Tech Job Losses Expected to Breach 200K This Week

Heavy layoffs are continuing to hit the tech sector. This week it is expected that job cuts will cross 200,000 after Meta removes thousands of employees in its latest round of planned layoffs.

Industry sources estimate that a total of 696 tech companies have laid off 197,985 employees so far in 2023. As recently as last week, the fintech sector went through a major round of layoffs, with names like insurance firms Pie Insurance and Lemonade, and investing apps Stash and Zepz letting people go.

Oracle was a major contributor to job losses last week, laying off more than 3,000 employees. Meta is expected to lay off around 6,000 more people this week after cutting 4,000 jobs in April. This comes after a large round of cuts in November when the company slashed 11,000 positions.

In January, Microsoft announced it was reducing its workforce by 10,000. The same month, Google parent Alphabet announced it was letting 12,000 employees go as the company focused on AI. So far in May, Shopify leads the layoff pack as it cut 20% of its workers, numbering some 11,600 employees.

It is unclear if the tech layoffs will continue, with recent data suggesting job losses are declining and the industry may gradually pick up on hiring again.

However, some analysts are painting a dark future for human workforces where AI is concerned. Some analysts are not expecting these jobs to come back. AI experts are predicting that 80% of jobs may become obsolete in the future as generative AI technology continues to evolve.