khaskhabar.com : Monday, January 08, 2024 5:20 PM
New Delhi. E-commerce major Flipkart is reportedly planning to cut five-seven percent of its workforce by early 2024, which could affect around 1,500 employees. The Walmart-owned company currently has about 22 thousand employees.
According to sources, Flipkart has started this exercise through performance review and job cuts are likely to be implemented by March-April.
The Economic Times was first to report about Flipkart’s upcoming move.
The company is also considering internal restructuring to optimize its resources to remain profitable.
The company did not immediately comment on the move. Annual job cuts based on performance reviews have happened before at Flipkart.
According to data from business intelligence platform Tofler, Flipkart’s total revenue in FY 2023 was Rs 56,013 crore.
Revenue in FY2023 saw a nine percent increase compared to FY2022 to Rs 51,176 crore. The company had reported a net loss of Rs 4,834 crore in FY 2022-23, a substantial increase of 42 per cent over the previous financial year.
According to the financial report, “Net loss for the financial year ending March 31, 2023 was Rs 4,839.3 crore, compared to Rs 3,362.4 crore in the previous year ending March 31, 2022. Thus, an increase of 44 percent was seen in the net loss.”
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