Layoff drive: OLX to fire around 1,500 workers globally
1 min read . Updated: 31 Jan 2023, 11:17 AM IST
PremiumLayoff drive: OLX will sack around 1,500 employees globally.
With several tech companies laying off workers across the country, OLX Group has also announced that it is firing 15% of its global workforce as the demand for its offerings has begun to slow down, according to a report in financial daily.
The company will sack around 1,500 employees, The Financial Express stated. '
In an official statement, an OLX spokesperson said that the company is taking necessary measures to reduce its cost structures, keeping in view the macroeconomic conditions.
Meanwhile, Dutch health technology company Philips has also announced another 6,000 job cuts worldwide as it tries to restore its profitability and improve the safety of its products following a recall of respiratory devices that knocked off 70% of its market value.
It also adds to the string of technology-based firms to make layoffs, after companies including Alphabet's Google, Microsoft, Amazon, and German software maker SAP announced thousands of layoffs to cut costs as they brace for tougher economic conditions.
The tech giant, Google has also laid off 12,000 employees globally. After firing workers, reports appeared that Google CEO Sundar Pichai is all set to take a large chunk of his salary cut amid tough macroeconomic conditions and layoffs.
Goodyear Tire & Rubber Co. has also announced about 500 layoffs, adding to the wave of job cuts sweeping corporate America as the company cuts costs in response to weak demand and rising inflation. The company said it’s grappling with inflation in areas such as wages and benefits, countering the benefit from a decline in raw material costs.
Last week, International Business Machines Corp. has also joined the wave of companies making layoffs, saying it would cut about 3,900 jobs.
(With inputs from agencies)
