InformationWeek on LinkedIn: Major Tech Layoffs in 2024: An Updated Tracker (2024)

InformationWeek's layoff tracker unveils a fresh look at the major tech cuts announced this week! Updated todaywith layoff announcements from BigCommerce, Nextdoor, and Zeus Living.Dive into these announcements and more here: https://lnkd.in/e33wnAnJ

A look at some of the companies in the technology sector that have recently made layoffs.A bunch of companies in the technology sector have been laying off some of their employees recently after quickly ramping up hiring during the COVID-19 pandemic while people spent more time and money online.#TechTrends #TechInnovationsDaily #DigitalFrontiers #FutureTechInsights

In recent months, we have seen a huge resurgence of layoffs in the tech industry that has led to an oversaturation of highly skilled software engineers in the job market. High-profile companies such as Uber, Lyft, and Airbnb have announced significant job cuts, affecting thousands of talented individuals globally.It is a tough time, no doubt about it. The tech industry, which used to be a pretty sure bet for job stability and growth, is going through a rough patch. The market is flooded with talented folks who have been laid off, making it harder for everyone to find their next opportunity. If you are one of the people affected by these layoffs, I will not sugarcoat it - it is going to be a bit of a slog.Uber has laid off about 14% of its workforce, primarily in customer support and recruiting teams. Lyft has also made cuts, with 17% of its employees losing their jobs. Airbnb has made the most drastic cuts, with approximately 25% of its workforce being laid off...These layoffs are not just happening in the United States. Tech companies around the world are also cutting jobs, leading to an oversupply of highly talented software engineers for the first time since the the dot-com bubble burst in 2000.

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Last month, Alex wrote that tech layoffs were pretty much a thing of the past. Shouldn’t have said that, buddy, you jinxed it.Despite signs of economic recovery and predictions of avoiding a recession, tech companies continue to lay off employees. In October, Nokia announced it was laying off 14,000 employees following a quarter that saw profits drop by 69%, and other major tech companies like Qualcomm, Qualtrics, and LinkedIn also announced significant layoffs. Experts suggest that while the economy is improving, the recovery process is slow, leading many companies to prepare for a longer period of economic sluggishness. Moreover, a shift in investor mindset from growth to efficiency has led to cost-cutting measures, including layoffs. These trends, combined with tighter buying budgets and slower sales cycles, could continue to impact the tech sector into 2024. Ron has the full skinny on TC+ at “What’s behind the fresh round of tech layoffs?”Product Hunt slashes staff: Product Hunt, a discovery site for startups, apps, and tech tools, has laid off approximately 60% of its team, including roles in design, product, and sales. The cuts were made for “strategic reasons,” Sarah reports. - Haje Kamps

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A Strong Analysis of Tech Layoffs – 2023In the ever-evolving international era, tech layoffs can be a harsh fact. Companies are frequently into layoffs because of diverse motives, together with financial constraints, restructuring, or changes in marketplace demands. Understanding the motives in the back of tech layoffs, gaining knowledge of the way to stay constant, exploring powerful upskilling techniques, and familiarizing oneself with different sorts of layoffs can help navigate those difficult times. Layoff Stats:In 2023, tech layoffs have yet again cost tens of thousands of workers their jobs, the workforce layoffs have been driven by the biggest names in tech like Google, Amazon, Microsoft, Yahoo, Meta and Zoom. Startups, too, have announced cuts across all sectors, from crypto to enterprise SaaS.The reasoning behind these workforce reductions follows a common script, citing the macroeconomic environment and a need to find discipline on a tumultuous path to profitability. Still, tracking thelayoffshelps us to understand the impact on innovation, which companies are facing harsh pressures and who is available to hire for the businesses lucky to be growing right now. It also, unfortunately, serves as a reminder of the human impact of layoffs and how risk profiles may be changing from here.The running total of layoffs for 2023 based on full months to date is 2,10,721 according to Layoffs.fyi. Tech layoffs conducted to date this year currently exceed the total number of tech layoffs in 2022, according to the data in the tracker.January: 84,714 employees were laid offFebruary: 36,491 employees were laid offMarch: 37,109 employees were laid offApril: 17,926 employees were laid offMay: 14,555 employees were laid off For more information refer to this link:https://lnkd.in/g6b3K-ad

According to a recent article published on TechCrunch, 2023 has already seen more layoffs across the tech sector than the whole of 2022(200K+).The article highlights the many factors contributing to these layoffs, including economic downturns, market shifts, and organisational restructuring. It emphasises the importance of adaptability and resilience in today's fast-paced tech landscape. However, amidst these challenges, there is a silver lining. The tech industry remains vibrant and brimming with opportunities for talented individuals. While some companies are restructuring, others are actively hiring to fuel their growth and innovation.For all those affected it is important to remain agile, continuously develop their skill sets, and network within the industry. By staying informed, adaptable, and proactive, you can position yourself for success in this ever-evolving landscape.Remember, setbacks are temporary. Stay focused, keep learning, and leverage your strengths to unlock the next chapter in your professional journey.Feel free to check out the full article here: https://lnkd.in/eYtsfDPtIf anyone in my network needs any assistance or guidance in navigating the job market or exploring new opportunities, don't hesitate to reach out. Together, we can overcome challenges and thrive in the tech industry.#TechIndustry #JobMarket #CareerOpportunities

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🇺🇸 It’s been another brutal week for tech layoffs.Less than a month into 2024, the tech industry is facing a significant wave of layoffs. eBay, TikTok, and Wayfair are among the major companies announcing job cuts, totaling 13,240 layoffs across 72 companies this year.Deep dive 👇1️⃣ eBay's Cutbacks 🔍eBay is the latest to join the layoff league, cutting 9% of its workforce, approximately 1,000 employees. CEO Jamie Iannone cited outpaced expenses as a key reason, highlighting the need for restructuring to align costs with business growth.2️⃣ Wayfair's Third Wave 🌊Wayfair announced its third major layoff, slashing 13% of its global workforce, around 1,650 jobs. The cuts include 19% of its corporate team. With $1.3B in cash reserves, Wayfair's "back to focused, fit and lean" strategy aims to enhance efficiency amid ongoing economic challenges.3️⃣ TikTok's Reorganization 📱Social media giant TikTok confirmed the layoff of 60 employees, mainly impacting sales and advertising departments. This move is part of a routine reorganization, reflecting the platform's strategic adjustments in a dynamic digital landscape.4️⃣ Riot Games' Reduction 🎮Riot Games, known for "League of Legends," announced an 11% staff reduction, affecting 530 jobs. The company acknowledged that some investments didn't yield expected returns, necessitating realignment of resources.5️⃣ Brex's Downsizing 💳Fintech startup Brex laid off 282 employees, about 20% of its workforce. This decision reflects the broader trend of tech companies revisiting their growth strategies and operational efficiencies in a fluctuating economic environment.❓Do you think it is just begining or we are almost over with New Year reconstructions?#TechLayoffs #eBay #TikTok #Wayfair

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In the days of layoffs what is your path for innovation? I wonder how these companies have changed their innovation capacity and strategy. phttps://lnkd.in/d5hYkdkk

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Happy Friday, everyone! I came across an insightful article from TechCrunch that sheds light on the recent wave of layoffs in the tech industry. The tech industry has long been associated with growth and innovation, but recent economic shifts have resulted in companies choosing to downsize their workforce. This article provides valuable insights into the factors driving these layoffs and their potential implications for the industry as a whole.This article discusses the following:1️⃣ Industry-Wide Impact: The layoffs are not limited to a specific sector, and are being felt across the tech industry. From established tech unicorns 🦄 to promising startups, companies of all sizes are re-evaluating their operations to adapt to evolving market conditions.2️⃣ Economic Realignment: The tech industry is experiencing a period of economic adjustment, as market forces, changing consumer demands, and global events prompt companies to reposition themselves. Mergers, acquisitions, and restructurings are common measures being undertaken to ensure long-term sustainability.3️⃣ Skills in Demand: While layoffs are undoubtedly challenging for affected individuals, the tech industry still faces a shortage of skilled professionals in certain areas. Companies are actively seeking talent with expertise in emerging technologies, cybersecurity, data science, and artificial intelligence. Upskilling and reskilling efforts can help professionals navigate this shifting landscape.4️⃣ Entrepreneurial Opportunities: Amidst the layoffs, new opportunities are arising for entrepreneurs and startups. Niche markets, emerging technologies, and the demand for specialised services are creating new ground for innovative ventures. As the industry adjusts, forward-thinking individuals can leverage their skills to create impactful solutions.It is crucial for us to stay informed about these developments. By understanding the underlying factors and trends, we can adapt to the changing landscape and create opportunities for growth and career advancement.To find out more, use the link 🔗 below: https://lnkd.in/emTEgaq7#tech #technology #techindustry #techindustryinsights #layoff #layoffs #layoff2023 #techtrends #techtrends2023 #economy

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Thumbs up if you’re excited for 2024?! 🚀 2023 has been dubbed the year for tech layoffs with over a quarter million people being laid off across North America.As we bid farewell to 2023, it's clear that for many it's been a year filled with challenges. For e-commerce, technology, and media sectors stock prices saw volatility if they were lucky and for many companies their valuations dropped over 50%-80%, layoffs were unfortunately common, and company performances struggled.But here's the good news - in every challenge, there lies an opportunity. 💪 I believe 2024 will be a year of renewal and growth. The lessons learned in 2023 will fuel a surge in ambition, creativity, efficiency, and adaptation. Stock prices will regain their upward momentum as interest rates drop and companies demonstrate their ability to thrive in ever-evolving landscapes. Smart hiring will scale up again and create stronger, more agile teams that are sized properly for the opportunities ahead.So, let's embrace the challenges of 2023 as stepping stones to success in 2024. I'm excited to witness the remarkable achievements and breakthroughs that lie ahead for our industries. We'll turn these challenges into opportunities and make 2024 a truly transformative year for e-commerce, technology, and media companies! 🌟 cheers to that 🥂 #2024Opportunities #Resilience #Innovation #layoffs #technology #leadership

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