Tech Companies That Announced Layoffs Last Month, June

Discover the companies in the technology sector that laid off the most employees last month, June


HOOD: ROBINHOOD MARKETS, INC. (around 150 employees)

Industry: Software—Infrastructure

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.


Industry: Software—Application

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.


Industry: Software—Infrastructure

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.

SONO: SONOS, INC. (roughly 130 employees)

Industry: Consumer Electronics

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.

S: SENTINELONE, INC. (approximately 105 employees)

Industry: Software—Infrastructure

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

Join LevelFields now to be the first to know about events that affect stock prices and uncover unique investment opportunities. Choose from events, view price reactions, and set event alerts with our AI-powered platform. Don't miss out on daily opportunities from 6,300 companies monitored 24/7. Act on facts, not opinions, and let LevelFields help you become a better trader.

Free Trial: Signup for 1 Free Alert Per Week

Add your email to get alerts & the report.

Get 1 free alert per week via email

Upgrade if you want more or platform access

We'll also send you a free report

or Click Here to get full access now

By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. View our Privacy Policy for more information.