A new wave of layoffs is looming
In 2023, we saw a wave of layoffs hit the tech industry, with more than 1,000 companies cutting over 262,000 jobs worldwide, according to layoffs.fyi, a layoff tracking website. But as the year came to a close, the pace of job cuts began to slow down. Alas,
In 2023, we saw a wave of layoffs hit the tech industry, with more than 1,000 companies cutting over 262,000 jobs worldwide, according to layoffs.fyi, a layoff tracking website. But as the year came to a close, the pace of job cuts began to slow down.
Alas, the respite was short-lived, as layoffs are already picking up again just 12 days into 2024, with major tech companies like Google and Amazon announcing significant job cuts. The former is letting go of 1,000 employees across several teams including Pixel, Nest, Fitbit, Assistant, and Augmented Reality, while the latter announced layoffs across its Twitch and Prime Video divisions, bringing the total layoffs in the global tech industry to more than 5,500 to date, per Layoffs.fyi's estimates.
With economic uncertainties still on the horizon, more companies are likely to cut costs in the coming months. But, as Loy wrote in our career-focused newsletter earlier this month, the tech industry "is still quite an attractive and lucrative sector to work in."
Now, enjoy the rest of the newsletter featuring less depressing news, funding deals and technology insights you need to know about.
Happy Friyaaaay!
– Wisdom
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