Recession News

The Office for National Statistics estimated that economic activity, as measured by gross domestic product, declined by 0.3% in the fourth quarter of the year from the previous three-month period, with all three main sectors — services, industrial production and construction — down.

Vodafone has recently cut jobs in several of its big markets, shedding 1,000 in Italy earlier this year and a media report said it was looking to cut around 1,300 in Germany.

The LinkedIn revenue increased 8 per cent in the March quarter for the tech giant. In 2016, Microsoft acquired LinkedIn for more than $26 billion. 

In light of the ongoing high inflation pressures, the Governing Council of the European Central Bank (ECB) decided to raise the key interest rates by 25 basis points (100 basis points makes 1 percentage points).

Cognizant reported a 3 per cent (year-on-year) rise in its net profit to $580 million in the March quarter of FY23. The company reported revenue of $4.8 billion, which declined 0.3 per cent year-over-year, in Q1 2023.

The company said in December it would cut costs by 9 billion crowns ($880 million) by the end of 2023 as demand slows in some markets, including North America.Ericsson to lay off 8,500 employees 

Instagram and WhatsApp parent Meta had cut more than 11,000 jobs or 13% of its workforce in November across many divisions amid cost-cutting.

Dutch tech company Philips announces to cut 6000 jobs globally. Company aims to restore its profitability and improve safety of its products following a recall of respiratory devices knocking off 70% market value. Half of the job cuts will be made this year, the company said on Monday, adding that the other half will be realised by 2025.

Google has declared that it will remove 12,000 jobs from its workforce in 2023 After Musk took over the social networking site, over 3700 workers—more than 50% of workforce were let go The quick delivery service platform Blinkit, formerly known as Grofers, let go more than 5% of its staff, or about 1600 people

Almost 60,000 employees with 209 companies globally have lost their jobs in the first month of 2023. SAP said on Thursday it planned to cut 3,000 jobs, or 2.5% of its global workforce. Tech giant IBM is laying off 3,900 employees.

SAP plans to cut 3000 jobs or 2.5% of its global workforce. The company is exploring the sale of its remaining stake in Qualtrics to cut costs and focus on cloud business. SAP is the latest tech company to cut jobs after companies including Alphabet's Google, Microsoft and Amazon.

Spotify to lay off 6% of its employees amid fear of recession. An Indian Software Engineer pens down a heart-wrenching post. She says in the post the hardest part is not knowing the reason.

IBM to lay off 3,900 employees after missing annual cash target. IBM joins a slew of tech companies such as Meta, Alphabet, Microsoft and others in laying off thousands of employees amid the global economic headwinds. Earlier, Google laid off 12,000 employees globally.

Every one in four Indians is concerned about the threat of job layoff while three out of four are worried about rising inflation. Three out of four people are worried about the rising inflation and want the government to introduce decisive measures to tackle the same. This is relatively higher in the affluent (32 per cent ), older 36-55 year-olds (30 per cent) and salaried classes (30 per cent).

Washington Post announces to lay off its employees including newsroom jobs. The newspaper will shut down its gaming section. Amazon Jeff Bezos bought The Post for $250 million.

Google lay offs an employee who was working there for 17 years on Friday. Ex-Google employee's post is garnering a lot of praise and respect for offering help to others in hard time. The companies come and go; the people are what really matter, he wrote in the post.

Over 50,000 employees in 153 companies lost their jobs globally. Microsoft, Google laid off even long-serving employees as well. A Linkedin post stirs debate on the question of loyalty and frequent switches.

Over 50,000 employees have been laid off so far in 2023 by 153 companies globally. Google becomes the new participant in the league to lay off their employees. Earlier, Swiggy announces to lay off its 380 employees.

Google to lay off 12,000 employees: CEO Sundar Pichahi. The affected employees will get notice period salary and other bonuses. Sundar Pichai calls it one of toughest days.

Swiggy lays off its 380 employees that accounts for 6% staff. Swiggy joins the list of 150 companies globally that lay off its employees in first 20 days of January. A total of 38815 employees have been laid off so far in 2023, according to layoffs.fyi.