Home Science Technology Tech Layoffs Down: 90,000 Jobs Cut YTD, Half of Last Year’s Figures

Tech Layoffs Down: 90,000 Jobs Cut YTD, Half of Last Year’s Figures

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Despite ongoing layoffs in the tech industry, the pace has significantly slowed down in 2024 compared to the previous year.

Data from Stocklytics.com reveals that tech companies have laid off approximately 90,000 employees year-to-date, which is half the number compared to the same period last year.

The trend shows a gradual decline in layoffs since reaching a peak at the end of 2022 and in the first month of 2023. Last year, the tech industry witnessed a record-high of nearly 263,000 job cuts, led by major companies like Google, Meta, Microsoft, and Amazon. However, the current year indicates a notable slowdown in the negative trend.

Between January and May 2024, 330 tech companies have implemented cost-cutting measures resulting in job losses, nearly three times less than the same period last year. The total layoffs in 2024 also significantly dropped, with almost 90,000 employees losing their jobs, compared to over 202,000 in the same period of 2023.

The worst-hit sector has been transportation, with over 17,500 job cuts year-to-date, marking a 70% increase compared to the entire 2023. Hardware, consumer, and retail sectors follow with almost 10,000, 7,750, and 7,720 layoffs, respectively.

Since the beginning of 2021, the cumulative number of job cuts in the tech sector has surpassed 720,000, indicating the significant impact of the ongoing layoffs on the industry’s workforce.

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