Tech and media layoffs update; job losses continue; Chewy, Amazon, mor

Tech and media layoffs update; job losses continue; Chewy, Amazon, mor

Update Tuesday, November 28:

November has shaped up to be a particularly rough month for tech companies, as layoffs have continued through its final few days.

On Monday, it was reported that TikTok parent company ByteDance will lay off hundreds of employees as it winds down its failed gaming division called Nuverse. The company has not yet specified exactly how many workers will be affected by the job cuts.

Earlier in the month, online wholesale marketplace Faire, which raised funding at a $12.6 billion valuation in May 2022, laid off 20% of its staff, or about 250 people. The job cuts were reportedly part of a restructuring plan. It was the second round of cuts in just over a year, after the company had already laid off 7% of its staff in October 2022.

Original story:

The year is quickly coming to an end, but unfortunately layoffs in the media and tech industries show little sign of abating. A number of big-name companies have announced job cuts over the past few weeks.

While these rounds of job cuts are smaller than those in late 2022 and early 2023 that saw tens of thousands of workers lose their jobs at companies like Meta, Microsoft, Disney, and Amazon, they show that cost-cutting measures are still putting jobs on the line.

The latest big-name companies that cut staff in November include:

  • Vice Media: The beleaguered company that was once the hottest media property among younger demographics announced it would lay off dozens of staffers after it shuttered several news shows. CNN reported that the number laid off was fewer than 100.
  • Jezebel: Last week, it was announced that the iconic feminist news site would be shutting down, and that all 23 editorial staffers would be laid off. In a statement, WGA East members at Jezebel (via Variety) said, “The closure of Jezebel also underscores fundamental flaws in the ad-supported media model where concerns about ‘brand safety’ limit monetizing content about the biggest, most important stories of the day.”
  • Condé Nast: The company that publishes Wired, Vogue, and The New Yorker, among other well-known titles, announced it would cut 5% of its workforce. With more than 5,000 employees on its books, according to The Hollywood Reporter, a 5% layoff means 250-plus jobs will be lost.
  • Dish Network: The struggling satellite TV provider is cutting at least 500 jobs, according to reporting by Fierce Wireless. Dish blamed the cuts on “changing business demands.”
  • Amazon: Despite cutting thousands of employees over the past year, Amazon isn’t done with its layoffs. As CNBC reported, more than 180 jobs are being cut from the Amazon Games division, including those involved in video game streaming and supporting third-party games.
  • Snap: The Snapchat maker has laid off nearly 20 project managers, The Information reported. The layoff news followed several exec departures in recent months.
  • Chewy: The pet-supply company has cut about 200 jobs, according to TechCrunch. Chewy stock is down more than 40% year to date.

Layoffs.fyi says more than 1,100 tech companies have laid off nearly 250,000 workers in 2023 as of the time of this writing.

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