Freezes and layoffs
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Chief Executive Bob Chapek announced Friday company-wide cost-cutting measures and told division leaders that layoffs are likely, according to an internal memo viewed by the Wall Street Journal.
The austerity measures, which include a ban on all but essential work travel and a freeze on new hires for all but a few critical positions, come days after Disney reported lackluster quarterly earnings and a $1.5 billion quarterly loss at its streaming business, significantly wider than Wall Street analysts had predicted.
In the memo, which was addressed to all executives at the senior vice president level or above, Mr. Chapek said a task force, led by Chief Financial Officer Christine McCarthy and general counsel Horacio Gutierrez, would review marketing, content and administrative spending across the entire company and recommend cuts.
“I’m fully aware this will be a difficult process for many of you and your teams,” Mr. Chapek said in the memo. “We are going to have to make tough and uncomfortable decisions.”
@George-K said in Freezes and layoffs:
Disney reported lackluster quarterly earnings
The Disney headlines for the last 6 months have mostly been about outrageous price increases at the theme parks.
And most of the stories seem to say that even though the prices are outrageous, business is booming.
I guess the woke is expensive.
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Meh, the business model for Disney + called for losing billions in 2022 and 2023 as they built the platform and invested billions in creating exclusive content. This quarter wasn’t a surprise but was the plan. By 2024 it should be profitable.
My bet is that the hiring freezes and potential layoffs are more due to other factors and losses.
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Amazon's not freezing corporate workers, they're laying them off:
Amazon Inc. is preparing layoffs that could total about 10,000 workers as the company continues a broad cost-cutting review led by Chief Executive Andy Jassy, a person familiar with the matter said.
The tech company’s layoffs, which could begin as soon as this week, are targeted for corporate employees and could primarily affect Amazon’s devices business, which includes its hit Alexa products, as well as human resources and retail, the person said. The retail unit has been the primary organization that has had to respond to a slowdown of sales this year.
Amazon has separately already started laying off contractors working in recruiting, who in the past few weeks were told that their assignments were abruptly ending, according to other people. The additional planned layoffs at Amazon are among its full-time employees.
"Now look here, you Baltic gas passer... " - Mik, 6/14/08
The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.
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Amazon's not freezing corporate workers, they're laying them off:
Amazon Inc. is preparing layoffs that could total about 10,000 workers as the company continues a broad cost-cutting review led by Chief Executive Andy Jassy, a person familiar with the matter said.
The tech company’s layoffs, which could begin as soon as this week, are targeted for corporate employees and could primarily affect Amazon’s devices business, which includes its hit Alexa products, as well as human resources and retail, the person said. The retail unit has been the primary organization that has had to respond to a slowdown of sales this year.
Amazon has separately already started laying off contractors working in recruiting, who in the past few weeks were told that their assignments were abruptly ending, according to other people. The additional planned layoffs at Amazon are among its full-time employees.
@George-K said in Freezes and layoffs:
Amazon's not freezing corporate workers, they're laying them off:
Amazon AMZN -2.28%decrease; red down pointing triangle.com Inc. is preparing layoffs that could total about 10,000 workers as the company continues a broad cost-cutting review led by Chief Executive Andy Jassy, a person familiar with the matter said.
The tech company’s layoffs, which could begin as soon as this week, are targeted for corporate employees and could primarily affect Amazon’s devices business, which includes its hit Alexa products, as well as human resources and retail, the person said. The retail unit has been the primary organization that has had to respond to a slowdown of sales this year.
Amazon has separately already started laying off contractors working in recruiting, who in the past few weeks were told that their assignments were abruptly ending, according to other people. The additional planned layoffs at Amazon are among its full-time employees.
At least they aren’t ending the free lunch provided to current employees…
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https://www.theguardian.com/us-news/2022/nov/26/united-furniture-industries-fires-workers-asleep
2700 workers fired by text overnight by United Furniture Industries (UFI), a furniture company based in Mississippi, before Thanksgiving.
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Microsoft Corp said it was laying off 10,000 employees, becoming the latest tech titan to announce an additional round of cuts amid concerns about the health of the global economy.
Chief Executive Satya Nadella said in a blog post to employees that the layoffs would affect less than 5% of the company’s global workforce.
—Updates to follow as news develops.
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Amazon's not freezing corporate workers, they're laying them off:
Amazon Inc. is preparing layoffs that could total about 10,000 workers as the company continues a broad cost-cutting review led by Chief Executive Andy Jassy, a person familiar with the matter said.
The tech company’s layoffs, which could begin as soon as this week, are targeted for corporate employees and could primarily affect Amazon’s devices business, which includes its hit Alexa products, as well as human resources and retail, the person said. The retail unit has been the primary organization that has had to respond to a slowdown of sales this year.
Amazon has separately already started laying off contractors working in recruiting, who in the past few weeks were told that their assignments were abruptly ending, according to other people. The additional planned layoffs at Amazon are among its full-time employees.
@George-K said in Freezes and layoffs:
Amazon's not freezing corporate workers, they're laying them off:
Amazon Inc. is preparing layoffs that could total about 10,000 workers as the company continues a broad cost-cutting review led by Chief Executive Andy Jassy, a person familiar with the matter said.
Not 10,000.
18,000.
Amazon.com Inc. has started its biggest-ever round of jobs cuts — a culling that will ultimately affect 18,000 workers around the globe.
Amazon began notifying employees by email early Wednesday, Doug Herrington, the company’s worldwide retail chief, said in a memo. He said the company aimed to communicate with all laid-off workers in the US, Canada and Costa Rica by the end of the day. Notifications in China will be sent after the Chinese New Year, and in other regions the company must consult with employee representatives before finalizing layoffs.
The world’s largest e-commerce company is grappling with slowing online sales growth and bracing for a possible recession that could affect the spending power of its customers. Microsoft Corp. announced it was cutting 10,000 jobs Wednesday, becoming the latest in a long line of tech companies to trim its ranks.
Herrington said Amazon’s cuts were part of an effort to lower costs “so we can continue investing in the wide selection, low prices and fast shipping that our customers love.” He said the company would “continue investing meaningfully” in growth areas including groceries, Amazon’s business-to-business sales program, services for third-party sellers and healthcare.
The eliminations started last year and initially fell hardest on Amazon’s Devices and Services group, which builds the Alexa digital assistant and Echo smart speakers. The latest round will mostly affect the retail division and human resources.
While the cuts represent only about 1% of the total workforce, which includes hundreds of thousands of hourly warehouse and delivery personnel, they amount to about 6% of Amazon’s 350,000 corporate employees around the globe. -
Google/Alphabet - 12,000 jobs cut.
"Now look here, you Baltic gas passer... " - Mik, 6/14/08
The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.
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Google/Alphabet - 12,000 jobs cut.
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@jon-nyc said in Freezes and layoffs:
@George-K said in Freezes and layoffs:
Google/Alphabet - 12,000 jobs cut.
That’s cold.
Holy Crap…
Elon Musk starting to look a little better?
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"Don't be evil" is now more hilarious.
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The cuts would amount to some 6,600 jobs, based on the 133,000 total workers that the company reported having in early 2022, its most recent disclosed figure.
“Market conditions continue to erode with an uncertain future,” Jeff Clarke, Dell’s co-chief operating officer, said Monday in a memo to employees. He said the company had already paused hiring, limited employee travel and reduced spending on outside services. Those steps, he said, “are no longer enough.”
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Fantastic U.S. Jobs Report (January 2023).
