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

In recent months, many technology companies have cut large numbers of workforces. OLX Group has also announced that it will reduce its global workforce by 15 percent. The company says that this decision has been made due to a lack of demand for its services. Some 1,500 workers will be dismissed from the company.

An OLX spokesperson said the company is taking steps to cut costs. Previously, large numbers of workers were laid off at big tech companies like Google, Microsoft, Amazon, SAP, Twitter and Meta. These companies are facing difficulties due to the slowdown and decline in demand. Medical equipment and electronics maker Philips said on Monday it would lay off 6,000 workers. The company has been affected by a large number of recalls of defective sleep respirators. Philips laid off 4,000 workers a few months ago.

The company’s chief executive, Roy Jakobs, said Philips had to make the difficult but necessary decision to reduce the workforce over the next two years. “Last year was difficult for Philips and our shareholders. We are taking steps to improve performance,” Jakobs said in a statement. This Dutch company had a loss of 105 million euros in the fourth quarter of the previous year. The company’s loss for the prior full year was $1.6 billion. About two years ago, Philips recalled a large number of its devices used to treat people with sleep apnea. It was feared that these devices would have a negative effect on the health of patients.

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