Layoffs Report (Jan 2023)

Tech Layoffs Since 2022-23



Tech Layoffs Since Covid-19 (Q1 2020)



Breakup by industry since Covid-19 (Q1-2020)



Biggest tech layoffs by Jan 2023



Headlines

1.
Jan/30/2023: Philips cuts 6,000 jobs just months after laying off 4,000 employees.
Dutch health technology company Philips said on Monday it would let go off 6,000 employees globally in order to restore the company’s profitability on the back of a recall of respiratory devices.
The recall, however, took place last year but still has a rippling effect on the company.
This is the second round of layoffs at Philips  after a recall. The company cut over 4,000 jobs in October last year.

2.
On Jan. 4, Amazon announced it would lay off 18,000 workers, or 5% of its corporate staff. This is the largest round of layoffs announced since the pandemic started, and it was 8,000 higher than initially expected when the ecommerce giant confirmed back in November that it would be implementing job cuts.

3.
Google's parent company, Alphabet, said it will be laying off 12,000 employees, or around 6% of its workforce, making this the second-largest round of layoffs since the onset of the pandemic. Among the laid-off workers, several of them had been long-tenured or recently promoted, according to CNBC.

4.
On Jan. 18, Microsoft announced it would be cutting 10,000 jobs, or approximately 5% of its workforce. Microsoft also made multiple job cuts last year, with the technology corporation announcing it would lay off less than 1% of its staff on July 12 and also confirming another 1,000 jobs would be cut on Oct. 17, per CNBC and Axios, respectively.

5.
Following Meta's 11,000 cut back in November, Microsoft layoffs is the fourth-largest round of layoffs since the pandemic began. 

6.
Also on Jan. 4, Salesforce said it plans to cut 8,000 jobs, or 10% of its staff, in addition to reducing its office space.

7.
IBM announced on Jan. 25 that it plans to cut around 3,900 jobs, or approximately 1.5% of its global workforce, though it expects to continue hiring in "higher growth areas," according to Bloomberg.

8.
Multinational software company SAP said on Jan. 26 that it plans to layoff 3,000 employees, or 2.5% of its global workforce.

9.
On Jan. 20, online furniture retailer Wayfair announced it will be laying off approximately 1,750 workers, or 10% of its staff.

10.
On Jan. 24, vacation rental management company Vacasa announced in company-wide email that it will cut 1,300 jobs, representing 17% of its workforce.

11.
On Jan. 10, Coinbase said it plans to reduce its workforce by 20%, or 950 employees.

12.
Multinational software company Amdocs decided to let go of 3% of its workforce, or 700 people, on Jan. 2, making it the first tech company in 2023 to implement mass job cuts.

Ref: investopedia 

13.
Elon Musk's Twitter announced further job cuts in 2023, saying that it will let go of 3700 more employees.

14.
Swiggy CEO Srihisha Majety in an internal note to employees said that the company will lay off 380 employees.

15.
Byju's has been cutting jobs left and right over the past few months. This year, it would cut - or "rationalize" - about 5% of it's 50,000-strong workforce.

16.
Ridehailing app Ola also joined the bandwagon, announcing that it had sacked 130-200 of its employees in a fresh round of layoffs. 

Ref: economictimes

17.
Even IT giant Wipro has laid off more than 400 fresher employees for poor performance in internal assessment tests. Ref: economictimes (17)

18. Spotify (600 job cuts)
"Like many other leaders, I hoped to sustain the strong tailwinds from the pandemic and believed that our broad global business and lower risk to the impact of a slowdown in ads would insulate us.
"In hindsight, I was too ambitious in investing ahead of our revenue growth," says Daniel Ek, Spotify's CEO. Ref: economictimes (18)

19.
Ecommerce firm Dealshare has laid off around 100 employees, or over 6% of its 1,500-strong workforce, according to multiple people aware of the development. Dealshare, backed by Tiger Global and Alpha Wave Global, joins a growing number of startups that have fired employees in the new year to cut costs and rationalise operations.
Ref: economictimes (19)

20.
Apple is one exception. It strongly resisted increasing its head count in recent years and as a result doesn't have to shrink staff numbers (although it hasn't been immune to staff losses due to work-from-home policy changes). Ref: economictimes (20)

References
1. Tracking tech layoffs since COVID-19
2. How much are tech companies paying for talent?

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