Layoffs are on the rise across various industries, although the tech industry has taken a huge hit in recent months. Amazon, Alphabet and Microsoft have all recently cut jobs.
conditions and changing customer priorities," according to a filing with the Securities and Exchange Commission . Newell Brands announced on Monday that it will eliminate 13% of its office positions as part of a restructuring and savings initiative called "Project Phoenix."
The company's portfolio of well-known brands includes Rubbermaid, FoodSaver, Calphalon, Sistema, Sharpie, Paper Mate, Dymo, Expo, Elmer's and Yankee Candle. "We expect to unlock significant savings from the restructuring initiatives, which should help partially offset the impact of macroeconomic pressures on the business, while making us a more nimble and agile organization," CEO Ravi Saligram said in a statement. The software company said on Thursday that it is eliminating about 3,000 jobs, which amounts to about 2.5% of its workforce.
"This was a difficult decision, and we are deeply aware of the personal impact of these changes," the German company said in a statement. "We will provide colleagues the care and support they need during this challenging time."Spotify announced on Monday that it is planning to cut 6% of its global workforce in order to rein in costs. its operating expenses outpaced its revenue growth in 2022, which he acknowledged would have been impossible to sustain.
"Like many other leaders, I hoped to sustain the strong tailwinds from the pandemic and believed that our broad global business and lower risk to the impact of a slowdown in ads would insulate us," Ek said, adding that "in hindsight, I was too ambitious in investing ahead of our revenue growth."
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