August 14, 11:01 am
Although the tech industry has seen a shocking number of job cuts last year, 2023 has been much worse. The massive wave of layoffs has shut down hundreds of thousands of workplaces, turning 2023 into the worst year the tech industry has ever seen.
According to data presented by AltIndex.com, tech companies laid off over 226,000 employees year-to-date, almost 40% more than in 2022.
Facing an uncertain global economy, inflation, ongoing supply chain issues, and slowing revenue growth, the tech companies picked up the pace of layoffs in 2023, led by the industry`s giants, Google, Meta, Microsoft, and Amazon. But hundreds of other smaller tech companies, from retail and crypto to the transportation market, have also been forced to make painful cost-cutting measures, resulting in the highest number of layoffs the tech industry has ever seen.
As our charts based on data from Layoffs.fyi shows, layoffs in 2023 have far outpaced last year`s cuts. Between January and December 2022, tech companies laid off 164,744 employees, almost eleven times more than 15,000 reported a year before.
However, in 2023, the layoff numbers exploded. The Layoffs.fyi data show a shocking 75,912 people lost their jobs in January alone, almost half of all layoffs reported in 2022. February saw a decline with roughly 40,000 job cuts. Although the number of layoffs continued falling in the next three months, tech companies still reported almost 73,000 job cuts in this period. Since then, they have let go nearly 24,000 staff members, pushing the total number of layoffs to 226,117 as of last week.
US tech giants had a massive role in the 2023 wave of layoffs. In fact, statistics show US companies made eight out of the ten largest job cuts reported this year.
Analyzed by the company, Google has made the biggest layoff not only in 2023 but since COVID-19 hit. The tech giant let go 12,000 members of its staff, two thousand more than Meta and Microsoft.
Amazon made the fourth-largest layoff this year, with 9,000 reported job cuts. Flink, Salesforce, and Dell follow with 8,500, 8,000, and 6,650 layoffs, respectively. Statistics show that nearly one-third of all reported job cuts in the tech industry this year, or roughly 79,000, came from only ten companies.
AltIndex revolutionizes investing with advanced alternative data analytics, smart insights, and stock alerts, presented in an easy-to-use dashboard powered by comprehensive company data from across the internet.
The information provided by AltIndex is solely for informational purposes and not a substitute for professional financial advice. Investing in financial markets carries inherent risks, and past performance doesn't guarantee future results. It's crucial to do your research, consult with financial experts, and align your financial objectives and risk tolerance before investing. AltIndex creators and operators are not liable for any financial losses incurred from using this information. Users should exercise caution, seek professional advice, and be prepared for the risks involved in trading and investing in financial assets, only investing what they can afford to lose. The information in this application, derived from publicly available data, is believed to be reliable but may not always be accurate or current. Users should verify information independently and not solely rely on this application for financial decisions. By using AltIndex, you acknowledge that it doesn't offer financial advice and agree to consult a qualified financial advisor before making investment decisions.
© 2024 AltIndex. All rights reserved.
Trending Stocks on WallStreetBets
Trending Stocks on Reddit
Top Stock Performers Today
Bottom Stock Performers Today
Best Airlines Stocks
Best Bank Stocks
Best Semiconductor Stocks
Best Energy Stocks
Best Fintech Stocks
Best Robotics Stocks
Best Insurance Stocks
AI Stock Picks
AI Stock Picks - Results
Fear & Greed Index
Stock Picking Reviews
Stock Trading Signals
House & Congress Trading