Companies slow hiring as economy sputters

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Decades-high inflation and the fallout from the Ukraine crisis have pressured many companies across the globe to consider laying off people or put a freeze on hiring.

Following is a list of companies that have announced layoffs or frozen hiring to rein in costs:

COMPANIES COMMENTS

Alibaba Group China’s Alibaba might cut more than 15% of its total workforce, or about 39,000 employees, due to a sweeping regulatory crackdown in China, as well as slowing sales growth and rising prices.

Autoliv Inc, The world’s largest producer of airbags and seatbelts said it was reducing headcount to cut costs and adapt to new business conditions, but did not specify the number.

Cazoo Group Ltd European online car retailer Cazoo said it would cut its workforce by about 15% as it looks to conserve cash.

Carvana Co Carvana said it would lay off about 2,500 employees, or 12% of its workforce.

Coinbase Global Coinbase will extend its hiring freeze for the foreseeable future and rescind a number of accepted offers to deal with current macroeconomic conditions.

Real estate broker Compass will lay off 450 employees, about 10% of its current workforce, as borrowing costs and inflation pressures rise.

Brazil’s Ebanx laid off about 20% of its staff, or 340 employees.

Getir Turkey’s Getir plans to cut 14% of its staff globally due to rising global inflation and costs, a source with knowledge of the matter told reporters.

Gorillas German grocery app Gorillas will lay off 300 people, cutting its administrative staff in half.

Henkel AG & Co Germany’s Henkel, the company behind Schwarzkopf, will cut about 2,000

KGaA positions due to low demand of its shampoos and hair spray, as well as rising costs and global supply chain issues.

Intel Corp Intel has frozen hiring in PC chip division, according to a memo reviewed by

Reuters. The memo said that some hiring could resume in as little as two weeks after the division re-evaluates priorities and that all current job offers in its systems will be honored.

Klarna Swedish Klarna is slashing 10% of its 7,000-strong workforce as a consequence of a recent steep increase in inflation, fear of a recession and the war in Ukraine worsening business sentiment.

Lyft Inc The company said in May it would slow down hiring and assess budget cuts in some departments.

Meta Platforms Facebook parent Meta said in May it would slow the growth of its workforce.

Inc Move About Group Sweden’s Move About Group will cut 17 out of 40 positions due to indirect AB effects of the war in Ukraine and an excessive cost base.

Netflix Netflix in May said it has laid off about 150 people, mostly in the U.S., as the streaming service company faces slowing growth.

Peloton Peloton in February said it will cut about 2,800 corporate jobs as it looks to Interactive Inc revitalize sagging sales.

Redfin laid off 6% of its workforce, or 470 employees, and will Redfin continue reductions until the end of June after demand in May missed Corporation expectations.

Robinhood The retail trading platform said in April it was laying off about 9% of its Markets Inc full-time employees.

Snap Inc CEO Evan Spiegel in May told employees the company would slow hiring for this year.

Automaker Stellantis has indefinitely laid off an unspecified

Stellantis number of employees at its stamping plant in Michigan to mitigate impacts from various supply chain issues.

Tencent Holdings Chinese company Tencent is struggling to cope with the slowing economy, and might cut between 10-15% of its total workforce this year.

Elon Musk said on June 21 the electric car maker would cut 10% of Tesla its salaried staff over three months, as he predicted a U.S. recession was more likely than not.

Twitter Inc CEO Parag Agrawal said in a memo that the social media company would pause hiring and review existing job offers to determine whether any “should be pulled back”.

Uber Uber will scale back hiring and reduce expenditure on its marketing and Technologies Inc incentive activities, Reuters reported in May, citing a letter from the CEO.

Warner Bros Discovery aims to cut 30% of its ad sales workforce, Warner Bros or about 1,000 jobs globally.

Discovery Inc Valmet Oyj Valmet said in May it was in negotiations for temporary layoffs of up to three months, with about 340 employees part of the talks at its valve factory in Helsinki due to reduced orders caused by the war in Ukraine and COVID-19 restrictions in China.

Source: Regulatory filings, Reuters stories, company websites

(Reporting by Tiyashi Datta in Bengaluru and Louise Breusch Rasmussen, Marie Mannes and Agata Rybska in Gdansk; Editing by Devika Syamnath, Anil D’Silva and Milla Nissi)

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