The Margin: Here are the companies in the layoffs spotlight: Adobe and GameStop join Intel, Google, HP, Amazon, Cisco

by | Dec 7, 2022 | Stock Market

From HP, Amazon, Roku and Beyond Meat to Meta and Twitter, big names across a number of sectors have announced major layoffs during the fall. Intel In October, Intel Corp.
 announced plans for job cuts as it reported its third-quarter results. The chip maker said it is focused on driving $3 billion in cost reductions in 2023. “Inclusive in our efforts will be steps to optimize our headcount,” Chief Executive Pat Gelsinger said during a conference call with analysts to discuss the third-quarter results.

See Now: Intel begins layoffs and offers unpaid leave to manufacturing workers Additional details of the layoffs emerged in early December. The chip maker, which had 121,000-plus employees worldwide at the end of last year, is laying off around 200 employees in California, according to letters sent to the state Employment Development Department. Intel said that 111 employees in Folsom, Calif., and 90 employees in Santa Clara, Calif., which is home to the chipmaker’s headquarters, are affected by the job cuts. The permanent layoffs are scheduled to begin Jan. 31. Google Alphabet Inc.
is considering cutting 10,000 jobs, according to a report on The Information, which says the layoffs would amount to 6% of the tech giant’s workforce. The company may employ a ranking system that would eliminate the lowest-ranked “poor-performing” employees, the report said. “Earlier this year, we launched Googler Reviews and Development (GRAD) to help employee development, coaching, learning and career progression throughout the year,” a Google spokesperson told MarketWatch in a statement. “The new system helps establish clear expectations and provide employees with regular feedback.” Read: Google looks to shed 10,000 ‘poor-performing’ workers: report The spokesperson declined to comment on the potential job cuts. HP HP Inc.
executives announced plans to cut up to 10% of the company’s workforce amid wha …

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