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Timeline: Tech Layoffs In Q4 2022
Forbes Middle East - English
|Feb 2023
Rising inflation and interest rates drove many tech companies to announce layoffs and hiring freezes last year. These were some of the biggest announcements in Q4 2022.
October 6
Peloton Interactive announced four rounds of layoffs in 2022, cutting about 2,800 jobs in February, 600 in July, and 800 in August. In October, the fitness technology company announced it would be cutting 500 more jobs, reducing its workforce to around 3,825 people. The company incurred losses of $2.8 billion in its fiscal year that ended in June 2022.
October 17
Microsoft confirmed that it would be laying off 1,000 people, affecting less than 0.5% of the company’s sizeable workforce of 221,000 people as of June 2022.
October 24
Seagate Technology Holdings announced that it would be reducing its worldwide headcount by about 3,000 people, or 8% of its global workforce, alongside other cost-saving measures.
November 2
This story is from the Feb 2023 edition of Forbes Middle East - English.
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