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Numerous tech companies, including industry giants such as Google, Amazon, Microsoft, Yahoo, and Zoom, have implemented layoffs in 2023, resulting in the loss of employment for tens of thousands of tech workers.
As of Monday, Amazon has revealed that it will cut 9,000 additional jobs, bringing the total layoffs for the year to 27,000. These actions are being taken as many companies brace for a potential recession. Other household names include Google, Microsoft, Twitter, Meta and Apple.
Month-wise data
As of the end of the most recent full month in 2023, the total number of tech layoffs has reached 152858 (total count sourced from Layoffs.fyi). This indicates a concerning trend of widespread workforce reductions across the tech industry, including both established companies and startups.
The impacts of these layoffs can have ripple effects, not only on the affected employees and their families, but also on the broader economy and society.
- January: 84,714 employees laid off
- February: 36,491 employees laid off
Laid off by top IT companies this year
| Company Name | Total laid off |
|---|---|
| Amazon | 27,000 |
| 7,500 | |
| Meta | 21,000 |
| NetApp | 960 |
| Microsoft | 10,000 |
| Twitch | 400 |
| Zoom | 1,300 |
| Dell | 6,650 |
| IBM | 3,900 |
| Yahoo | 1,600 |
| GitHub | 3,000 |
| SoFi Technologies | 1,300 |
| PayPal | 2,000 |
| Okta | 300 |
| Vimeo | 132 |
| Alphabet | 12,000 |
| Indeed | 2,200 |
| 2,150 |
Why are so many tech companies cutting back on staff?
Tech has been widely touted as a secure career choice due to its high-paying jobs and the perpetual need for technological expertise.
However, despite cutting-edge advancements such as the James Webb Telescope and human-like robots, many companies within the industry are implementing hiring freezes and layoffs in 2023.
The cause behind this trend is unfortunately familiar - the current cost of living crisis and high-interest rates have resulted in decreased consumer spending, which directly impacts company revenues.
Although the tech industry experienced rapid growth due to remote work during the pandemic, revenue growth began to slow as lockdowns ended and people resumed outdoor activities.
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