the levels observed in 2022 and 2023, as companies navigate challenges such as office space concerns and financial health.