Technology start 2023 with wave of layoffs

The global tech industry started the year with a wave of job cuts, with around 50,000 layoffs in January, and it doesn’t look like it’s slowing down this month.

Dell announced Monday that it will cut some 6,600 jobs. Tech companies large and small have made a lot of hires in recent years due to high demand for their products, software and services, fueled when millions of people began working remotely.

Yet even with all the layoffs that have been announced since 2023 began, most tech companies are still bigger than they were three years ago.

Here’s a look at some of the tech companies that have announced layoffs so far:

February 2023

Dell: Reduced its payroll by 5%, about 6,600 jobs, due to eroding market conditions.

January 2023

Amazon: Said it must cut about 18,000 positions. That’s just a fraction of its 1.5 million employees.

Salesforce: Will lay off 10% of its workforce, or about 8,000 employees.

Coinbase: The cryptocurrency trading platform cut about 20% of its workforce, or about 950 positions, in a second round of layoffs in less than a year.

Microsoft: It will cut 10,000 positions, or 5% of its workforce.

Google: Announced that 12,000 employees, or 6% of its workforce, would be laid off.

Spotify: The music streaming service will reduce its staff by 6%.

SAP: Europe’s top software company will cut 3,000 positions worldwide, or 2.5% of its workforce, after a drop in profits.

PayPal: Will cut about 7% of its workforce, about 2,000 full-time workers, to cope with a difficult environment.

IBM: Noted that the 3,900 job cuts at the end of January were due to an earlier sale of parts of its business.

November 2022

Twitter: About half of the social network’s 7,500 employees were laid off after the company was acquired by billionaire Elon Musk.

Lyft: The ride service will cut 13% of its workforce, or about 700 employees.

Target: Facebook’s parent company laid off 11,000 people, or 13% of its workforce.

August 2022

Snap: The parent company of the social media platform Snapchat said it was laying off 20% of its staff.

Robinhood: You said you would cut your workforce by 23%, or about 780 people.

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