Major Tech Players Announce Huge Workforce Reductions: Ebay, Amazon and More!

Business | January 25, 2024, Thursday // 09:35
Bulgaria: Major Tech Players Announce Huge Workforce Reductions: Ebay, Amazon and More!

Several major tech companies are reshaping their workforce dynamics at the beginning of 2024, with eBay becoming the latest to announce substantial layoffs. The decision to cut 1,000 jobs, despite the company's robust profits, adds to a growing list of tech giants implementing significant workforce reductions this January.

Twitch, a leading U.S. video game streaming platform owned by Amazon, confirmed over 500 job cuts in response to efforts to build a more sustainable business. CEO Dan Clancy emphasized the need for efficiency within the organization, even as the platform continues to enjoy considerable popularity among gamers.

Google, a cornerstone of the tech landscape, shocked many with its announcement of a staggering 12,000 job cuts. CEO Sundar Pichai explained that the layoffs were a response to hiring in anticipation of a "different economic reality." Despite Google's parent company, Alphabet, reporting substantial revenue and profits in its recent quarterly earnings report, the layoffs reflect an adjustment to the economic landscape.

Amazon, having reaped substantial profits in 2023, implemented layoffs affecting "several hundred" employees in its streaming division and an additional 30 in its "Buy with Prime" division. The e-commerce giant has eliminated 27,000 jobs over the past two years, according to reports. The company cited the need for periodic team structure reviews to align with business requirements.

Riot Games, known for popular titles like League of Legends and Valorant, joined the layoff trend with a global workforce reduction of 530 jobs, constituting approximately 11% of its total employees. CEO Dylan Jadeja acknowledged the challenging decisions made to control costs and stimulate revenue growth but emphasized that these measures were insufficient to alter the company's trajectory.

Even the viral social media phenomenon TikTok, with its parent company ByteDance valued at $225 billion, did not escape the layoffs. Approximately 60 employees were let go, despite TikTok boasting over 150 million active users in the U.S. The layoffs underscore the unpredictability of job security, regardless of a product's popularity or a company's valuation.

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Tags: tech, layoffs, eBay, Twitch, Google, Amazon, Riot Games, TikTok

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