The number of mass layoffs in the technology sector that began in the last quarter of 2022 have extended into 2023. Globally, the number of job cuts in the tech sector has already surpassed last year's total.
Data from the online tracker Layoffs.fyi noted that the total number of layoffs in the tech sector to date is 192,334, surpassing the 2022 total of 164,576. It also pointed out that more than 270,000 tech jobs were cut around the world in the past six months.
Several tech giants have announced job cuts this year, including Mark Zuckerberg's Meta. The parent company of Facebook and Instagram said back in March that it would lay off an additional 10,00 employees, following a major job cut the previous year. (Related: Layoff saga continues as 12 more companies announce mass employment terminations.)
E-commerce firm Shopify announced a 20 percent cut in its workforce, alongside a sale of its logistics business on May 4. DropBox said back in April that it would reduce its headcount by 16 percent – axing about 500 employees – due to slow growth. Also in April, IBM-owned software company Red Hat axed four percent of its workforce – affecting about 760 employees in general and administrative positions.
The layoffs aren't limited to the tech sector, as 3M also announced a worldwide layoff affecting 6,000 employees. This layoff was on top of an earlier 2,500 job cuts on global manufacturing roles it announced in January.
"3M is taking restructuring actions that are intended to make 3M stronger, leaner and more focused," the company said in a statement. The Minnesota-based company added that it anticipates pre-tax savings of up to $900 million a year after the layoffs are complete.
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Ride-hailing company Lyft said in a filing with the Securities and Exchange Commission that it is firing approximately 26 percent or 1,072 employees. The company also said it had eliminated over 250 open positions.
LinkedIn cuts over 700 jobs despite consistent rise in revenue
Professional networking platform LinkedIn also joined the tech layoff bandwagon. In a March 8 letter to employees, LinkedIn CEO Ryan Roslansky said the world's largest social media platform for professionals was shedding over 700 jobs and shutting down applications in China.
"As we guide LinkedIn through this rapidly changing landscape, we are making changes to our global business organization and our China strategy that will result in a reduction of roles for 716 employees," Roslansky wrote.
The said tech platform has 20,000 employees and has witnessed rising revenue each quarter last year. However, it has also come under the pressures mounted by a weakening global economic outlook.
According to Layoffs.fyi, LinkedIn's parent company Microsoft slashed some 10,000 jobs in recent months and took a $1.2 billion charge related to the layoffs. The tech company co-founded by Bill Gates acquired LinkedIn back in 2016 for around $26 billion.
Roslansky also noted in his letter that as part of the move, LinkedIn will cease its app from operating in China by Aug. 9. However, it will retain some presence in China – including providing services for companies operating there to hire and train employees outside the country.
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