Tech layoffs are on the rise as years of hiring in the industry reverse

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

August 2022

Snap: The parent company of the social media platform Snapchat said it was laying off 20% of its staff. Snap’s workforce 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 workforce is still larger than a year earlier.

Robinhood: The company, whose app has helped bring a new generation of investors to the market, announced that it will reduce the number of 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 7,500 employees have been let go after it was acquired by the billionaire CEO of TeslaElon Musk.

Lyft: The ride-hailing service says it is cutting 13% of its workforce, nearly 700 employees.

Meta: The parent company of Facebook laid off 11,000 people, about 13% of its workforce.

January 2023

Amazon: The e-commerce company says it needs to cut about 18,000 positions. That’s just a fraction of the 1.5 million-strong global workforce.

Salesforce: The company is laying off 10% of its workforce, about 8,000 employees.

Coinbase: The cryptocurrency trading platform has cut approximately 20% of its workforce, or about 950 jobs, in its second round of layoffs in less than a year.

Microsoft: The software company said it would cut about 10,000 jobs, nearly 5% of its workforce.

Google: The search engine giant has become the latest in the industry to say it needs to adjust, saying 12,000 workers, or about 6% of its workforce, will be let go.

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