In what is becoming a trend on the weekends, Global Equities Research Trip Chowdhry smashed out estimate for 333,000 layoffs in the Technology sector.
According to Chowdhry, Back Expertise, Products and Services is going to shrink as jobs in the Customer/Functional Domain increase in focus. The latter is focused on cloud services like Amazon.com, Inc. (NASDAQ: AMZN) AWS, Google Inc (NASDAQ: GOOG)-cloud based structures, and Microsoft Corporation (NASDAQ: MSFT) Azure and the former is more of a "on-premise infrastructure."
In his prepared remarks for delivery at the Economic Leadership Forum, Chowdhry said New York Fed's Bill Dudley making a case for higher interest rates mentioned that there will be further growth in Labor demand in 2016.
Here's the list of layoffs the analyst sees coming:
- EMC Corporation (NYSE: EMC): Total Employees: 70,000: Between 15-20 percent layoffs = between 10,000 and 14,000 employees
- VMWare, Inc. (NYSE: VMW): Total Employees: 17,000: Between 10-15 percent layoffs = between 1,700 and 2,500
- Hewlett Packard Enterprise Co (NYSE: HPE): Total Employees 240,000: ~30 percent layoffs = 72,000
- HP Inc (NYSE: HPQ): Total Employees 287,000: ~30 percent layoffs = 86,000
- International Business Machines Corp. (NYSE: IBM): Total Employees 379,000: ~25 percent layoffs = 95,000
- Cisco Systems, Inc. (NASDAQ: CSCO): Total Employees 72,000: ~20 percent layoffs = 14,000
- Juniper Networks, Inc. (NYSE: JNPR): Total Employees 8,800: ~15 percent layoffs = 1,300
- Oracle Corporation (NYSE: ORCL): Total Employees 132,000: ~20 percent layoffs = 26,000
- Microsoft: Total Employees 118,000: ~15 percent layoffs = 18,000 (The company is letting go about 200 to 250 people every week, but none of these are ever announced.)
- NetApp Inc. (NASDAQ: NTAP): Total Employees: 12,800: ~15 percent layoffs = 1,800
- Symantec Corporation (NASDAQ: SYMC): Total Employees: 19,000: ~15 percent layoffs = 2,800
- F5 Networks, Inc. (NASDAQ: FFIV): Total Employees: 4,500: ~10 percent layoffs = 450
- Yahoo! Inc. (NASDAQ: YHOO): Total Employees 12,500: ~30 percent layoffs = 3,500
- Yelp Inc (NYSE: YELP): Total Employees 3,671: ~30 percent layoffs = 1,000
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