Tech Layoffs: The technology sector is grappling with a persistent wave of layoffs, which do not seem to be stopping anytime soon. Over the first four months of this year, the sector has seen a significant workforce reduction, with over 80,000 employees reportedly losing their jobs around the world. This trend of layoffs continues to cast a shadow over the broader startup ecosystem on a global scale.
According to the most recent data from layoff.fyi, a platform dedicated to monitoring job cuts within the technology sector, 279 tech companies had laid off 80,230 employees as of May 3.
In 2022 and 2023, the global slowdown significantly impacted the IT/Tech sector and the startup ecosystem, resulting in the layoff of over 4,25,000 employees by tech companies worldwide.
In the most recent round of job cuts, the US customer experience management platform Sprinklr terminated approximately 116 employees. Similarly, this week, exercise equipment and fitness company Peloton revealed plans to reduce its workforce by 15 per cent, affecting around 400 employees.
When it comes to tech giant, Google has also recently undergone a restructuring process, resulting in the layoff of approximately 200 employees from its core teams. In addition, Tesla, led by Elon Musk, made the decision to lay off hundreds of employees. This comes just weeks after the company previously reduced its global workforce by 10 per cent, affecting approximately 14,000 individuals.
As part of the latest round of layoffs, the tech billionaire decided to disband the entire Tesla charging team. Even the iPhone manufacturer Apple laid off more than 600 employees in California. These layoffs primarily impact individuals involved in projects related to car and smartwatch displays as the company moves to wrap up these initiatives.
Meanwhile, in India, ride-hailing platform Ola Cabs has initiated a restructuring process that is expected to affect a minimum of 10 per cent of its workforce.