After Twitter, & Meta it's Zomato which has announced to layoff 3% of its staff, citing that the laying offs will be taking place on the basis of performance.
"There has been a regular performance based churn of under 3 per cent of our workforce, there's nothing more to it," said a Zomato spokesperson.
However, the history here is little bit different from the other two companies who have been in the headlines for throwing their lay offs decisions onto the winds. The layoffs in Zomato come soon after three top level quits the company in the last few weeks.
Zomato's co- founder Mohit quit the organisation on Friday. This follows the exits of Rahul Ganjoo who was new initiatives head, and Siddharth Jhawar, the former head of Intercity Legends service, too joined them and announced his exit.
Considering the revenue calculations, Zomato’s net loss for the september quarter narrowed to ₹250.8 crore compared to ₹434.9 in the corresponding quarter last fiscal.
Meanwhile, revenue from operations rose by 62.20 per cent to ₹1,661.3 crore from ₹1,024 crore a year earlier.
According to the report submitted by the digital news agency Livemint, so far in 2022, at least 17,000 people have lost their jobs as startups reduce their workforce in a push to become profitable. Over the last month, tech firms Twitter, Meta and Amazon have also laid off 25,000 employees globally to cut costs.
With big tech giants including Amazon, Meta, Twitter announcing mass layoffs, the biggest question arises 'Is this an indicator towards global recession?'
