Peloton Laying Off 800 Employees — Here Are The Major U.S. Job Cuts As Recession Fears Grow
Peloton Interactive plans to eliminate almost 800 jobs, it said Friday — the at-home stationary bike company’s second round of job cuts this year— making it the latest major U.S. company to shed workers this summer, as CEOs fear soaring inflation could tip the economy into a recession.
Bloomberg, six months after the New York-based company cut 2,800 jobs.Peloton, which gained popularity as gyms shut their doors during the pandemic, announced a sweeping round of layoffs in a memo to employees obtained by
reported (Signify did not respond immediately to an inquiry from Forbes).Texas-based home health services company Signify Health laid off 489 employees, a cost-cutting move that comes days after health care giant CVS made a bid to purchase the company, multiple outlets
Meditation app Calm CEO David Ko announced plans to lay off 90 employees (20% of the company’s workforce) in a memo to employees, saying, “we as a company are not immune to the impacts of the current economic environment.“
filing, in an effort to reduce expenses.California tech startup Nutanix announced plans to cut 270 (4% of its workforce) by the end of October, according to a Securities and Exchange Commission
reported, with the cuts coming in the company’s modern life experiences team.Microsoft reportedly laid off 200 employees, less than a month after the Redmond, Wash.-based tech giant announced it would cut 1% of its 180,000 workers, Business Insider
told Israeli newspaper Calcalist, “the world has experienced an economic crisis and we have seen U.S. GDP fall without growth.”Website design company Wix.com made its second round of layoffs this year, cutting 100 employees as company President and COO Nir Zohar
reportedly announced plans to cut 30% of its estimated 1,000 employees.Canadian social media management company Hootsuite
Groupon unveiled plans to lay off 15% of its workforce (500 employees), primarily in the company’s technology and sales departments, with CEO Kedar Deshpande writing in a message to employees obtained by Forbes, “our cost structure and our performance are not aligned.”
reported, citing anonymous sources.Snap, the California-based developer of mobile app Snapchat, started laying off an undisclosed number of its 6,000 employees, following a disappointing earnings report released last month, The Verge
iRobot, the maker of Roomba, cut 10% of its workforce (140 employees), as the company restructures after being purchased by Amazon for $1.7 billion, the company told Forbes, adding the job cuts were not related to the acquisition.
reported, stating the cuts come “in light of the challenging global economy and its impact on the gaming industry.”California-based video game developer Jam City laid off between 150-200 employees — roughly 17% of its workforce — VentureBeat
reported, citing anonymous sources.Walmart—the largest private employer in the United States—plans to cut 200 of its corporate employees as the company seeks to restructure, the Wall Street Journal
citing a drop in trading activity, high inflation and a “broad crypto market crash”—the move comes after Robinhood laid off 9% of its full-time employees in April, a set of cuts Tenev says “did not go far enough.”Online brokerage Robinhood cut 23% of its staff, with CEO Vlad Tenev
started laying off an undisclosed number of its estimated 143,000 employees, as part of a larger plan to cut thousands, The Information reported, citing an unnamed source (rumors of job cuts at Oracle have been speculated for nearly a month).Texas-based data technology giant Oracle
110 employees, or 45% of its workforce, as CEO Adam Gilchrist stepped down.Fitness company F45 Training laid off
announced, saying skyrocketing demand for online shopping during the pandemic has leveled off, and that the company made a bet that “didn’t pay off.”E-commerce company Shopify became the latest company to lay off employees, cutting ties with 1,000 (10% of its workforce), CEO Tobi Lutke
Boston Globe it now has 550 employees (meaning it cut close to 97) adding in a statement, “given how negatively the macro environment has evolved, we need to grow responsibly and control our own destiny.”Boston tech-watch company Whoop slashed 15% of its workforce, telling the
7-Eleven, which operates 13,000 convenience stores across North America, cut 880 U.S. corporate jobs, just over a year after it completed a $21 billion deal to purchase Speedway.
reported to be close to 200 workers, as the company navigates “uncertain economic conditions.”Seattle real estate startup Flyhome axed 20% of its staff,
announced on LinkedIn the online video company is cutting 6% of its workforce to “come out of this economic downturn a stronger company.”Vimeo CEO Anjali Sud
laid off 450 employees, nearly 35% of the company, as CEO Sean Lane admitted the company’s commitment to “act with urgency” led to a hiring spree that proved to be too much to handle, prompting him to “rethink this approach.”Ohio-based automated health software startup Olive
tweet it laid off 20% of its staff over fears of “broad macroeconomic instability” with the possibility of “prolonged downturn.”OpenSea, the New-York based non-fungible token (NFT) company, announced in a
TechCrunch reported, as it reels back from a “large and ambitious” budget it couldn’t meet amid fears a stunted market could fuel a recession.Online ordering startup ChowNow laid off 100 people,
cut 35% of its workforce amid a worsening “macroeconomic climate and global supply chain challenges.”Tonal, the at-home fitness company,
laid off 229 employees, primarily in its autopilot division, and shut down its San Mateo, California, office, just weeks after CEO Elon Musk sent an email to executives, saying he had a “super bad feeling” about the economy and planned to cut 10% of his workforce, Reuters reported.Tesla
Bloomberg, as the company moves away from a growth-at-all-costs model.Some 1,500 employees at the international delivery startup Gopuff were let go, (10% of its staff) and 76 of its U.S. warehouses were shut down, according to a letter to investors first reported by
announced plans to lay off 2,000 workers by the end of the year, bringing its 2022 layoffs to 4,800 — more than half of the company’s 8,500 employees — amid a precipitous downturn in the housing market that’s “contracted sharply and abruptly,” CEO Frank Martell said in a statement.California-based mortgage lender loanDepot
unveiled plans to lay off 5% of the company’s 14,000 employees in areas that grew “too quickly” during the pandemic and to halt hiring of non-factory workers, according to an internal email from CEO RJ Scaringe, Bloomberg reported.Electric automaker Rivian
announced plans to lay off 17% of its workforce by the end of the year, with a goal of bringing in $100 million in annual mortgage-related revenue by 2028.Real estate firm Re/Max
laid off and reassigned more than 1,000 of its 274,948 employees, citing rising mortgage rates and increased inflation.JPMorgan Chase — the nation’s largest bank —
Compass and Redfin announced plans to cut 10% and 8% of their workforces, respectively, following a 3.4% drop in home sales from April to May, according to the National Association of Realtors, amid concerns the once red-hot housing market had cooled.Real estate companies
released after losing access to their work emails, marking an 18% reduction in the crypto company’s staff — a move that CEO Brian Armstrong called essential to “stay healthy during this economic downturn” — and a warning sign of a recession and a “crypto winter” after a 10-plus-year crypto boom.Some 1,100 Coinbase employees learned they had been
reports of a “spendthrift” business style had come back to bite the company.Used car seller Carvana CEO Ernie Garcia III sent an email to 2,500 employees — 12% of the company’s workforce — informing them they had lost their jobs, one week after freezing new hiring, as the company embraced for what looked like a looming recession in car sales, and
Many experts warned the U.S. may be headed toward recession following reports the economy contracted 1.6% in the first quarter of the year. The Federal Reserve’s announcement in June to raise interest rates by 75 basis points, its largest rate hike in 28 years, reignited fears of economic turmoil and recession. Last month, economists at S&P Global Ratings forecast a 2.4% drop in GDP by year’s end, a reverse in course from earlier forecasts of 2.4% growth. Bank of America issued a warning Wednesday that “economic momentum has faded,” and a “mild recession” is possible by the end of the year. Meanwhile, stocks continue to drop as inflation soars. The latest report from the Bureau of Labor Statistics revealed a 9.1% spike in inflation from June, 2021, with gas, housing and food making up the largest increases.
Even with the layoffs, the unemployment rate remains low, holding on at 3.6% for the past four months. In an interview with the Washington Post last month, U.S. Deputy Secretary of Labor Julie Su said she was optimistic the economy will rebound, citing 9 million jobs created since President Joe Biden took office, and 372,000 new jobs in June.