Tech Layoffs: Adobe is the latest tech giant to cut jobs to reduce expenses

Adobe is not only the tech giant that is firing its employees. Meta, Twitter, and Amazon have started this layoff culture. Twitter was the first to start layoff after Elon Musk has taken over Twitter. After seeing this layoff culture many Indian tech firms such as Byju’s, Josh, HealthifyMe, etc also started laying off their employees in the past few weeks.

According to the reports, Adobe has reportedly laid off nearly 100 employees, especially from the sales team who are not doing well. According to the Tech Firms, these layoffs will reduce their expenses, but the scale is far less than the thousands of job losses at Amazon, Meta, and Twitter. In the 3rd Quarter of 2022, Adobe employed nearly 28,700 workers as per the financial report. Adobe is not the only tech company tightening its grip under certain conditions. Not only Adobe ut some other Indian Tech firms like Byju’s, Josh, HealthifyMe, etc have also laid off hundreds of employees and made them unemployed in the past few weeks.

According to the reports of Bloomberg, Adobe is now providing opportunities for impacted workers to find other positions at the software company. In the statement to the publication, Adobe said that the company “transferred some employees to positions that support critical initiatives” and wiped out a small number of other jobs.

adobe layoff

In the statement, Adobe said, “Adobe is not doing companywide layoffs and we are still hiring for critical roles“.

Particularly, in September, Adobe announced it would acquire Figma, a leading web-first collaborative design platform, for approximately $20 billion in cash and stock. At the time of the acquisition, the company said, “The combination of Adobe and Figma users in a new era of collaborative creativity.” The core tools are focused on developers and professionals, so the company hopes to reach small businesses through the acquisition. However, the transaction is under investigation by the U.S. Department of Justice for antitrust violations. It’s unclear if the company will lay off more employees in the coming weeks or months.

The company plans to report its fourth-quarter results on 15th December. As mentioned earlier, Adobe isn’t the only technology company taking drastic cost-cutting measures. Twitter laid off nearly half of its employees after being bought by Elon Musk. Elon Musk, Amazon, and Meta have laid off workers in large numbers, and the companies could take tougher action if the situation doesn’t improve.

This is the latest layoff of the huge tech giant Adobe. Hope, this article is beneficial for you.

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