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Here's The Latest On Tech Sector's Massive Layoffs: Amazon Quick To Eliminate Jobs, Salesforce Eyes More Cuts

Benzinga logo Benzinga 3/26/2023 Shanthi Rexaline
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In an effort to curb excess spending, tech sectors are making a concerted effort to rein in costs and improve efficiency. A couple of headlines over the weekend detail more of these belt-tightening measures.

Amazon Gets Started: Amazon, Inc. (NASDAQ: AMZN) has started cutting jobs that were flagged last week, Information reported, citing three people who were let go. The e-commerce giant previously announced plans to cut 9,000 more corporate jobs in its cloud computing, ad business and human resources teams and from the streaming site Twitch.

The company is likely to complete the fresh round of jobs cuts by late April, Information said. With these planned eliminations, Amazon’s job cuts would total 27,000 positions.

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Salesforce Hints At More Eliminations: Customer relationship management software provider Salesforce, Inc. (NYSE: CRM) could announce another round of job cuts, said Chief Operating Officer Brian Millham, Bloomberg reported.

The executive said in an interview that if there is a need to change and reshape the company, Salesforce will likely make moves to drive efficiency. Bain & Co, which is reviewing Salesforce’s business, has yet to give final recommendations, he added.

The company announced in January that it would eliminate 10% of its workforce or 8,000 employees, and close offices across the U.S. in a bid to boost profitability.

Activist investors, including Elliott Management, Starboard Value and Third Point, all have positions in the company and have been pressuring Salesforce's management to take actions to improve profits.

Data compiled by tracking website show that about 527 tech companies have laid off 153,548 employees this year.

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Photo: Shutterstock

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