MarketWatch First Take: Splunk joins PayPal IBM, SAP, Spotify, Google, Intel, Microsoft, Amazon and other tech companies making layoffs

by | Feb 1, 2023 | Stock Market

Splunk has joined PayPal, IBM, SAP, Spotify, Google parent Alphabet, Intel, Microsoft, Coinbase, Cisco, Amazon, Salesforce, HP, Roku, Beyond Meat, Meta and Twitter in announcing major layoffs in recent months. More than 77,000 global technology-sector employees have been laid off in the first few weeks of 2023 alone, according to data compiled by the website

Here’s a look at the list of big names across a number of sectors that have been cutting back their workforces. Splunk Splunk Inc.
said it will lay off about 4% of its staff, or about 325 employees, amid cutbacks in the software industry. In a letter to employees, Splunk CEO Gary Steele said that the cuts will be mostly in North America. “This decision is another step in a broader set of proactive organizational and strategic changes that include optimizing our processes, cost structure and how we operate globally to ensure Splunk continues to balance growth with profitability through these uncertain times and drive success over the long term,” he wrote. See Now: Splunk to lay off 4% of its staff in latest sign of software cutbacks In an SEC filing, Splunk estimated that it would incur approximately $28 million in charges and future cash expenditures related to its reorganization plan. Splunk expected the plan to be completed, and to book “substantially all” the associated charges and cash expenditures, in the first quarter of fiscal year 2024. PayPal PayPal Holdings Inc.
said it was cutting its global workforce by approximately 2,000 full-time employees, or 7% of the company’s total workforce. Chief Executive Dan Schulman announced the layoffs in an email to employees. “These reductions will occur over the coming weeks, with some organizations impacted more than others,” he wrote. “While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do,” Schulman said in the email. “We must continue to change as our world, our customers, and our competitive landscape evolve.” Also see: PayPal …

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