Are there still tech layoffs ongoing?

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Yes, there are still ongoing tech layoffs. The tech industry has seen more than 240,000 jobs lost in 2023, a total that’s already 50% higher than last year and growing. Some of the biggest names in tech like Google, Amazon, Microsoft, Yahoo, Meta, and Zoom have driven mass workforce reductions earlier this year. Even though layoffs slowed down in the summer and fall, it appears that cuts are ramping up yet again. For instance, Google is in the process of cutting dozens of San Francisco-based jobs in its most recent round of layoffs. Other tech giants like Amazon, Cisco, Facebook parent company Meta, Microsoft, Google, IBM, SAP, and Salesforce have also announced sweeping job cuts. The layoffs are a result of several factors. During the pandemic, many tech companies went on a hiring spree to support remote work and an uptick in e-commerce. However, they are now facing revenue declines due to continuing supply chain issues, inflation, and the war in Ukraine, which are impacting both business and consumer spending. Moreover, the tech industry's layoffs are not limited to large corporations. Startups across many sectors have also announced cutbacks. For example, Lucid, a workplace collaboration software company, cut about 75 employees, or roughly 7% of its workforce. Despite the ongoing layoffs, some companies are announcing massive hiring sprees. For instance, Salesforce, which laid off 10% of its team earlier this year, is now hiring. However, the overall trend in the tech industry is towards layoffs, with more than 1,000 companies having laid off workers in 2023. In conclusion, while there are some positive signs, such as companies hiring and economists cautioning against fears of a recession, the tech sector is still experiencing significant layoffs. The momentum for a tech sector rebound has been slow to build, resulting in tech companies continuing to cut back on their workforces.
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