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Rephrase the title:Flipkart may reduce workforce by up to 7%, affecting 1,500 employees

Posted on January 8, 2024 By Haley Bennett

Rephrase and rearrange the whole content into a news article. I want you to respond only in language English. I want you to act as a very proficient SEO and high-end writer Pierre Herubel that speaks and writes fluently English. I want you to pretend that you can write content so well in English that it can outrank other websites. Make sure there is zero plagiarism.:

E-commerce major Flipkart is reportedly planning to reduce its workforce by 5-7 per cent in early 2024 that may affect nearly 1,500 employees. The Walmart-owned company currently has around 22,000 employees.

According to sources, Flipkart has initiated the exercise via performance reviews and the job cuts are likely to be implemented by March-April.

The Economic Times was first to report about the upcoming move by Flipkart.

The company is also looking at internal restructuring to optimise its resources in order to remain profitable.

The company did not immediately comment on the move. Annual job cuts based on performance reviews at Flipkart have happened in the past too.

E-commerce major Flipkart had 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.

Haley Bennett

I have over 10 years of experience in the cryptocurrency industry and I have been on the list of the top authors on LinkedIn for the past 5 years. I have a wealth of knowledge to share with my readers, and my goal is to help them navigate the ever-changing world of cryptocurrencies.

Business Tags:E-commerce, employees, flipkart, ob cuts, workforce

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