While a recession has to come, there is no doubt that the talk about when a recession will occur has intensified.
Still, corporations from Meta to Walmart have signaled in recent weeks that they favor a slowdown.
Facebook’s parent company instituted a hiring freeze, Insider’s Rob Price and Kali Hays first reported. Frost will make the year bigger.
In an internal memo published by Insider, Facebook’s chief financial officer, David Wehner, attributed the freeze and the problems facing the company to an “industry-wide slowdown,” as well as the invasion of Ukraine and changes in data privacy.
This is a rare resolution for the company, and has been noticed since the start of the pandemic.
“These adjustments are primarily due to commercial desires rather than individual performance,” Netflix said in a statement. This makes the cut “particularly difficult. “
This comes after Netflix laid off nearly a dozen contract employees of Tudu, its fan editorial site, in early April. During this series of layoffs, the company laid off a total of 25 employees from its marketing arm.
And he’s not the only one, Insider’s Ben Gilbert and Avery Hartmans adhere to every authorized corporation from Carvana to Wells Fargo.
Insider’s Paayal Zaveri reported that, according to an internal memo, the company is slowing down hiring. This comes after Salesforce hired thousands of employees in 2021; Insider’s Catherine Henderson and Alex Nicoll reported in January that Salesforce was recruiting for 1700 positions in the United States.
According to the internal memo, Salesforce also canceled some upcoming external sites.
Bloomberg reported that e-commerce furniture company Wayfair will freeze hiring for 90 days.
A spokesman told Bloomberg that Wayfair sees “a lot of uncertainty in the global economy,” though she is in a “position of strength. “
During the pandemic, interior design sales skyrocketed, as Americans began to furnish their spaces in offices, home gyms, or simply in a booth where they were content to spend all their time. Wayfair was no exception, with earnings growth of 55% in 2020, according to Bloomberg.
In a rare move, Amazon said there were too many workers.
The company said in its quarterly earnings call last month that it was overstaffed for the first four months of the year, a change of fate for the retailer, which has been understaffed for much of the pandemic.
“While the [Omicron] variant declined by the time part of the quarter and workers returned from their vacation, we temporarily went from a staff shortage to an overstaffing, leading to a drop in productivity,” Amazon Chief Financial Officer Brian Olsavsky said on the company’s call.
And that reduced productivity added about $2 billion in prices to the company, Olsavsky said.
Like Amazon, Walmart says it also had overstaffing in the first quarter of 2022, which hurt its profits.
Omicron affected Walmart like Amazon: Walmart had hired more staff in late 2021 to cover COVID leave, but when Omicron’s cases dropped in the first part of the quarter, staff returned to work sooner than expected.
Walmart said its profits fell 24. 8 percent from last year and said it would lower its full-year profit forecast, which is a publicly traded company’s forecast of its short-term profits or losses.
Uber CEO Dara Khosrowshahi told workers in an email received via CNBC this month that “the market is undergoing a seismic shift and we want to react accordingly. “
Tech stocks specifically have fallen since their pandemic peak, with Uber posting losses of nearly $6 billion in the first quarter of this year.
In response, Khosrowshahi said Uber would begin treating hiring as a “privilege,” indicating that a slowdown in hiring, or even a freeze, is on the horizon for the ride-sharing company.
And Uber will also reduce its marketing, according to Khosrowshahi’s note.
“We want to make sure our unit’s economy works before it grows,” he said. “Less effective incentive and marketing expenses will be eliminated. “
Twitter is freezing most of its hires and replacements this week pending the potential purchase of Elon Musk for $44 billion, a spokesperson for Insider showed this month.
In addition to finalizing his hiring, Bloomberg reported that CEO Parag Agrawal told workers that the company had failed to meet its goals, such as creating and developing cash.
And Agrawal asked two of its most sensible executives to leave: Kayvon Beykpour, head of customer products, and Bruce Falck, head of earnings products. another direction. “