Tech industry lay-offs on the rise

With PayPal announcing a 9% cut in staff and Google warning of further lay-offs in 2024, January has seen the tech industry’s worst job losses since May last year


NUMBER OF TECH JOB LOSSES PER MONTH
60,000 
50,000 
40,000 
30,000 
20,000 
10,000
0
	Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
	2023					2024 

50,816 52,214 30,774 56,111 15,048 14,860 19,709 14,474 32,054 17,175 16,690 43,049


JOB LOSSES (1,000 or greater, Jan 2024)

SAP: 8,000
Telefonica: 3,421
Xerox: 3,075
PayPal: 2,500
Microsoft: 1,900
Unity: 1,800
Wayfair: 1,650
eBay: 1,000
Google: 1,000
Block (Square): 1,000
Flipkart: 1,000
Cloud: 1,000
Other: 15,703*

                       
*181 companies each laying off less than 1,000 staff. Data correct at 14:30GMT, Jan 31, 2024 


Sources: Bloomberg, Reuters, TrueUp 
Picture: Apple 
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