This week saw another round of mass layoffs, including from Meta, Disney, and Amazon (NASDAQ:AMZN).
The recent wave of job cuts has affected multiple departments within each company - from advertising to on-air talent positions. While all three corporations had previously announced their intentions to reduce workforce numbers in recent weeks, specifics about which areas would be impacted remained unclear until now.
Meta:
In addition to cutting 11,000 jobs last autumn, Meta recently revealed plans for another round of layoffs affecting 10,000 workers. Reports indicate that engineering and tech teams have been hit hard this time around – including machine learning engineers and UX researchers. Approximately 4k roles were eliminated earlier this week with more business operations positions slated for termination next month.
Disney:
Disney has started trimming management roles at ESPN along with on-air talent positions as it moves ahead with CEO Bob Iger's $5.5 billion restructuring plan aimed at revitalizing its business model; . The total number of layoffs is still unknown but estimates suggest roughly 7k jobs will be lost throughout various departments such as metaverse development and international offices.
Amazon:
Following the announcement of 100 job cuts in its video gaming division and expected layoffs in retail, recruitment, and HR sectors; Amazon has now confirmed workforce reductions within its advertising department. The exact number of affected employees remains undisclosed at this time.
Are More Layoffs on the Cards?
The possibility of additional job cuts has not been ruled out. The ultimate deciding factor for future layoffs may lie in whether businesses choose to further reduce their advertising spending amidst a challenging economic climate marked by high inflation rates. As household incomes tighten, discretionary expenses such as television packages could be on the chopping block – a reality Disney is all too familiar with after missing profit and revenue targets due to dwindling Disney+ subscriber numbers.
Beyond cutting jobs, Meta, Disney, and Amazon are also scaling back projects while consolidating office spaces and merging entire divisions as part of broader cost-saving measures.