Three tech companies now announce massive layoffs for 2024, with job cuts amounting to more than 5,000.
Trend Micro has laid off 2% of its overall workforce.
The Japanese cybersecurity giant, which employed 7,582 employees as of June 2023, announced the layoffs Tuesday, pitching it as part of a business transformation plan.
“Trend Micro informed 2% of its worldwide team that their roles were eliminated,” a spokesperson said in a statement.
“This decision is in alignment with Trend Micro’s business transformation and focus on customer expansion through our platform.”
In response to an analyst question in November about the company’s declining headcount and if it has stopped shrinking its workforce, Trend Micro said, “we don’t have a plan to actively increase the head count.”
Trend Micro joins a growing list of technology firms that have recently slashed jobs amid a challenging economy, reports CNBC.
On Monday, Unity Software, a maker of developer tools for video game coders, said it would lay off 25% of its total workforce, which equates to 1,800 employees.
Last week, Xerox said it would eliminate 15% of its overall workforce, which represents a whopping 3,075 employees.
The continued stories on layoffs is a developing story.
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Also Read: This Massive Mall Retailer Is Now Laying Off 2,350 People
Other Economy News Today
A massive furniture company now lays off 1,650 employees, which represent approximately 13% of its global workforce.
Wayfair has laid off about 1,650 employees, the company said Friday.
The online home decor retailer said the cuts represent about 19% of its corporate team and 13% of its global workforce.
The move is expected to give the company more than $280 million in annualized cost savings.
About $150 million of that will come from cash compensation savings.
However, the restructuring will likely cost Wayfair approximately $70 million to $80 million in severance and benefits costs, most of which are anticipated to be incurred in the first quarter, reports RetailDive.
While CEO Niraj Shah in an open letter to employees pointed to “many things at the company that are going well,” including gaining share with customers and making progress to operate more efficiently, the retailer has faced challenges.
The company “went overboard” with hiring during the height of the pandemic, when the retailer’s annualized sales doubled to $18 billion from $9 billion as people spent more on their homes, Shah said.
This is Wayfair’s third round of restructuring since the summer of 2022.
The company laid off 870 employees in August of that year.
Last January, a whopping 1,750 people were also let go.
This time, Shah said they decided to err on the side of having too few people versus too many.
“Each time we used our best judgment, identified the cost target we needed to hit, and believed we were resizing to the right point,” Shah said Friday.
“In many ways, having too many great people is worse than having too few.
With too few, you get a lot done quickly, but you may not get everything done that you want.
But having too many causes inefficiency, coordination costs, and investments in lower-return activities.
That is what we have been experiencing and what we need to end.”
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Also Read: Massive Layoffs in Ohio Now Announced For 2024
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