California-based security company Proofpoint announced plans this week to cut roughly 6% of its workforce, while payment firms Block and PayPal both conducted rounds of layoffs affecting hundreds of employees, the latest in a string of corporate job cuts this year that have rocked the tech industry, including at Microsoft, Amazon and eBay.
As of Tuesday evening, 107 tech companies have laid off more than 29375 employees so far in 2024, according to Layoffs.fyi.
Jack Dorsey's Block lays off 1,000 employees:
Jack Dorsey's fintech company Block, whose subsidiaries include Square, Cash App and Afterpay, is laying off 1,000 employees or 10% of the workforce. "Growth of [Block] has far outpaced the growth of...business and revenue," Block Co-founder Dorsey's memo to employees read. "We decided it would be better to do [layoffs] at once rather than arbitrarily space them out," he added.
Wipro to Lay Off hundreds of mid-level employees:
IT major Wipro is in the process of cutting hundreds of mid-level roles onsite as it attempts to improve its margins, ET Prime reported. The intimations to affected employees started being sent earlier this month, the report added. Wipro has the lowest margins amongst the four largest India-listed IT services companies and its December quarter margin came in at 16%.
PayPal to Cut Around 2,500 Jobs:
PayPal is downsizing its workforce by approximately 9%, aligning with a trend among tech giants like Amazon and eBay making similar staff reductions in the new year. CEO Alex Chriss emphasized the imperative to advance in new technology and enhance organizational focus and efficiency through automation and technology consolidation.
Cyber vendor Proofpoint laying off 280 employees:
Cybersecurity company Proofpoint is laying off 280 employees, accounting for around 6% of its total workforce of 4,500. The layoffs will include around 20 employees in its Israel offices, which total about 300 people.
eBay To Layoff 1000 Jobs:
Last week, eBay said it is laying off 1,000 employees, or about 9% of its staff, also citing the macroeconomic environment
