In an extensive wave of layoffs, more than 250,000 employees have lost their jobs in the global technology and startup sector this year. The trend of tech layoffs has persisted for the past two years, with over 244,342 tech workers being laid off so far in 2023, marking a 50% increase from 2022. Notable layoffs have occurred at major tech firms like Google, Amazon, and Microsoft, as well as in small fintech startups and apps.
Data compiled by the website Layoffs.fyi reveals that 1,106 tech companies have let go of 248,974 employees as of November 11. This surpasses the total of 154,336 employees laid off by 1,024 tech companies in the previous year.
On average, approximately 555 employees have lost their jobs daily in the last two years, equating to 23 workers every hour. In the month of January alone, 89,554 number of employees were laid off.
The retail tech and consumer tech sectors have seen the highest number of layoffs this year. As 2023 is not yet concluded, more layoffs are expected in the remaining period, with several tech and gaming companies announcing layoffs this month.
F5: The US-based multi-cloud application security and delivery leader laid off 120 employees this month.
Viasat: The global communications company is letting go of 800 employees, constituting approximately 10% of its workforce, with the impact spanning across geographies and divisions.
Splunk: The US-based cybersecurity company plans to lay off about 7% of its global workforce, just months before its acquisition by global networking giant Cisco.
Google: Layoffs have occurred in Google’s Users & Products team, responsible for managing consumer complaints. Although Google claimed these layoffs were minor, they are part of a broader downsizing trend at Alphabet subsidiaries, including Verily, Waymo, and Google News. Alphabet may be undergoing strategic realignment, focusing on areas like artificial intelligence, cloud computing, and self-driving cars.
Amazon: The e-commerce giant is making layoffs in its music division, affecting employees across North America, Latin America, and Europe. Amazon asserted that these cuts are part of a strategic organizational assessment aimed at prioritizing customer needs and ensuring long-term business health.