Tech Layoffs Surge in 2023

In March of this year alone, nearly 120 tech firms globally, including the likes of Meta, Apple and Amazon, implemented layoffs across various departments. Mass layoffs across the tech industry had already kicked off last year as a broader economic downturn left companies whose services were in great demand during the pandemic with too many employees. 

Conservative estimates of tech job losses for March stand at roughly 37,100. Large firms, such as tech giant Meta, slashed their payroll by the thousands. The common reason for layoffs was attributed to the weakening macroeconomic environment. Some firms cited necessary restructuring to improve efficiency, while others indicated they needed an outright shift in focus.

In the tech-media sector, streaming companies Hulu, Roku and Spotify all let people go. In the telehealth sector, CoverMyMeds and Better Therapeutics, among others, reduced their workforce. Several fintech companies joined the fray, with Xero, TradeWindow and LendingTree all losing people. Meanwhile, satellite radio giant SiriusXM said it was cutting 8% of its workforce.

Earlier in March, Meta announced that another 10,000 employees would be laid off after 11,000 jobs were cut in November. Amazon said it was laying off another 9,000 employees after it already said in February that it was slashing 3,000 non-tech positions.

Now, Apple, which had so far stood out among the rest of its big tech peers, has recently announced it will be cutting jobs, although the exact number is still unknown.