How many employees laid off by top IT companies this year?

09:43 PM Mar 23, 2023 IST | Ground report

Numerous tech companies, including industry giants such as Google, Amazon, Microsoft, Yahoo, and Zoom, have implemented layoffs in 2023, resulting in the loss of employment for tens of thousands of tech workers.

As of Monday, Amazon has revealed that it will cut 9,000 additional jobs, bringing the total layoffs for the year to 27,000. These actions are being taken as many companies brace for a potential recession. Other household names include Google, Microsoft, Twitter, Meta and Apple.

Month-wise data

As of the end of the most recent full month in 2023, the total number of tech layoffs has reached 152858 (total count sourced from Layoffs.fyi). This indicates a concerning trend of widespread workforce reductions across the tech industry, including both established companies and startups.

The impacts of these layoffs can have ripple effects, not only on the affected employees and their families, but also on the broader economy and society.

January: 84,714 employees laid off

February: 36,491 employees laid off

Laid off by top IT companies this year

Company Name	Total laid off
Amazon	27,000
Twitter	7,500
Meta	21,000
NetApp	960
Microsoft	10,000
Twitch	400
Zoom	1,300
Dell	6,650
IBM	3,900
Yahoo	1,600
GitHub	3,000
SoFi Technologies	1,300
PayPal	2,000
Okta	300
Vimeo	132
Alphabet	12,000
Indeed	2,200
Pinterest	2,150

Why are so many tech companies cutting back on staff?

Tech has been widely touted as a secure career choice due to its high-paying jobs and the perpetual need for technological expertise.

However, despite cutting-edge advancements such as the James Webb Telescope and human-like robots, many companies within the industry are implementing hiring freezes and layoffs in 2023.

The cause behind this trend is unfortunately familiar – the current cost of living crisis and high-interest rates have resulted in decreased consumer spending, which directly impacts company revenues.

Although the tech industry experienced rapid growth due to remote work during the pandemic, revenue growth began to slow as lockdowns ended and people resumed outdoor activities.