The year 2023 has witnessed a surge in tech layoffs, surpassing the total for the previous year, with over 240,000 jobs lost, reflecting a 50% increase. Major industry players, such as Google, Amazon, Microsoft, Meta, and Zoom, initiated widespread workforce reductions earlier in the year.

This trend extends to startups across diverse sectors, contributing to the escalating job losses. Despite some economists downplaying recession fears, the tech sector’s recovery has been slow, prompting companies to prioritize efficiency over growth in challenging market conditions.

The following is a comprehensive breakdown of reported tech layoffs in 2023:

Overview:

  • Total Job Loss: Over 240,000 jobs lost in 2023.
  • Comparison to 2022: 50% higher than the previous year.

Major Trends:

  • Big Names Involved: Google, Amazon, Microsoft, Yahoo, Meta, and Zoom initiated mass workforce reductions.
  • Startups Hit: Numerous startups across sectors announced cutbacks in the first half of the year.

Monthly Breakdown (2023):

  • January: 89,554 employees laid off.
  • February: 40,021 employees laid off.
  • March: 37,823 employees laid off.
  • April: 20,014 employees laid off.
  • May: 14,928 employees laid off.
  • June: 10,958 employees laid off.
  • July: 10,589 employees laid off.
  • August: 9,545 employees laid off.
  • September: 4,632 employees laid off.
  • October: 7,331 employees laid off.
  • November (as of 11/11/2023): Ongoing layoffs, including Pico, Cruise, Snap, Amazon, Google, Virgin Galactic, Ubisoft Montreal, Nextdoor, Beyond Meat, Ava Labs, OpenSea, Starz, Faire, Niu, 100 Thieves, OpenSpace, Informatica, Splunk.

Highlighted Layoffs (November 2023):

  • Pico: “Few hundred” roles cut.
  • Cruise: Laid off contingent workers after robotaxi recall.
  • Snap: Laid off <20 project managers.
  • Amazon: Cut workers in the music streaming division globally.
  • Google: Eliminated a “small number of roles” in consumer support.
  • Virgin Galactic: Cutting costs and reducing staff.
  • Ubisoft Montreal: Cutting 98 roles in business admin and IT.
  • Nextdoor: Reducing the workforce by 25%.
  • Beyond Meat: Announced cuts affecting 19% of non-production employees.
  • Ava Labs: Cutting 12% of its workforce.
  • OpenSea: Laid off about 50% of its staff.
  • Starz: Laying off >10% of staff ahead of spinning out from Lionsgate.
  • Faire: Laid off about 250 people as part of restructuring.
  • Niu: Issuing layoffs affecting about 10% of their workforce.
  • 100 Thieves: Reducing the workforce by 20%.

Overall Impact:

  • Running Total (2023): 224,503 layoffs.
  • Comparison to 2022: Surpasses the total number of tech layoffs in 2022.

The fourth quarter of 2023 has been sobering for some high-profile tech companies, though job losses have not peaked as they did earlier in the year. In November, several tech companies continued to experience job losses, as reported by the online tracker Layoffs.fyi.

Notable companies making significant staff cuts include:

Nextdoor:
The neighborhood-focused social platform, Nextdoor, announced a 25% reduction in staff as part of a cost-saving plan. CEO Sarah Friar expressed that this decision was the most challenging for Nextdoor.

OpenSea:
Devin Finzer, CEO of the NFT marketplace OpenSea, announced a shift to a smaller team with a direct connection to users. The NFT market has seen a significant decline since its peak in early 2022.

The original story highlighted major job cuts from Qualcomm, LinkedIn, and Bandcamp:

Qualcomm:
The semiconductor and wireless technology giant announced layoffs of about 1,258 employees, representing less than 2.5% of its workforce, as part of restructuring actions.

LinkedIn:
LinkedIn, the social media giant, announced the elimination of 668 jobs, marking its third major round of job cuts in 2023 to manage its business and invest in strategic priorities.

Bankcamp:
Audio distribution platform Bandcamp, formerly part of Epic Games, faced significant layoffs as part of the company’s sale to Songtradr. About 58 employees, or 50% of the workforce, were affected.

The tech industry’s employment landscape continues to remain challenging, with ongoing layoffs reflecting the sector’s prioritization of efficiency amid uncertain market conditions.

Feel free to contact us with any layoff tips here.

Note: Data sourced from Layoffs.fyi and ongoing updates. Main article picture source.

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