“And if I can’t get too low, then I can’t get too up.”In fact, 4 of the 10 biggest tech layoffs since COVID-19 have occurred in just the past two weeks.2,803 employees were laid off from tech startups during the week of 5/27-6/2. Stitch Fix laid off 1,400 workers just last Monday.Unfortunately, the number of employees laid off has not benefited from a similar trend. Ridesharing company Lyft let 982 workers go, an elimination of 17% of its workforce; an additional 288 were furloughed.
This represents the lowest weekly number since the week of 3/18-3/24, and is 68% lower than the pandemic peak 2 weeks ago.Two months into nationwide lockdowns, these bigger tech companies couldn’t keep holding off. The layoffs come as Uber’s ride-hailing business fell 80% in April …
There’s now been a clear downward trend over the past 8 weeks, ever since a whooping 100 startups cut jobs during the week of 4/1-4/7.Hoping to help those laid off get exposure to companies still hiring Later-stage startups and recently-public tech companies had more buffer to hold off on layoffs due to their larger cash reserves. It is furloughing another 288 workers. Rival Uber is reportedly discussing a layoff as well (to the tune of 5,000 people), though those cuts have not been finalized.
They’ve now also had enough time to properly budget, plan, and execute their layoffs, something that takes longer at a 4,000-person company than a 40-person one.
See below link for an opt-in list of Lyft employees laid off, including 35 engineers. The cuts to its customer support and … Small wonder that in the first half of May, it’s felt like dominoes falling when it comes to late-stage startup layoffs. SF Bay Area ∙ 982 employees (17%) ∙ All departmentsSee below link for an opt-in list of Lyft employees laid off, including 35 engineers.Although both the number of layoffs and the number of employees laid off have been falling, the average layoff has gotten bigger.
Lyft and Uber’s revenue have fallen by more than 50% as a result of the coronavirus pandemic. ... Canada have recommended a two week layoff due to … Though recent signs look promising, people are still tempering their expectations. Parachute is a free consolidated list of all employees laid off during the Covid-19 pandemic that is accurate, up to date, and easy to filter. At the time, smaller travel startups like Lola, Remote Year, and WanderJaunt were laying off dozens of employees each even though the likes of Airbnb and TripAdvisor hadn’t yet cut staff.The number of startups cutting jobs continues to fall as well. More than 1,000 people are out of work due to cutbacks at Lyft. During that same 5-week period, the number of new employees laid off per week dropped from 7,692 to 6,562, a decline of just 15%.After peaking in mid-May, the number of new employees laid off from tech startups has declined to its lowest level since the beginning of the coronavirus pandemic.This means that in the past two days alone, we’ve seen two of three biggest tech layoffs since the coronavirus was declared a pandemic on March 11:In the early weeks of the coronavirus pandemic, smaller cash-strapped startups were the first to conduct layoffs to avoid going out of business.
What do the Airbnb, Lyft, and Uber layoffs mean for Seattle engineering outposts? Add yourself to the list if you were affected or have us take care of legal compliance to build a list for your team.
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