From Coinbase to Cisco, Amazon, Salesforce, HP, Roku, Beyond Meat, Meta and Twitter, big names across a number of sectors have announced major layoffs in recent months. Coinbase Coinbase Global Inc.
COIN,
+1.30%
announced 950 job cuts in an attempt to cut costs.
“In 2022, the crypto market trended downwards along with the broader macroeconomy,” said Coinbase CEO Brian Armstrong, in a message to employees on Jan. 10. “We also saw the fallout from unscrupulous actors in the industry, and there could still be further contagion.” See Now: Coinbase to cut 950 jobs and book charges of up to $163 million The crypto exchange said it will book charges of about $149 million to $163 million for the cuts, divided between about $58 million to $68 million in cash charge relating to severance and $91 million to $95 million in stock-based compensation charges relating to the vesting of outstanding equity awards. The job cuts follow the company’s announcement in June that it would lay off 18% of its employees. Cisco Cisco Systems Inc.
CSCO,
+0.82%
has begun previously announced layoffs, cutting nearly 700 jobs in Silicon Valley in December, according to filings with the state of California in January. The layoffs span a number of departments at the networking giant and extend across various positions, including software and hardware engineering, program management, product design, marketing and more. According to the state filings, the number of employees impacted at the company’s San Jose, Calif., headquarters totals 371, wh …