Flipkart to cut 1,000 jobs in annual restructuring exercise

New Delhi, Jan 25 E-commerce major Flipkart will be laying off 1,000 employees in an annual restructuring exercise. This represents around 5 per cent of its total workforce, reports Moneycontrol, citing sources.

According to the report, the company carries out these performance-based job cost reductions every year, and the latest workforce reduction is in line with that.

The Walmart-owned company currently has around 22,000 employees. Earlier reports mentioned that the company is also looking at internal restructuring to optimise its resources in order to remain profitable.

Meanwhile, Flipkart had a total revenue of Rs 56,013 crore in the 2023 financial year, according to data from business intelligence platform Tofler.

The revenue saw a 9 per cent growth in FY23 from FY22 at Rs 51,176 crore. The company reported a net loss of Rs 4,834 crore in FY23, marking a substantial 42 per cent increase from the earlier fiscal year.

"Net loss for the financial year ending as on March 31, 2023, was Rs 48,393 million as against that of the previous year ending as on March 31, 2022, of Rs 33,624 million witnessed an increase of 44 per cent in the net loss," according to the financial report.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor