ICYMI: Tech Layoffs Increasing

Published: 2023-01-27 00:00:00

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In just the past month there have been nearly 50,000 job cuts across the technology sector. Large and small tech companies went on a hiring spree in over the past several years due to a demand for their products, software, and services surged with millions of people working remotely. However, even with all of the layoffs announced in recent weeks, most tech companies are still vastly larger than they were three years ago. Here a look at some of the companies that have announced layoffs so far.

August 2022

  • Snap: The parent company of social media platform Snapchat said that it was letting go of 20% of its staff. Snap's staff has grown to more than 5,600 employees in recent years and the company said at the time that even after laying off more than 1,000 people, its staff would be larger than it was a year earlier.
  • Robinhood: The company, whose app helped bring a new generation of investors to the market, announced that it would reduce headcount by about 23%, or approximately 780 people. An earlier round of layoffs last year cut 9% of its workforce.

November 2022

  • Twitter: About half of the social media platform's staff of 7,500 was let go after it was acquired by the billionaire CEO of tesla, Elon Musk.
  • Lyft: The ride-hailing service said it was cutting 13% of its workforce, almost 700 employees.
  • Meta: The parent company of Facebook laid off 11,000 people, or about 13% of its workforce.

January 2023

  • Amazon: The e-commerce company said it must cut about 18,000 positions. That's just a fraction of its 1.5 million-strong global workforce.
  • Salesforce: The company laid off 10% of its workers (about 8,000 employees).
  • Coinbase: The cryptocurrency trading platform cut approximately 20% of its workforce, or about 950 jobs, in this second round of layoffs in less than one year.
  • Microsoft: The software company said it will cut about 10,000 jobs - almost 5% of its workforce.
  • Google: The search engine giant became the most recent in the industry to say that must downsize, saying that 12,000 workers (about 6% of its workforce) will be let go.
  • Spotify: The music streaming service cut 6% of its global workforce.

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