OLX prepares for retrenchment, 1,500 workers will be out of the company

In the last few months, many tech companies have cut a large number of workforce. OLX Group has also announced to reduce its global workforce by 15 percent. The company says that this decision has been taken due to lack of demand for its services. About 1,500 workers will be removed from the company.

An OLX spokesperson said that the company is taking necessary measures to cut costs. before this GoogleA large number of workers have been laid off in big tech companies like Microsoft, Amazon, SAP, Twitter and Meta. These companies are facing difficulties due to the slowdown and decrease in demand. Medical Equipment and Electronics Maker Philips had told on Monday that it would lay off 6,000 workers. The company has been hit by a large number of recalls of defective sleep respirators. Philips laid off 4,000 workers a few months back.

The company’s chief executive Roy Jakobs said that Philips had to make the difficult but necessary decision to cut the workforce over the next two years. “The past year has been difficult for Philips and our stakeholders. We are taking steps to improve performance,” Jakobs said in a statement. This Netherlands company had a loss of 105 million euros in the fourth quarter of the previous year. The company’s loss for the previous full year was $1.6 billion. About two years ago, Philips recalled a large number of its appliances used to treat people with sleep apnea. These appliances were feared to have a bad effect on the health of the patients.

Global e-commerce company Amazon also laid off workers from its devices group last year. The company plans to cut around 10,000 jobs. These will include retail and human resources divisions. Amazon executive Dave Limp told in a blog post that the company has decided to reduce the size of its devices unit. Voice assistant Alexa is one of the top-selling Amazon devices. However, company founder Jeff Bezos says that these devices are sold at a discount and it is sometimes less than the cost.

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