By the end of 2023, the technology industry is expected to have cut more than 240,000 jobs, up 50% from last year. Earlier this year, tech giants Google, Amazon, Microsoft, Yahoo, Meta and Zoom, began significant workforce cuts, setting off a trend that has swept the industry, TechCrunch reports.
Startups spanning various sectors have also joined the trend, announcing employee layoffs in the first half of the year. Despite a brief slowdown in technology layoffs over the summer and fall, recent developments suggest that layoffs are on the rise again.
Here are the companies that laid off a large percentage of their employees this month:
Convoy
Is halting operations due to a “massive freight recession,” CEO Dan Lewis announced in a memo October 19, a week after laying off 20% of its workforce.
LegalZoom
Plans to lay off more than 100 workers in its sales division, the company disclosed in a Worker Adjustment and Retraining Notification Act letter.
Plume
Laid off more than two dozen workers, TechCrunch learned October 18, about a year after the trans healthcare startup raised a $24 million Series B.
Google
Eliminated at least 40 roles in its news division, Google confirmed October 18.
Expedia Group
Cut around 100 jobs, Skift reports, in its second round of layoffs in recent months. The cuts reportedly impacted employees across data and AI.
Stack Overflow
Laid off 28% of its staff, more than likely impacting 100 people, the Prosus-owned company announced October 16.
Bandcamp
Eliminated 50% of its staff on October 16 after ownership changed from video game company Epic to music licensing platform Songtradr.
LinkedIn
Confirmed October 16 that it will cut 668 more jobs, bringing the total to nearly 1,400 this year, with the bulk of the most recent cuts impacting those with R&D roles.
Flexport
On October 13 began laying off 20% of its workers, about 600 people, as it prepares for restructuring, and continues a cost-cutting campaign that began with rescinding offers and working to lease office space.
Qualcomm
Is cutting 1,258 jobs in two of its California offices. According to a filing with the California Employment Development Department, the semiconductor company plans to make the reductions in December.
Blue Origin
Laid off 40 people October 10, including software engineers and program managers, according to The Information.
Stitch Fix
Will lay off 558 employees after the personal styling subscription service closes a distribution center in Dallas.
Synapse
Confirmed October 6 that it had laid off 86 people, about 40% of the a16z-backed fintech company. Earlier in the year, Synapse laid off 18% of its employees after its growth slowed.
Bird
Issued a new round of layoffs after acquiring Spin, according to an email interim CEO Michael Washinushi sent to the company. The layoffs came one week after the company was delisted from the New York Stock Exchange, and the exact number remains unknown.
Qualtrics
Announced on October 4 that 780 roles are being eliminated and that “several hundred” roles are changing or moving locations in 2024.
Hopper
Is reducing its full-time staff by 30%, amounting to 250 job cuts, the company announced October 3.
Chainalysis
Announced October 2 that it is laying off around 15% of its workforce, affecting approximately 150 employees.
Although some economists are advising against succumbing to recession fears, there is cautious optimism. The technology sector’s road to recovery is characterised by slow progress. As a consequence, technology companies continue to downsize their workforces and shift from a growth-oriented approach to an efficiency-oriented approach, adapting to the constant challenges in the market. And the layoff trend will continue.
