Tech Layoff 2023: More than 91 Companies to fire thousands of employees!

Tech Layoff 2023

Over 91 tech companies laid off over 24,000 tech employees in the first 15 days of January, marking the beginning of a challenging year for all tech workers. Global companies like Amazon, Salesforce, and Coinbase have laid off nearly 24,151 employees, according to layoff tracking websites. Companies worldwide started imitating one another following the pandemic, which prompted the layoff trend. A number of multinational tech firms claim that layoff trends will worsen in 2023 due to current global macroeconomic conditions.

Instability in employment

Along with reducing its headcount by 20%, the leading crypto lending exchange announced last week that it will reduce its employee headcount by 20% due to the economic slowdown and uncertain market conditions. The first week of January saw several companies in India terminate hundreds of employees, including OLA and (an automated voice startup).

Corps in the layoff spotlight:

Also in early 2023, Google is expected to lay off hundreds of employees. According to a report by ‘The Information’, about six percent of Google employees may be sacked because they’re not making enough of an impact.

It is estimated that Google will lay off 11,000 employees in 2023. Accordingly, 2023 will go down as one of the worst years in the history of the tech industry.

A new round of layoffs was announced by Amazon Inc. AMZN, -2.11% in early January that will affect more than 18,000 employees, which is more than expected.

Microsoft is preparing mass layoffs due to uncertain macroeconomic conditions, following Twitter, Meta, and a host of other technology giants. According to The Verge, 5 percent of the company’s employees may be let go this week. In a Bloomberg report, it is reported that the tech giant could announce layoffs today. In total, Microsoft employs more than 220,000 people, so 5% corresponds to about 11,000 people. Over 1000 employees were laid off by Microsoft in October of last year, tweets Abhishek Sengupta

Salesforce Inc. CRM, -0.70% stated a restructuring plan on Jan. 4 that involves laying off 10% of its workforce. Globally, the company provided customer-relationship management software and employed over 78,000 people.

Bloomberg reported earlier this week that Intel Corp. was planning thousands of job cuts due to a slowdown in the personal computer market.

Moreover, in an effort to cut costs, cryptocurrency exchange Coinbase Global Inc. COIN, +8.32% announced the elimination of 950 jobs last week.

A top search engine Compy has fired its workforce for not making enough impact in the company. Furthermore, layoffs are increasing due to the expectation of a global recession in 2023, which is further fueling fears of an economic slowdown.

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