Wayfair Inc also announced job cuts. After 2022, layoffs in the tech industry have accelerated. Many companies, including Microsoft, Amazon, Twitter, Meta, and Ola, have recently laid off many employees and reduced vacancies.

Another such company, Wayfair Inc, has also announced a series of layoffs, with one person familiar with the situation adding that more than 1,000 employees will lose their jobs, on condition of anonymity, Bloomberg reported.

The company announced in August last year that it would cut about 870 jobs or about 5% of its global workforce.

According to Bloomberg, the online home improvement retailer has been struggling with a decline in sales for more than a year after a surge in revenue in the early stages of the pandemic as American shoppers spend money on home improvement.

Microsoft will also lay off 10,000 employees as the downturn hits its software business. Meanwhile, Amazon.com announced earlier this month that it will begin a series of layoffs that will affect more than 18,000 employees in what will be the largest job cut in history.

The cuts come as retailers grapple with slowing growth in online sales and prepare for a possible downturn that will affect the purchasing power of their customers.

Bangalore-based taxi aggregator Ola Cabs has laid off employees in some sectors as part of a “restructuring campaign”. US and Israel

Cloud computing giant Salesforce also said it was laying off about 10% of its workforce, or fewer than 8,000 jobs, and closing several offices.