Zoho CEO Sridhar Vembu slammed IT company Freshworks for its recent job cuts. taking to micro blogging site X (formally Twitter), Vembu called the move “Naked Greed”. questioning the “vision” of its leadership. Early this week, Fresh works Announced to lay off 12% – 13% of its workforce. The companies efforts to streamline operations, will impact 660 employees across the US, India and other locations. Zoho CEO criticized the company and He Said ” A company that has $1 Billion cash, which is about times its annual revenue, and is actually still growing at a decent 20% rate and making a cash profit, laying off 12-13% of its workforce should not expect any loyalty from its employees ever”.
When it can afford $400 million in a stock buy back. For those unaware, Fresh works recently announced that it’s board of directors approved a $400 million share buyback program of its outstanding class A common stock. He stated that this behavior, “has become all too common in the US corporate world” and is being imported in India. The Company estimate that this will result in approximately 13% reduction in headcount and approximately $11 million to %13 million in charges in the fourth quarter of 2024. The company expects that the plan will be substantially complete by the end of the fiscal year ending December 31,2024.
companies like Nvidia and AMD
He gave examples of companies like Nvidia and AMD. “Take Nvidia and AMD. Ultimately they triumphed dur to their engineers and crucially the engineers that stayed long term to work on deeptech. Their CEOs are from Taiwan. Now Taiwan itself has built incredible deep tech companies like TSMC. Taiwan has about the same population as Sri Lanka. He wrote in a post on X (Twitter) employees your most valuable asset and build long term successful companies. Then he spoke about downfall of Sillicon Valley Bank last year and said lot of tech entrepreneurs were happy about it.
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