Home Tech Companies Laid off 120,000 Employees in 2022
Finance News

Tech Companies Laid off 120,000 Employees in 2022

Jastra Kranjec Finanace Writer Author expertise
Fact Checked
Fact Checked
Everything you read on our site is provided by expert writers who have many years of experience in the financial markets and have written for other top financial publications. Every piece of information here is fact-checked. We sometimes use affiliate links in our content, when clicking on those we might receive a commission - at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.
We do our best to help you make intelligent financial decisions. Tradingplatforms.com is compensated if you access certain products or services offered by eToro USA LLC and/or eToro USA Securities Inc. and other brokerage companies. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success. This however does not affect our assessments of the brokers, their features, and their overall rating.

Last week, Meta Platforms joined the tech industry’s growing list of layoffs after letting go 13% of its workforce. However, the company`s shocking 11,000 job cut is just a drop in a sea of job losses the tech industry has seen this year.

According to data presented by Trading Platforms, tech companies laid off nearly 120,000 employees in 2022.

7x More Layoffs than in 2021

After years of soaring profits and seemingly endless success, tech giants have been forced to make painful cost-cutting measures this year. Inflation and high interest rates have slashed consumer and business spending, causing huge revenue drops for even the market`s largest players.

As our charts based on data from Layoffs.fyi shows, mass layoffs in the tech sector started in May, which saw more than 17,000 reported job losses, almost the same as in June. In the next two months, tech companies reported another 30,000 job cuts. The number of layoffs started falling in September but remained at a high 5,900 before skyrocketing again in October.

Statistics show that tech companies let go almost 12,500 members of their staff in that month alone, returning to the negative trend seen in the second quarter of the year.

However, November has turned into the worst month for tech layoffs, as more than 23,100 people working in the industry lost their jobs, or one-fifth of all layoffs reported this year.

The Layoffs data also showed that 2022 had seen seven times more tech layoffs than the last year when the number stood at just over 15,000.

Meta, Getir, and Twitter Made the Biggest Layoffs in 2022

US companies had a huge role in the 2022 wave of layoffs. Statistics show more than 60% of all reported job cuts in 2022 came from the United States. The layoff figures for the last three years are even worse. Statistics show that tech companies in the United States have made over 134,000 job cuts since the beginning of 2020.

Analyzed by the company, Meta has made the biggest layoff this year, with 11,00 reported job cuts. The Turkish delivery company, Getir, ranked second with 4,480 layoffs, or 14% of its workforce.

Twitter follows with 3,700 job cuts, and the US online mortgage provider, Better.com ranked fourth with 3,000. Peloton rounds the top five with 2,800 job cuts made in 2022.

Question & Answers (0)

Have a question? Our panel of experts will answer your queries. Post your Question

Leave a Reply

Write a Review

Your email address will not be published. Required fields are marked *

Jastra Kranjec Finanace Writer

Jastra Kranjec Finanace Writer

Jastra is an editor, writer, and PR specialist with years of experience in news, research, and report writing. Over the years, she has worked in different fields of journalism and public relations, including politics, economy, and financial markets. As well as TradingPlatforms.com, Jastra has written for Inside Business,The Business Mogul, Business Today, Startups Magazine, StockApps.com, and Buyshares.

Jastra graduated from The University of Zagreb with a Master's Degree in Journalism in 2008. Since then, she has used her writing skills to publish a range of educational articles for TradingPlatforms and continues to increase her understanding of the finance and crypto space.