the tech industry is feeling one of its worst slumps in years following landmark profits right after the pandemic. Now, some of the industry’s biggest hitters are laying off massive numbers of employees including Microsoft amazon and even another round of staff, Ed Elon musk’s twitter and Microsoft, they recently announced the layoffs of some 10,000 employees or the Associated Press reports is around 5% of their total employee. The company experienced *** large hiring Period due to the pandemic, with *** spokesperson for Microsoft saying that demand for its workplace software and cloud computing services led to *** quote over exuberance in hiring and that this was simply scaling that back. Meanwhile, Amazon has just let go of perhaps the largest number of employees in the industry laying off some 18,000 workers via email. The letter began with quote. Unfortunately, your role has been eliminated and added that our primary mode of communication will be through internal email on your non amazon device. But at Elon musk’s twitter, *** company that had already reduced its staff by more than half another round of layoffs is happening. Even though they said they were done, 50 workers are on track to be let go. But Insider reports that many speculate many international offices will soon close, bringing the number employed there to under 2000, *** fewer number of employees working at twitter since before it went public in 2013
Tech industry job cuts come rapidly and in big numbers
Updated: 7:55 AM CST Jan 21, 2023
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’s a look at some of the companies that have announced layoffs so far.August 2022Snap: 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 2022Twitter: 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, about 13% of its workforce. January 2023Amazon: 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 lays off 10% of its workforce, about 8,000 employees.Coinbase: The cryptocurrency trading platform cuts approximately 20% of its workforce, or about 950 jobs, in a second round of layoffs in less than a year. Microsoft: The software company said it will cut about 10,000 jobs, almost 5% of its workforce. Google: The search engine giant becomes the most recent in the industry to say it must adjust, saying 12,000 workers, or about 6% of its workforce, would be let go.
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’s 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, 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 lays off 10% of its workforce, about 8,000 employees.
Coinbase: The cryptocurrency trading platform cuts approximately 20% of its workforce, or about 950 jobs, in a second round of layoffs in less than a year.
Microsoft: The software company said it will cut about 10,000 jobs, almost 5% of its workforce.
Google: The search engine giant becomes the most recent in the industry to say it must adjust, saying 12,000 workers, or about 6% of its workforce, would be let go.
