Newsletter
The tech industry has been in pretty bad shape since the pandemic. And it doesn’t seem to be stopping anytime soon, especially with the recent surge in tech industry layoffs. Just two weeks into 2024, about 50 tech companies, along with more than 7,500 employees, have already been laid off. It’s not a great situation.
Tech industry layoffs peaked in 2023
In 2023, layoffs reached a staggering figure. Layoffs.fyi, a tech layoff tracking website, reported a total of 262,582 employees losing their jobs till January 17. It also marked an alarming increase of over 160% compared to the previous year, with 2022 witnessing significantly fewer layoffs.
Tech industry layoffs in 2023 significantly impacted major players, including Google, letting go of about 6% of its total staff, around 12,000 employees—one of the largest tech layoffs since the pandemic took place. Meta, Microsoft, Amazon, and Salesforce also experienced significant layoffs.
Additionally, other tech giants also experienced significant layoffs: Meta released 10,000 staff, Microsoft laid off more than 10,000 employees, Amazon faced a combined reduction of 9,000 and 8,000 jobs over the year, while Salesforce saw 8,000 job cuts.
Two weeks into the new year, more than 7,500 have already lost jobs
Big tech giants, including Google, are also facing problems. Google recently let go of 1,000 workers and might cut more jobs in their ad and sales teams. Other well-known companies like Discord, Instagram, Amazon, Twitch, Humane, and Unity are also experiencing difficulties, showing that the impact is widespread.
Even strong platforms like The Messenger are dealing with the aftermath of job cuts, and some, like Artifact, have had to stop their operations completely. These tech industry layoffs are affecting many people, leaving them without jobs in these tough times. Meanwhile, Apple largely avoided layoffs in 2023. But signs indicate potential layoffs if an AI-focused team doesn’t relocate.
While some experts suggest not worrying too much about a recession, the impact of tech industry layoffs is evident. Companies are responding by continuously trimming their staff and prioritizing efficiency over growth. Despite differing opinions, certain experts anticipate that 2024 may bring a combination of positive and challenging circumstances.