Monday, February 13, 2023
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More than 75,000 workers were laid off from the tech industry in January, less than 37 days into the new year, according to Trading Platform.
Data presented by Trading Platformindicates that close to 80,000 people were laid off, with tens of thousands of workplaces being shut down.
The mass layoffs in January alone was close to half of those recorded in the whole of 2022, after the tech industry was impacted by Inflation and high interest rates which reduced the rate of consumption business spending.
The industry is yet to recover from the economic downturn caused by the COVID-19 pandemic.
After several years of soaring profits and revenue in the industry pre-2022, the tech industry was hugely affected by revenue drops and close to 160,000 job cuts across the industry.
American tech companies were responsible for 70 per cent of all job cuts in January, with Google making the highest number of cuts.
This trend began during the COVID-19 pandemic, which eventually led to the company laying off 12,000 members of its staff last month.
Meanwhile, Microsoft followed closely with the second-largest layoff in 2023, cutting 10,000 jobs, while Amazon and Salesforce followed with 8,000 job cuts respectively.
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