The job cuts in tech land are piling up, as companies that led the 10-year stock bull market adapt to a new reality.
Layoffs come as digital advertisers are cutting back on spending and rising inflation curbs consumer spending. Meta cut 11,000 jobs Wednesday in the biggest tech layoff of 2022. Here are the big ones that have been announced recently:
Meta: about 11,000 jobs cut (rightsizing after expanding headcount by about 60% during the pandemic)
Twitter: about 3,700 jobs cut (about half the staff)
Lyft: around 700 jobs cut (13% of its staff)
Stripe: around 1,100 jobs cut (14% of its staff)
Coinbase: around 1,100 jobs cut (18% of full-time jobs)
Shopify: around 1,000 jobs cut (10% of its global employees)
Netflix: around 450 jobs cut
Microsoft: less than 1,000 job cuts reportedly (less than 1% of employees)
Snap: more than 1,000 jobs cut (20% of its workforce)
Robinhood: 31% of its staff
Chime: about 160 jobs cut (12% of its workforce)
Tesla: cutting 10% of salaried employees
List: The 57 Biggest Tech Layoffs in 2022 including Amazon, Facebook, Apple, Google, and Cisco
Tech layoffs in 2022: A timeline
According to TrueUp’s tech layoff tracker, there were 1138 rounds of layoffs at tech companies globally through mid-November, affecting 182,605 people.
When global economic headwinds started picking up earlier in the year, many technology companies reacted to fears of an incoming recession by putting the brakes on hiring. The bad news is—amid rising interest rates, the ongoing war in Ukraine, high fuel costs, supply chain issues, and a decline in personal PC sales—most of those freezes have since been accompanied by job cuts, as companies look for ways to reduce operating costs.
Here is a list—to be updated regularly—of some of the most prominent technology layoffs the industry has experienced recently.
Nov. 22: HP—Up to 6,000 staff
Nov. 17: Cisco—4,100 staff
Nov. 15: Asana—97 employees
Amazon: Nov. 14—10,000 people
Zendesk: Nov. 10—350 people
Salesforce: Nov. 9—950 people
Meta: Nov. 9—11,000 people
Twitter: Nov. 3—3,750 people
Stripe: Nov. 3—1,100 people
F5: Oct. 21—100 people
Microsoft: Oct. 17—1000 people
Oracle: Oct. 14—201 people
Intel’s Habana Labs: Oct. 11—100 people
DocuSign: Sept. 28—670 people
Twilio: Sept. 14—850 people
Google Layoffs: Big Tech Continues Downsizing
A report from tech-focused news site The Information suggests that Google layoffs could top 6%, or 10,000 employees, in early 2023. So far, Google itself hasn’t confirmed any layoffs (yet). But its hiring and growth patterns mimic many of the trends in the broader tech industry over the last two years. The company recently froze all new hiring while telling some teams to “shape up or ship out” if they can’t meet new expectations.
Image courtesy CNBC