In a staff-wide email that warned of consolidation, the boss of the company told employees to be more entrepreneurial and work with more hunger.
The CEO said that the hiring pace would be slowed for the second half of the year. The company brought on 10,000 workers during the quarter. The company would consolidate where investments overlap and streamline its processes, according to the CEO. The staff is being called on to work harder.
Tech companies are laying off workers in the face of a looming recession. Smaller businesses like Bird and Rivian, as well as corporate giants like Microsoft, are also included. "streamlining" and "consolidating" are phrases that evoke certain things.
The company did not reply to the request for comment. The first quarter's net profit was down 8% from a year ago. The second quarter earnings will be reported on July 26.