More layoffs swept across industries in early May 2026 as a fresh wave of firms announced job cuts.

Many of the cuts share a common driver. Companies are rebuilding around artificial intelligence (AI).

Cloudflare announced Thursday it would cut more than 1,100 jobs globally, about 20% of its 5,156-person workforce, as reported at the end of 2025. The firm revealed that internal AI usage increased by more than 600% in three months.

“We have to be intentional in how we architect our company for the agentic AI era in order to supercharge the value we deliver to our customers and to honor our mission to help build a better Internet for everyone, everywhere,” the email read.

On the same day, payments firm BILL said it would slash headcount by up to 30%. In addition, Upwork CEO Hayden Brown informed employees that the company would cut roughly a quarter of its workforce.

“We chose to take this step now for two reasons: (1) we know we move faster with smaller teams. Our 2024 layoff followed by excellent 2025 execution give us confidence this works. (2) To meet our profitability goals in a challenging environment,” Brown said.

Media reports also revealed that Ticketmaster has reportedly cut 8% of its global workforce, or roughly 350 employees across 25 countries.

Follow us on X to get the latest news as it happens

LAYOFF ALERT: TICKETMASTER 🚨

8% of workforce.

The reason from Global President Saumil Mehta: "AI as a new utility."

Ticketmaster and parent company Live Nation have been on our watch list all year. Much deeper cuts expected. pic.twitter.com/FLz9MtiOfJ

Earlier this week, Bloomberg reported that fintech firm PayPal plans to eliminate about 20% of its 23,800-person workforce over the next two to three years. That equals roughly 4,760 jobs.

“First, we will remove duplication and layers from our organizational structure. Second, we will accelerate our AI adoption and automation across our operations,” Chief Executive Enrique Lores told investors.

In the crypto sector, Coinbase announced Tuesday it would cut about 14% of staff, or roughly 700 employees. CEO Brian Armstrong framed the decision as a structural shift toward smaller, AI-augmented teams.

Notably, the cuts come as research finds little evidence of broad AI-driven job disruption at the moment. Economists still expect shifts ahead.

Subscribe to our YouTube channel to watch leaders and journalists provide expert insights

The post Layoffs Accelerate in May 2026 as Firms Restructure Around AI appeared first on BeInCrypto.

Bitcoin price in Telegram @btc_price_every_hour

105 +