San Francisco: US-based restaurant management software company Toast has announced to lay off around 550 employees or about 10 per cent of its workforce in a restructuring exercise. The company announced the job cuts in its financial results for the fourth quarter and full year ended December 31, 2023. “Toast’s Board of Directors approved a … Read more
The past 18 months have been rough for American workers. Since late 2022, mass layoffs have hit several industries, most notably media and tech, as companies large and small seek ways to reduce costs in order to buoy profits. Now a new report out from small business lending firm Clarify Capital reveals just how anxious … Read more
Earlier this month, Zoom followed in the footsteps of many of its peers in the tech industry and laid off 150 employees—about 2% of its workforce—in an effort to redirect its resources and invest in what the company described as “critical areas for the future.” One of the teams that Zoom deemed superfluous was the … Read more
As videos of layoff experiences flood TikTok, corporate America is seeking guidance to navigate dismissals without provoking social media fury. With candid videos dissecting every detail, from CEOs’ apologetic notes to awkwardly timed announcements, businesses, especially smaller tech firms, are attempting to avoid the repercussions of a public relations disaster, Bloomberg reported. Related: Woman Goes … Read more
Co-founder and CEO of Snap Inc. Evan Spiegel attends the Senate Judiciary Committee hearing on online child sexual exploitation at the U.S. Capitol, in Washington, U.S., January 31, 2024. Nathan Howard | Reuters Social media company Snap said Monday that it will lay off 10% of its global workforce, or around 500 employees, in part … Read more
But despite this steady drip of layoffs, the latest jobs report indicates that the labor market is still going strong. According to the report, which was released this morning, employers added 353,000 new jobs in January—job growth that actually exceeded expectations. (The Dow Jones estimate leading up to the jobs report had put the number … Read more
Visitors take photos in front of the Meta sign at its headquarters in Menlo Park, California, December 29, 2022. Tayfun Coskun | Anadolu Agency | Getty Images Technology companies are learning an old lesson from Wall Street: maturing means shrinking. Meta and Amazon saw their shares spike on Friday following their fourth-quarter earnings reports. While … Read more
In the final days of doomed news website The Messenger, insiders painted a chaotic scene of checked-out-bosses and furious staffers — some of whom had already “tapped out” because they had no faith in CEO Jimmy Finkelstein. The accounts from several of the roughly 300 journalists who were fired when the startup went belly-up Wednesday … Read more
Stick figures image displayed on a laptop screen and a binary code displayed on a phone screen are seen in this illustration photo taken in Krakow, Poland on January 24, 2023. (Photo by Jakub Porzycki/NurPhoto via Getty Images) Nurphoto | Nurphoto | Getty Images As tech firms prioritize investments into artificial intelligence and go on … Read more
Levi Strauss forecast annual sales and profit below Wall Street expectations on Thursday and said it would cut 10% to 15% of global corporate jobs as the denim maker seeks to rein in costs amid weakness in its wholesale business. Levi attributed the weak forecast to plans to exit its Denizen brand and cut back on off-price sales, … Read more
