From Meta to Peloton, companies slow hiring as economy sputters

• Alibaba may lay off 15,000 employees as a result of a broad regulatory crackdown in China.
• Autoliv Inc, announced a reduction in headcount to reduce costs.
• Swedish company Klarna is cutting 10% of its 7,000-person workforce.

Numerous businesses throughout the world have been forced to think about laying off employees or putting a block on hiring due to decades-high inflation and the aftermath of the Ukraine conflict.

The companies that have announced layoffs or halted employment in an effort to save expenses are listed below:

adabian Group (9988.HK)
Alibaba, a Chinese company, may lay off more than 15,000 employees, or roughly 39,000 people, as a result of a broad regulatory crackdown in China, sluggish sales growth, and growing costs. View More

The largest manufacturer of airbags and seatbelts in the world, Autoliv Inc (ALV.N), announced a reduction in headcount to reduce costs and adjust to changing economic conditions, but it did not provide a specific figure.

France Air (AIRF.PA)

According to the publication Le Figaro, agreements to eliminate approximately 300 ground crew posts through voluntary redundancy are scheduled to be completed by the end of July. View More

Cazoo Group Ltd (CZOO.N), a European online auto retailer, announced that it would reduce its employees by around 15% in an effort to save money.

About 2,500 employees, or 12 percent of the staff, would be let go from Carvana Co (CVNA.N). View More

In order to address the current macroeconomic situation, Coinbase Global Inc (COIN.O) will prolong its hiring moratorium for the foreseeable future and revoke a number of accepted offers. View More

As borrowing rates and inflationary pressures mount, real estate broker Compass Inc (COMP.N) will fire 450 people, or nearly 10% of its present staff.

Ebanx Inc.
Brazilian company Ebanx let go 340 employees, or nearly 20 percent of its workforce. View More

Getir
Due to growing prices and inflation worldwide, Getir, a Turkish company, aims to reduce its workforce by 14%, a source with knowledge of the situation told Reuters. View More

German grocery app Gorillas Gorillas will reduce its administrative personnel by half and lay off 300 individuals. View More

HNKG p.DE Henkel AG & Co KGaA

Schwarzkopf’s manufacturer, German-based Henkel, will eliminate around 2,000 jobs as a result of weak sales of its shampoos and hairspray, as well as increased prices and problems with the worldwide supply chain.

Therapeutics Heron (HRTX.O)
The pharmaceutical company intends to let off almost 70% of its research and development workers as part of a cost-cutting and restructuring plan, which will result in a 34 percent manpower decrease.

According to a memo examined by Reuters, Intel Corp (INTC.O) has stopped hiring in its PC chip group. The memo stated that all current job offers in its systems will be fulfilled and that some hiring could restart in as short as two weeks once the division reevaluates priorities. View More

Klarna
Swedish company Klarna is cutting 10% of its 7,000-person workforce in response to recent sharp inflation increases, recessionary fears, and deteriorating business sentiment brought on by the conflict in Ukraine. View More

Uber Inc. (LYFT.O)
The business said in May that it would scale back recruiting and consider making budget cuts in some divisions. View More

Mark Zuckerberg, the CEO of Facebook-owned Meta Platforms Inc., informed staff on June 30 that the company had reduced its objective of hiring 6,000–7,000 new engineers by at least 30% by the end of this year. View More

The Move Group AB (MOVEA.ST)
The Move About Group in Sweden will eliminate 17 of 40 posts as a result of the war in Ukraine’s collateral damage and an unsustainable cost base.

Netflix (NFLX.O)

In May, Netflix announced that it had cut 150 jobs, largely in the United States, due to the streaming service provider’s slowing growth. View More

Openpay Group (OPY.AX), an Australian buy-now-pay-later company, will significantly cut its personnel in the United States after ceasing operations there.

Peloton Interactive Inc (PTON.O) Peloton announced in February that it would be eliminating roughly 2,800 corporate positions in an effort to boost stagnant revenue. View More

Redfin Corporation (RDFN.O) After demand in May fell short of estimates, Redfin cut 6% of its staff, or 470 employees, and will keep doing so until the end of June.

Trading Platforms Inc. (HOOD.O)
The retail trading platform said in April that it will be letting go of around 9% of its full-time staff. View More

The CEO of Snap Inc (SNAP.N), Evan Spiegel, informed the staff in May that the business will reduce employment this year. View More

Stellantis (STLA.MI)
To lessen the effects of different supply chain concerns, automaker Stellantis has indefinitely laid off an unidentified number of workers from its stamping facility in Michigan. View More

Holdings by Tencent (0700.HK)
Tencent, a Chinese business, is having to deal with the weakening economy and may reduce its employees by 10-15% this year. View More

Elon Musk, CEO of Tesla (TSLA.O), announced on June 21 that the electric vehicle manufacturer will lay off 10% of its paid workers over the course of three months because he believed a U.S. recession was more likely than not. View More

The CEO of social media business Twitter Inc (TWTR.N), Parag Agrawal, announced in a memo that the company would halt hiring and assess current employment offers to see whether any “should be pulled back.” View More

Inc. Uber Technologies (UBER.N)
According to a letter from the CEO, according to Reuters’ May story, Uber will cut back on hiring and spend less on its marketing and incentive programmes. View More

Aware Software (U.N)
On June 30, Unity Software, a company that creates software for animation and video games, announced that 4% of its staff would be let go.

Warner Bros Discovery Inc (WBD.O) Warner Bros Discovery plans to eliminate 1,000 jobs globally, or 30% of its ad sales team. View More

Oyj Valmet (VALMT.HE)
At its valve manufacturing in Helsinki, Valmet reported in May that it was in talks with roughly 340 employees for temporary layoffs lasting up to three months due to decreased orders brought on by the conflict in Ukraine and COVID-19 limitations in China.