Many tech companies admit that they hired too much during the pandemic, betting that lifestyle changes—including remote work, e-commerce spending and video-game habits—would bring a bigger windfall. Now they’re dealing with the aftermath.
The job cuts amount to about 3% of the entertainment giant’s global workforce and were unveiled after Disney reported quarterly results that topped Wall Street’s forecasts.
In just the past month, there have been about 50,000 job cuts across the technology sector. Here’s a look at some of the companies that have announced recent layoffs.
The music streaming giant has about 9,800 employees. In recent years it has made a massive investment in acquiring podcast networks, creation software, a hosting service and the rights to popular shows like “The Joe Rogan Experience” and “Armchair Expert.”
The company said in a regulatory filing Wednesday that the layoffs were a response to “macroeconomic conditions and changing customer priorities.”
Corteva Inc., the Indianapolis-based seed and insecticide giant, is cutting 5% of its global workforce, or roughly 1,000 workers, as it reduces its portfolio of products and streamlines its operations.
The e-commerce giant is expected to cut about 10,000 workers, or 3 percent of its corporate workforce.
Eliminating the back-office jobs in the U.S. and Canada and moving the functions overseas is expected to result in cost savings of more than $10 million per year, according to the auto auction firm.
Facebook is instructing its engineering managers to identify and weed out their lowest performing employees as the company seeks to rein in costs amid an economic downturn in the long-booming tech industry.
Tech has hit a well-publicized slump, and within the last few months, layoffs have hit big companies like Netflix and Coinbase as well as smaller firms like Zionsville-based 120Water, Indianapolis-based Casted, and Terminus, which is based in Atlanta but has an employee base and its CEO in Indianapolis.
Little Raymond’s Print Shop, which opened a facility on the east side of Indianapolis in 2013, said it has terminated 114 employees.
The Terre Haute plant was the first manufacturer of compact discs in the U.S., beginning production in September 1984 with Bruce Springsteen’s “Born in the U.S.A” album.
Kaufmann Engineering cited ongoing supply chain and labor disruption issues brought on by the COVID-19 pandemic as the reasons for its decision.
Marion County Jail II manager CoreCivic is not eligible to operate at the new Criminal Justice Center because the Indianapolis City-County Council passed an ordinance in 2018 to prohibit private jail managers at the center.
Former JW Marriott employee Lisette Woloszyk watched things go from bad to worse in March, as cancellations for the city’s hotels racked up alongside COVID-19 cases.
Andrea Haydon was notified by email that her job at Ratio Architects was being eliminated. She has since started her own firm.
Researchers who have studied work-share programs—which have been implemented in 28 states—say thousands of Indiana workers have been unnecessarily laid off.
Mitsubishi Heavy Industries Climate Control Inc., which has operated in Franklin since the 1990s, will cease production next month. Mitsubishi has a turbocharger business in the same facility that will continue to operate.
The latest layoffs have been heavily concentrated in the industries that have suffered most because they involve face-to-face contact: Restaurants, bars and hotels, theaters, sports arenas and concert halls.
Unlike previous Gannett buyouts, which required workers to meet certain criteria for age and years of service, the latest buyout is available to nearly all full-time Gannett workers.
