Highlights

  • Not only Walmart, but firms like Tesla, Netflix, and Coinbase Global have also been cutting jobs
  • Slowing hiring is also seen as global economic growth slows due to higher interest rates, inflation

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Big job losses: Walmart lays off hundreds, slashes profit guidance

"We're updating our structure and evolving select roles to provide clarity and better position the company for a strong future," 

Even the top ranked Fortune 500 company, Walmart is laying off hundreds of employees as costs rise and inventories swell up.

According to reports around 200 jobs are being cut, as the retailer notified employees in its Arkansas headquarters' Bentonville and other corporate offices of its restructuring move, which affects various departments including merchandising, global technology and real-estate teams.

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Earlier last week, the US retailer slashed its profit forecast on account of surging prices of food and fuel, and cited that it needed price cuts to pare inventories.

As per details, consumers are no longer clamoring for apparel, home goods, appliances and kitchenware with prices for gasoline and food spiking in the United States and globally.

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