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After several reports, Target confirmed that it would lay off 10,000 employees worldwide, marking the company’s second massive layoff in recent months.
The CEO announced this Mark Zuckerbergwhich indicates that this process may last until the end of the year.
Mass layoffs
Zuckerberg made a small statement to elaborate on this.
“We expect to announce restructuring and layoffs in our technology groups at the end of April, and then in our business groups at the end of May,” he wrote. In “a small number of cases, these changes may take until the end of the year to be implemented.”
In addition to the 10,000 employees who will be laid off, there are about 5,000 more vacancies that do not yet have names.
As of September 2022 Target reported a workforce of 87,314, according to securities reports. In November, 11,000 job cuts were announced, followed by 10,000 cuts on Tuesday, leading to a reduction in the workforce. Target to about 66 thousand, a reduction of about 25%.
technological reality
The entire tech industry has been hit by a slowdown following the critical months of the pandemic.
Inflation, high interest rates, and a return to face-to-face in many industries have seen tech companies, which enjoyed huge popularity and millions in revenue in the early months of the crisis, begin to regress towards values close to the pre-pandemic.
Amazon, Microsoft, Google and others have collectively cut tens of thousands of employees.
In its latest quarterly income statement Target reported a sharp drop in profits and reported a third consecutive quarterly decline in revenue. During the earnings call, Zuckerberg promised investors that 2023 would be a “year of efficiency” for the company after several years of heavy investment in growth and a more immersive version of the internet called the metaverse.
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Source: RPP
I am Ben Stock, a passionate and experienced digital journalist working in the news industry. At the Buna Times, I write articles covering technology developments and related topics. I strive to provide reliable information that my readers can trust. My research skills are top-notch, as well as my ability to craft engaging stories on timely topics with clarity and accuracy.