According to statistics, so far in the year 2023, about 14,000 people have been fired from startup companies. Most of these are people from IT background. Now L&T’s name has also been added to it.
IT sector company L&T Technology Services (LTTS) has announced the layoff of 200 employees. The laid off employees were mainly in the delivery and support departments. This has not affected freshers or juniors but reportedly middle and senior employees have been fired. The company has taken this decision after reviewing its recent performance. It is believed that the company may do further layoffs also. It may be announced in the month of January. Let us tell you that there are a total of more than 24,000 employees in the company.
What the company said: L&T spokesperson told Times of India – This is part of our regular performance review. We are continuously hiring throughout the year. Especially there have been more recruitments in software engineering and AI departments.
Company cuts estimates on revenue: Last month, L&T Technology Services reduced its revenue growth estimate for the current financial year. The company’s net profit rose 5% to ₹315.4 crore in the September quarter, but revenue growth estimates for the current financial year were lowered. Meanwhile, shares of the company closed at Rs 4536 on Friday. There has been a slight rise in the stock as compared to a day earlier.
Continuous layoffs
Let us tell you that many small and big companies have done layoffs amid the festive season. In this series, 120 employees have been dismissed by Edutech company Physicswala. Last month, Microsoft-owned LinkedIn announced it was cutting about 700 jobs in its engineering and production departments in an effort to streamline its operations. According to statistics, so far in the year 2023, about 14,000 people have been fired from startup companies. Most of these are people from IT background.
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