Layoff Drive: OLX to lay off around 1,500 employees globally

 

Layoff Drive: OLX will be laying off around 1,500 employees globally.

As per a report in Financial Daily, with several tech companies laying off staff across the country, OLX Group has also announced that it is laying off 15% of its global workforce due to slowing demand for its offering. It is engaged.

The Financial Express said the company would lay off around 1,500 employees. ,

In an official statement, an OLX spokesperson said that the company is taking necessary measures to reduce its cost structure keeping in view the macroeconomic conditions.

Meanwhile, Dutch health technology company Philips has also announced 6,000 job cuts worldwide as it seeks to restore its profitability and improve the safety of its products following a recall of respiratory devices that have cost it half a million dollars. 70% off the market value.

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, adding to a string of technology-based firms making layoffs. Is.

Tech giant, Google has also laid off 12,000 employees globally. After laying off employees, reports emerged that Google CEO Sundar Pichai is set to take a major chunk of his pay cut amid tough macroeconomic conditions and layoffs.

Goodyear Tire & Rubber Co. also announced nearly 500 layoffs, setting off a wave of job cuts across broader corporate America as the company cuts costs in response to weak demand and rising inflation. The company said it battled inflation in areas such as wages and benefits, countering gains from declining raw material costs.

Last week, International Business Machines Corp. also joined the wave of companies laying off, saying it would cut about 3,900 jobs.