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Layoffs In Tech Industry Reaching Pandemic Levels; Over 50,000 Job Cuts In November 2022

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Among those companies that have announced layoffs are Twitter, Meta, Disney, Microsoft and Amazon.

Among those companies that have announced layoffs are Twitter, Meta, Disney, Microsoft and Amazon.

The layoffs in November 2022 were the highest monthly total for the tech sector since at least 2020

Layoffs in the tech industry are nearing the early days of the COVID-19 pandemic. In November, the tech industry announced 52,771 cuts, for a total of 80,978 over the course of the year, according to a Bloomberg report quoting consulting firm Challenger, Gray & Christmas. The layoffs in November 2022, the most recent month for which data is available, were the highest monthly total for the tech sector since Challenger, Gray & Christmas Inc started compiling data in 2020.

Among those companies that have announced layoffs are Twitter, Meta, Disney, Microsoft and Amazon. In the recent financial results, Alphabet, Meta, Microsoft and others missed estimates.

Amazon has laid off 18,000 employees, the most, followed by Meta (11,000), Microsoft (10,000), Salesforce (8,000), HP (6,000), Twitter (3,700), and Seagate (3,000).

Recently, Microsoft announced that it would sack 10,000 employees — almost five per cent of its total workforce — in the days to come amid concerns over a global economic downturn. The job cuts were “in response to macroeconomic conditions and changing customer priorities,” the maker of the Windows operating system said in a US regulatory filing. Microsoft is the latest to cut jobs after Facebook and Amazon as the bloodbath in the tech sector, which began last year, continues into 2023.

Amazon also recently announced it will cut more than 18,000 jobs from its workforce, citing “the uncertain economy” and the fact that the online retail giant had “hired rapidly” during the pandemic. “Between the reductions we made in November and the ones we’re sharing today, we plan to eliminate just over 18,000 roles,” said CEO Andy Jassy in a statement to his staff. The company had announced 10,000 layoffs in November.

Jassy said the company’s leadership was deeply aware that these role eliminations are difficult for people, and we don’t take these decisions lightly.

Twitter has laid off nearly half of its 7,500-strong workforce since Elon Musk took over, while Meta is firing over 11,000 employees in one of major layoffs a tech firm has seen around the world.

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