In an internal email, the CEO cited a funding winter & pressure to turn profitable as the reason for these layoffs. Other companies to have cut staff include Tiger Global-backed Vedantu & Byju's.
More than half of the layoffs will affect staff at its non-billable corporate functions, the IT company said, sending its shares up more than 4% before the bell.
The move underscores Zuckerberg's push to turn 2023 into the 'Year of Efficiency' with promised cost cuts of $5 billion in expenses to between $89 billion and $95 billion.
There is no definite path forward because the entire business world has been through a tumultuous journey that started with Covid, writes Manoj Mohandass.
The company plans to cut jobs in a number of engineering divisions on Wednesday, Bloomberg News reported. The cuts will be significantly larger than other rounds in the past year.
The layoff plans to eliminate around 10,000 roles through reductions in more units would amount to about a 3% cut in Amazon's roughly 300,000-person corporate workforce.
While the commission didn’t mention provisions under which IndiGo's market domination would be examined, Competition Act 2002 prohibits abuse of dominant position by any enterprise.
It is argued that India-Israel ties are moving from buyer–seller dynamic to one focused on joint development & manufacturing partnership, a shift 'more durable' than traditional arms sales.
Don’t blame misfortune. This is colossal incompetence and insensitivity. So bad, heads would have rolled even in the old PSU-era Indian Airlines and Air India.
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