Downsizing: Downsizing in the tech industry is happening fast and in large numbers

Within the final month alone there have been virtually 50,000 downsizing all through know-how. Expertise firms huge and small have been on a hiring spree in recent times as demand for his or her merchandise, software program and providers has soared from thousands and thousands of individuals working remotely.

However even with all of the layoffs introduced in latest weeks, most tech firms are nonetheless considerably bigger than they have been three years in the past. This is a take a look at a number of the firms which have introduced layoffs to this point.

Aug 2022

snaps: The mother or father firm of social media platform Snapchat mentioned it was shedding 20% of its staff. Snap’s workforce has grown to greater than 5,600 staff in recent times, and the corporate mentioned on the time that even after shedding greater than 1,000 staff, its workforce can be bigger than it was a yr earlier.

Robin Hood: The corporate, whose app has helped launch a brand new era of traders, mentioned it is going to scale back its headcount by about 23%, or about 780 individuals. A earlier spherical of layoffs final yr shed 9% of the workforce.

November 2022

Twitter: About half of the social media platform’s 7,500 staff have been laid off after it was acquired by the billionaire CEO Tesla, Elon Musk.

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lyft: The ride-hailing service mentioned it could reduce 13% of its workforce, practically 700 staff. A half: Fb’s mother or father firm laid off 11,000 staff, about 13% of its workforce.

January 2023

Amazon: The e-commerce firm mentioned it must reduce about 18,000 jobs. That is only a fraction of the 1.5 million staff worldwide.

Foreclosures: The corporate is shedding 10% of its workforce, roughly 8,000 staff.

coin base: The cryptocurrency buying and selling platform is chopping about 20% of its workforce, or about 950 jobs, in a second spherical of layoffs in lower than a yr.

Microsoft: The software program firm mentioned it is going to reduce about 10,000 jobs, virtually 5% of its workforce.

Google: The search large is the newest within the trade to say it must adapt, saying 12,000 staff, or about 6% of its workforce, can be laid off.

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