Five Tech And Start-Up Companies That Announced Layoffs Recently
The technology and start-up sectors, once the most sought after by students across campuses, have come under pressure, with many big companies announcing massive layoffs. These announcements have come in quick succession, casting a gloom on millions of employees associated with these sectors.
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US-based networking giant Cisco Systems said earlier this week that it will cut about 5,500 jobs, representing nearly 7 per cent of its global workforce. The move is also expected to impact operations in India, which is its second largest site with 11,000 employees.
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Grocery delivery start-up Grofers said that it will lay off 10 per cent of its workforce or around 100 employees. The SoftBank and Tiger Global Management funded start-up cited tough market conditions and revision in growth projection as the reasons for the layoffs.
