Discover the companies in the technology sector that laid off the most employees last month, June
Robinhood Markets Inc., the popular stock-trading app, is reducing its workforce by approximately 7%, which accounts for around 150 full-time employees. The decision, as stated by Chief Financial Officer Jason Warnick, aims to adapt to trading volumes and optimize team structures. This marks the third round of layoffs within a year, reflecting a slowdown in trading activity on the platform. Robinhood Markets emphasized its commitment to operational excellence and explained that adjustments are made based on factors such as volume, workload, and organizational design.
Uber Technologies Inc. recently announced a reduction of 200 jobs in its recruitment division, accounting for less than 1% of Uber's global workforce, as part of a cost-cutting measure. This move aims to streamline operations and maintain a consistent staff count throughout the year. In addition to this, Uber's Freight division had previously laid off 150 employees, representing around 3% of its workforce. Recent developments include Uber's plans to exit the food delivery business in Italy and Israel to focus on markets with sustainable growth opportunities. Despite these adjustments, Uber reported a strong revenue growth of 29% year-on-year in the first quarter of FY23, amounting to $8.82 billion, surpassing market expectations.
On Thursday, Oracle Corp made the difficult decision to lay off hundreds of employees, retract job offers, and reduce open positions within its health unit, which includes the recently acquired electronic medical records firm Cerner. This downsizing was primarily driven by challenges faced by Cerner in its work with the U.S. Department of Veterans Affairs, where it was hired to replace the existing medical records system. These challenges contributed to the need for cost-cutting measures within the health unit. Despite the layoffs, Oracle reported strong fourth-quarter revenue growth, surpassing analyst expectations.
Sonos, a wireless speaker company, recently announced a reduction in its workforce, laying off approximately 130 employees, which accounts for about 7% of its total workforce. This decision was made due to ongoing challenges faced by Sonos, leading to the need for difficult choices, including job cuts and reevaluating program expenditures. Sonos CEO Patrick Spence acknowledged the "continued headwinds" Sonos is experiencing. In addition to severance costs, Sonos anticipates restructuring expenses of $11 million to $14 million, involving the streamlining of its real estate portfolio. This reduction in workforce comes after a previous layoff of 12% in 2020, as a response to the impact of the Covid-19 pandemic. Sonos' recent earnings report showed a year-over-year revenue decrease of 23.9% to $304.2 million, leading to these measures being taken.
SentinelOne Inc., a security-software company, experienced decline due to macroeconomic pressures impacting deal sizes, sales cycles, and pipeline conversion rates, resulting in a slowdown in business spending. Additionally, reduced software usage by businesses affected SentinelOne's revenue based on consumption. As a result, SentinelOne plans to implement cost-cutting measures, including laying off approximately 5% of its workforce, which amounts to approximately 105 employees.
All data was sourced from LevelFields AI
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