Tech Companies That Have Made Layoffs from 2022 to 2024 (Updated List)

May 4th

Unity

Job losses: around 600 staff

Staff at Unity have had a turbulent year, with two layoffs in the past 12 months having already occurred at the company. Now the organisation has announced a third, with 600 staff affected, around 8% of the workforce. The company is also looking to reduce its physical locations, slashing its number of global offices.

April 27th

Dropbox

Job losses: around 500 staff

Dropbox announces job cuts of 16% of its company workforce. In a statement, Dropbox CEO Drew Houston blamed the company’s stalling profits on the economic downturn, and the need to pivot to an AI-driven strategy.

April 21st

Lyft

Job losses: around 1,200 staff

Lyft announces restructuring measures, including cutting around 1,200 roles at the company, around 30% of the company’s 4,000 staff.

April 20th

Buzzfeed

Job losses: 180 staff

Buzzfeed announced job closures, including the shuttering of its Buzzfeed news division. In a memo to staff, CEO Jonah Peretti stated that the company could “no longer afford to fund” the news outlet.

April 4th

Apple

Job losses: number unknown

Early reports from Bloomberg suggest that Apple is cutting numerous roles within its corporate retail teams. Sources who did not wish to be named told Bloomberg that those affected would be allowed to apply for ‘a number of roles similar to their prior jobs’. Anyone who doesn’t take a new role is reported to be entitled to up to four months pay. Once confirmed we’ll update with the number of positions affected.

March 30th

Roku

Job losses: around 200 staff

It’s been less than six months since Roku laid off 200 members of staff, and today it announced that it was letting another 200 go. The company also stated that it expects to end leases on some of its offices.

March 29th

EA

Job losses: around 800 staff

Gaming company Electronic Arts announces that it is cutting 800 jobs, around 6% of its global workforce, as well as reducing office space. In a statement, CEO Andrew Wilson said that the company was moving away from projects that don’t contribute to the company’s strategic priorities, and carry out restructuring.

March 22nd

Indeed

Job losses: around 2,200 staff

Job listing company Indeed announces that it was cutting 2,200 roles at the company. CEO Chris Hyams said that the cuts were hard to make, but taken ‘with care’, and blamed the losses on a diminishing job market and the expectation of fewer openings in 2023/2024.

March 20th

Amazon

Job losses: around 9,000 staff

Amazon employees were likely feeling a little bruised, but safe, after the 18,000 redundancies at the company earlier in the year. However, they were in for a shock today when another 9,000 job cuts were made. Roles affected included those in Amazon Web Services, gaming division Twitch, advertising, and human resources. In a statement, CEO Andrew Jassy blamed the job losses on an ‘uncertain economy.’

March 14th

Meta

Job losses: around 10,000 staff

Following rumors, Meta confirms that it is laying off 10,000 members of staff. CEO Mark Zuckerberg releases a statement on the company blog stating that from here on, efficiency will be a key goal of the company.

March 6th

Atlassian

Job losses: around 500 staff

Software giant Atlassian announces it is cutting around 500 roles, about 5% of its total workforce. The company states that it is ‘rebalancing’ skills within the organisation, with an aim to reduce our investment in specific areas, in order to reinvest in others”, as stated by co-founders Mike Cannon-Brookes and Scott Farquhar.

February 25th

Twitter

Job losses: around 200 staff

More lay offs at Twitter, as around 200 staff are cut from their roles, including some Musk loyalists, who only reportedly only discovered their fate when they were unable to access their company email addresses.

February 20th

Ericsson

Job losses: around 1,400 staff

Telecoms company Ericsson announces plans to cut 1,400 roles in its native Sweden, in an attempt to cut costs. It follows the company’s earlier announcement that it was looking to reduce costs by $880 million by the end of 2023.

February 16th

DocuSign

Job losses: around 700 staff

DocuSign announces that it is letting go of 700 members of staff, representing 10% of the company workforce. The job losses follow cuts made by the company last September, in which 650 employees were laid off.

February 13th

iRobot

Job losses: around 85 staff

The company behind Roomba announces that it is laying off around 85 staff, which amounts to 7% of the workforce. In an email to staff, CEO Colin Angle stated “While reducing the size of our workforce is painful, we believe these actions are necessary for the company to better navigate the challenging economic environment and position us to return to profitable growth in the years ahead.”

While Amazon announced plans to acquire iRobot last year, the deal is not yet finalized and is subject to investigation by regulators.

Twilio

Job losses: around 1,400 staff

Twilio announces layoffs in a company-wide email sent out to staff, as part of a strategy change that seeks to improve efficiency and reduce overheads. This news comes five months after Twilio’s CEO, Jeff Lawson, decided to cut 816 employees as the company deals with post-pandemic headcount challenges.

February 9th

Yahoo

Job losses: around 1,600 staff

Yahoo announces plans to layoff 20% of its workforce, with many being let go by the end of the week. A spokesperson for Yahoo told CNBC  “Given the new focus of the new Yahoo Advertising group, we will reduce the workforce of the former Yahoo for Business division by nearly 50% by the end of 2023.”

GitHub

Job losses: around 300 staff

GitHub reveals that it is cutting 300 staff, around 10% of its workforce. In addition, its hiring freeze, which began in January, will stay in place. The company also plans to go fully remote, shuttering its physical offices as their leases expire.

February 7th

eBay

Job losses: around 500 staff

eBay announces that it intends to lay off around 500 of its staff, globally. The cuts, which amount to around 4% of the companies total workforce, will allow “additional space to invest and create new roles in high-potential areas – new technologies, customer innovations and key markets,” stated  Jamie Iannone, Chief Executive Officer of eBay.

Zoom

Job losses: around 1,300 staff

Zoom announces that it is laying off 1,300 staff, around 15% of its workforce. Zoom experienced a meteoric rise during the pandemic, with its name becoming synonymous with web conferencing to the general public. Now however, the company is tightening its belt, blaming the “uncertainty of the global economy”, as chief executive, Eric Yuan, put it in an official statement.

February 6th

Dell

Job losses: around 6,650 staff

Computing giant Dell announces that it is laying off over 6,000 staff, around 5% of its total workforce. Dell Co-Chief Operating Officer Jeff Clarke stated that “market conditions continue to erode with an uncertain future”, despite the company having taken cost-cutting measures recently, including a hiring freeze.

January 31st

PayPal

Job losses: 2,000 staff

PayPal announced a huge cut of around 7% of its workforce, with 2000 employees being laid off from the company. In a statement, CEO Dan Schulman blamed the decision on the “challenging macroeconomic environment.”

Groupon

Job losses: 500 staff

Groupon has initiated what is calling its ‘second phase of restructuring’, which involves the job losses of 500 of its staff. These layoffs are expected to be completed by the second quarter of 2023. The announcement marks the company’s second big layoff in less than 6 months, with 500 staff also laid off in August 2022.

January 26th

SAP

Job losses: 3,000 staff

German software company SAP announces job losses of 3,000, amounting 2.5% of its global workforce. In an earnings call, Christian Klein, CEO of SAP, commented “What this is really about is a very targeted effort to further streamline our portfolio and concentrate investments on the areas where we clearly can have the most positive impact.” The news came after the company had announced that its cloud revenue had risen 24%.

January 25th

IBM

Job losses: 3,900 staff

IBM announces that it is to cut nearly 4,000 staff, representing 1.4% of the company’s workforce. The layoffs will impact Kyndryl Holdings, the company’s IT services business, and its Watson Health division. The layoffs are blamed on IBM missing its annual cash target, although in a statement, CFO James Kavanaugh stated “[IBM is] committed to hiring for client-facing research and development.”

January 24th

Intel

Job losses: 544 staff

Intel confirms that it is cutting over 500 staff in the latest tech layoffs, with an aim to cut $3 billion from its budget this year. Revenue for Intel is down 20%, which may well explain why it’s getting rid of 544 employees, a fairly modest number compared to the thousands we’ve seen let go from Google and Microsoft in the past couple of weeks, although little comfort for those affected.

January 23rd

Spotify

Job losses: Around 600 staff

Spotify announces layoffs of 600 members of staff, around 6% of the company’s total workforce. In an internal memo, Spotify CEO Daniel Ek stated “In hindsight, I was too ambitious in investing ahead of our revenue growth. And for this reason, today, we are reducing our employee base by about 6% across the company.”

The company had previously laid off 40 staff in October, after trimming its exclusive podcasts.

January 20th

Alphabet/Google

Job losses: Around 12,000 staff

Google’s parent company, Alphabet, announces huge layoffs, letting 12,000 staff go. According to Reuters, the cuts will affect recruiting, engineering and product teams. In an email to staff, CEO Sundar Pichai stated “I am confident about the huge opportunity in front of us thanks to the strength of our mission, the value of our products and services, and our early investments in AI.”

Alphabet/Google had been unique in that it didn’t make any major layoffs in 2022, whilst its competitors were making heavy cuts. Now it seems not even Google employees are safe.

January 18th

Microsoft

Job losses: Around 10,000 staff

After persistent rumors, Microsoft announced 10,000 job losses within the company. In an email to staff, CEO Satya Nadella stated that less than 5% of the company would be affected, and that hiring would still continue in key strategic areas. The company blames the job cuts on “macroeconomic conditions and changing customer priorities.”

The company issued several rounds of job cuts last year, but nothing on the scale of this recent announcement.

January 13th

SmartNews

Job losses: Around 120 staff

News aggregator service SmartNews confirms that it is slashing around 120 positions from the company, affecting roles in US and China. SmartNews currently employees around 900 staff, meaning a hefty 13% reduction in headcount. Speaking to TechCrunch, the company blamed ‘economic conditions’ for the move.

January 11th

Goldman Sachs

Job losses: Around 3,200 staff

Huge layoffs at Goldman Sachs, with staff in major cities such as New York, London and Hong Kong reportedly being given 30 minutes to collect their things and leave. It represents a huge 6.5% of the total workforce for the company, and although the Zoom call that led to the mass firings was shocking for those affected, it hasn’t come out of the blue. Last month, CEO David Solomon warned that in an internal memo that cuts were on the horizon due to “tightening monetary conditions.”

Alphabet

Job losses: Around 200 staff

Verily, a healthcare services unit of Alphabet, announces that it is cutting 200 roles at the organisation, around 15% of positions with the company. In a statement on the company’s blog, CEO Stephen Verily stated “To enable greater focus on our updated portfolio, we are discontinuing the development of Verily Value Suite and some early-stage products, including our work in remote patient monitoring for heart failure and microneedles for drug delivery.”

Meta

Job losses: At least 20 potential new staff

We reported previously on Meta removing job offers before candidates could start their new roles, and it appears the company has done it again. Originally reported by TechCrunch, Meta confirmed that it had had to withdraw some offers to new employees. Exact numbers aren’t known, although one source, engineer Gergely Orosz, claims to have heard of 20 people affected “so far.”

January 10th

Coinbase

Job losses: Around 950 staff

Crypto firm Coinbase announces that it is closing 950 roles in a blog post, equalling 20% of its entire workforce. In a statement, CEO Brian Armstrong said that the cuts were necessary to ensure that Coinbase was able to succeed in 2023. He went on to say “While it is always painful to part ways with our fellow colleagues, there was no way to reduce our expenses significantly enough, without considering changes to headcount.”

Coinbase had previously issued mass redundancies in June 2022, leading to around 1,100 job losses.

January 6th

Twitter

Job losses: Around 10+ staff

Reports that Twitter has continued its huge layoffs into the new year, with around a dozen cuts being made to its Dublin and Singapore offices. Speaking to Bloomberg, Ella Irwin, Twitter’s Head of Trust and Safety, said “It made more sense to consolidate teams under one leader (instead of two) for example.”

January 5th

Amazon

Job losses: Around 18,000 staff

Amazon has blamed a staff leak on having to announce huge redundancies earlier than expected, with 18,000 at the company expected to lose their jobs. Amazon has yet to announce which areas these cuts will affect. It marks another in a long line of job losses at the company, with 10,000 roles being made redundant less than two months ago.

January 4th

Salesforce

Job losses: Around 8,000 staff

Salesforce kicked off the year with redundancies for 10% of its workforce. The company stated that it had hired too rapidly, and that these job losses were an attempt to correct this. In addition, the company will also look to close some of its physical offices.

In a statement, co-CEO Marc Benioff said “As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we’re now facing, and I take responsibility for that.”

Tech Company Layoffs in 2022

December 21st

TuSimple

Job losses: Around 350 staff

Self-driving truck company TuSimple announces layoffs of 25% of its workforce, equating to around 350 staff. In a statement from the company, CEO Cheng Lu stated “While I deeply regret the impact this has on those affected, I believe it is a necessary step as TuSimple continues down our path to commercialization.”

December 6th

Adobe

Job losses: Around 100 staff

Adobe cuts around 100 roles, mainly focused on sales . In a statement, the company said that it was not looking to make company wide layoffs, and that it was still hiring for critical roles.

November 29th

Lyst

Job losses: Around 50 staff

UK-based fashion e-commerce platform Lyst is reported slashing 25% of its workforce, amounting to around 25% of its staff, as it looks to make savings, as first reported by TechCrunch.

November 22nd

HP

Job losses: Around 4,000 – 6,000 staff

HP announces that it plans to cut between 4,000 to 6,000 roles over the next three years. In a statement, the company stated that its “Future Ready Transformation Plan, estimates annualized gross run rate cost savings of at least $1.4 billion by the end of fiscal 2025, and restructuring and other charges of approximately $1.0 billion.”

HP blames poor PC sales, which saw a sharp rise during the pandemic, but have since been in decline.

November 18th

Cisco

Job losses: Around 4,000 staff

Despite announcing a 6% increase in revenue in its first quarter earning report compared to last year, Cisco announced that it was cutting 4,000 of its 83,000 workforce.

In a statement, Cisco CFO, Scot Herren said “Don’t think of this as a headcount action that is motivated by cost savings. This really is a rebalancing.”

The company pointed to a new number of roles that it has opened in new areas, and stated that it will work hard to match employees affected by the cuts to this new positions.

November 17th

Roku

Job losses: Around 200 staff

Roku announces plans to cut around 5% of its workforce. In a statement, Roku blames the decision on ‘economic conditions’ in its industry.

November 14th

Amazon

Job losses: Around 10,000 staff

Rumors had been circulating about huge cuts at Amazon for a few weeks, but today, it was official. News is slowly trickling out as those affected are posting to social media, but Amazon has started making redundancies that are expected to reach around 10,000. The layoffs represent 3% of the total workforce, and so far have confirmed to have affected AI, HR and and retail positions.

November 10th

RingCentral

Job losses: Around 400 staff

RingCentral is trimming 10% of its workforce, amounting to around 400 people. The company stated that making these cuts would allow it to be “more agile and better align our course with our strategic priorities in the current macro environment.”

Unlike some other companies issuing redundancies, RingCentral isn’t currently experiencing a dire financial outlook. In fact, its Q3 2022 revenue results exceeded expectation, with an increase of $94 million compared to the year previous.

November 9th

Meta

Job losses: Around 11,000 staff

Meta has confirmed the long running rumors that it was to make huge layoffs. In a statement, Mark Zuckerberg confirmed that the company was cutting 10% of the company workforce, amounting to 11,000 roles. Those impacted will receive 16 weeks severance, plus two weeks pay for each year they have been with the company. They’ll also receive additional health and career benefits.

Zuckerberg blamed the layoffs on Meta betting big during Covid, believing the accelerated growth would continue – “Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected. I got this wrong, and I take responsibility for that.”

November 8th

Salesforce

Job losses: 100s of staff

Salesforce has cut 100s of roles at the company, although the actual numbers are unknown, with the company stating that it is fewer than one thousand. In an official statement, the company said “Our sales performance process drives accountability. Unfortunately, that can lead to some leaving the business, and we support them through their transition.”

November 7th

Zendesk

Job losses: Around 350 staff

Zendesk announced that it would be letting 5% of its staff go, citing cost-reduction initiatives. The job losses include those based at the company’s San Francisco location.

November 4th

Twitter

Job losses: Around 3,700 staff

It took only a week for Elon Musk to fire half of Twitter’s workforce, after taking over the company for $44 billion. It perhaps isn’t too surprising – there had been plenty of rumors of layoffs in the weeks running up to the takeover, and Musk isn’t exactly a man known for his compassion. Twitter staff discovered their fate by email on Friday. Those that remain will have the privilege of remote working taken away and be expected to return to the office.

It’s one of the biggest layoffs in the tech industry this year, and also one of the most brutal. Twitter under the Musk regime has started with controversy, and will likely continue on in this way for the foreseeable future.

November 2nd

Opendoor

Job losses: Around 550 staff

Huge losses announced by the real estate tech company as it cuts around 18% of its total workforce. It follows competitor Better.com, which made several big layoffs this year alone. In a statement, Opendoor CEO Eric Wu blamed “one of the most challenging real estate markets in 40 years.”

October 26th

Zillow

Job losses: Around 300 staff

Seattle-based real estate firm Zillow has laid off 300 employees, with layoffs affecting those in home and loans, and closing services. In a statement, the company said that the cuts were part of its ‘normal business process’. The layoffs leave the company with around 5,000 employees in total.

October 24th

Snyk

Job losses: Around 200 staff

Cybersecurity firm Snyk lets go 14% of its workforce, blaming ‘significant market shifts’, leading to the company having to ‘restructure its global workforce’. In addition CEO of Snyk, Peter McKay also stated that it would be reducing spending in other areas, including subscription services and business travel.

October 20th

Loom

Job losses: Around 23 staff

San Francisco video messaging start up Loom announces that it is cutting 23 employees, representing around 10% of the company’s staff. Sales staff are those most affected. It follows redundancies earlier in the year where 34 staff were let go.

October 17th

Microsoft

Job losses: Around 1,000 staff

A spate of layoffs at Microsoft has led to around 1,000 employees losing their jobs. It’s one of the biggest round of layoffs we’ve seen this year, but still a relatively small percentage of Microsoft’s 220,000+ workforce. Those affected by the cuts include Xbox, Edge and Devices teams. Microsoft has made at least two other rounds of layoffs this year, with the biggest, back in July, affecting 1,800 employees.

October 14th

Equifax

Job losses: Around 24 staff

During an internal review of its staff, Equifax identified 24 employees who were ‘overemployed‘, meaning that they were working two jobs at the same time. CEO Mark Begor told staff ‘We expect our team to be fully dedicated to EFX and have one role …their job at EFX.’

October 12th

Oracle

Job losses: Around 200 staff

Oracle lays off around 200 employees from its former Redwood City HQ, after relocating to Austin, Texas.

October 11th

Intel

Job losses: Potentially thousands of staff

Faced with a serious decline in sales, it has been reported that Intel will shortly be making wide-reaching job cuts, potentially slashing its number of employees by up to 20%. The company has already downgraded its sales forecast for 2022 by $10 billion compared to the previous year. An official announcement on this cuts is expected near the end of October.

October 7th

Spotify

Job losses: Around 40 staff

Spotify closes down eleven of its exclusive podcasts, resulting in the termination of 5% of the company’s employees.

October 6th

Peloton

Job losses: Around 500 staff

Barely two months since the last round of layoffs at Peloton, which saw nearly 800 staff cut, Peloton lays off another 500. The fitness company offered the perfect lockdown product, but the return to normal life has seen profits slide. However, this could be the last job cut at the company for some time, with CEO Barry McCarthy stating that Peloton is now ‘focused on growth.’

September 29th

DocuSign

Job losses: Around 650 staff

Touted as part of its restructuring plan, San Francisco based DocuSign announced that it was letting go of 9% of its workforce.

September 26th

Ericsson

Job losses: Around 400 staff

Telecoms company Ericsson, like many other companies, is halting its Russian presence. This means that the 400 staff who currently work at the Russian arm will be out of work by the end of the month.

September 22nd

Klarna

Job losses: Around 100 staff

Swedish fintech company Klarna announced lay offs this month, marking the second such announcement from the company this year. While it’s small condolence to those affected, Klarna is cutting around 100 staff this time around, compared to the 750 it let go in May.

Inpixon

Job losses: Around 44 staff

Inpixon, a company which provides tech and solutions to map and plan indoor spaces, announced that it was letting go of 20% of its workforce, estimated to be around 44 people. CEO Nadir Ali stated that the company had managed to strengthen its position in recent times, but that it ‘had to be mindful of the current economic environment.’

September 14th

Twilio

Job losses: Around 850 staff

Twilio, the cloud communications provider announced that it was reducing it’s workforce by 11%. The company had 7,867 at the end of last year. Twilio CEO Jeff Lawson, stated that the decision was made to help run the company more efficiently.

September 13th

Patreon

Job losses: Around 150 staff

Patreon, the subscription platform for content creators, announced that 17% of its workforce is being cut. Estimated to have around 885 staff in total, the losses represent a significant number of employees. A week previously the company had let go of five members of its security team.

August 30th

Snap

Job losses: More than 1,280 staff

The company behind Snapchat is making one of the most drastic workforce cullings we’ve seen in months: It will be laying off 20% of its more than 6,400 employees this week. The biggest cuts will be to the teams behind the hardware division, the social mapping app Zenly, and aiding the developers who create Snapchat’s mini apps and games.

August 26th

Better.com

Job losses: 250 staff

Improbable as it seems, Better.com is making its fourth round of layoffs in a year. A source informed TechCrunch that 250 ‘or more’ roles were on the chopping block. The company attracted criticism at the end of last year when it made mass lay offs via video.

August 16th

Meta

Job losses: 60 staff

Meta lets 60 contract workers go, from Accenture. According to a report in Bloomberg, the staff were told over video call, and the unlucky employees learned that the decision had been made by an algorithm, say reports.

The move chimes with CEO Mark Zuckerberg’s recent comments that underperformers will be rooted out.

Apple

Job losses: 100 staff

Apple cuts 100 contractor roles across several regions, as reported by Bloomberg. The contractors worked in the recruitment arm of the company. In June CEO Tim Cook stated that the company would be ‘investing through the downturn’, but that it would be ‘more deliberate in doing so in recognition of the realities of the environment.’

August 15th

HBO Max

Job losses: 70 staff

Reports that streaming service HBO Max is cutting 70 roles, around 14 percent of its workforce. The streaming landscape is more competitive than ever in 2022, with Netflix cutting 300 jobs in June amidst declining subscriber numbers.

August 12th

Peloton

Job losses: 780 staff

It’s already proved to be a year of change for Peloton – the company had previously cut 2,800 roles and replaced its CEO. It’s been a rocky time for the company, with people ditching their bikes as the pandemic subsides, and a much publicised equipment recall after a death involving one of its products.

On August 12th it announced it was cutting a further 780 jobs, with roles affected including delivery and customer support.

Calm

Job losses: 90 staff

Calm, a meditation app, announced that it was cutting 90 employees from its 400 person workforce. Calm CEO David Ko said the company was ‘not immune’ to the current economic climate.

August 11th

Truepill

Job losses: around 175 staff

Reports from TechCrunch that Truepill, a digital diagnostics company for the health field, has laid off a third of its workforce, around 175 staff. The company has yet to confirm these cuts, but it has already had two rounds of redundancies this year.

August 10th

Linktree

Job losses: around 50 staff

Australian firm Linktree announced that it was to let go of 17% of its staff, equating to around 50 people.

In a LinkedIn post, CEO Alez Zaccaria claimed that the move was necessary to “emerge stronger from the economic downturn.”

Microsoft

Job losses: around 200 staff

Business Insider reports that Microsoft is laying off its Modern Life Experiences team, a department focused on professional consumers. The team was originally formed in 2018.

Nutanix

Job losses: 270 staff

San Francisco based cloud software firm, Nutanix, announced a reduction of 270 staff from it’s 6,000 strong global workforce.

August 8th

Oracle

Job losses: unknown, potentially hundreds

At the time of writing the actual number of layoffs at Oracle is unknown, but there are signs it’s in the hundreds at least, potentially even thousands, globally.

Groupon

Job losses: 500 staff

The voucher discount site laid off 500 staff, around 15% of its total workforce. These redundancies were reportedly across several departments, including sales, marketing, and engineering.

In a letter to staff, the company said that it was focusing on “self-service merchant acquisition capabilities.”

August 5th

iRobot

Job losses: 140 staff

In August, iRobot, the robot vacuum cleaner brand, made the news, but not for layoffs. The company was acquired by Amazon on August 5th and chose the same day to announce that it was planning to cut 140 jobs — 10% of its workforce.

RingCentral

Job losses: 50 staff

RingCentral‘s layoffs included several senior roles, and are in two rounds, effective on September 18th and 25th. Despite these redundancies, the company is actually weathering the current financial climate rather well, growing revenue by 28% in Q2.

August 2nd

Robinhood

Job losses: around 700 staff

There’s no doubt it’s been a rocky year for this fintech company — this isn’t their only appearance in this list. In August, it laid off 23% of its staff, estimated to be around 700. Its previous round of redundancies in April saw around 300 job losses.

In a blog post on the company site, CEO Vlad Tenev stated that the redundancies were due to over hiring in 2021, and that, “As CEO, I approved and took responsibility for our ambitious staffing trajectory — this is on me.” A message that is unlikely to bring much comfort to those affected.

July 26th

Shopify

Job losses: 1,000 staff

Shopify’s 1,000 redundancies in July represented 10% of the company’s entire workforce. In a message to its staff, the company stated that most redundancies were in recruitment, staff, and sales.

Shopify CEO Tobi Lutke stated, “We bet that the channel mix — the share of dollars that travel through ecommerce rather than physical retail — would permanently leap ahead by five or even 10 years. It’s now clear that bet didn’t pay off.”

July 20th

Vimeo

Job losses: around 70 staff

Staff losses at Vimeo in July represented about 6% of the company workforce, with the redundancies being blamed on an uncertain economic future.

Vimeo CEO Anjali Sud said in a blog post: “After assessing the challenging market conditions and uncertainty ahead, I believe this is the responsible action to take.”

July 19th

TikTok

Job losses: around 100 staff

Popular social media platform TikTok has been no stranger to headlines this year, with national security concerns coming to the forefront once again. However, in July, it was job losses that saw it in the public eye, with around 100 TikTok employees getting cut.

July 12th

Microsoft

Job losses: around 1,800 staff

Microsoft’s layoffs of “just” 1% of its staff might not seem so bad, but when you consider that the company employed 181,000 people in 2021, that’s a potential 1,810 people on the chopping block.

Microsoft told Bloomberg: “Today we had a small number of role eliminations. Like all companies, we evaluate our business priorities on a regular basis, and make structural adjustments accordingly.”

July 7th

Twitter

Job losses: fewer than 100 people

Twitter paused hiring during Elon Musk’s acquisition of the company, reportedly in an attempt to cut costs. In July, it actually let go of around 100 employees, with the redundancies affecting the talent acquisition team.

Twitter is currently locked in a legal battle with Musk over its acquisition, meaning uncertainty will continue at the company for the coming months.

June 28th

Tesla

Job losses: 229 staff

Elon Musk’s Tesla firm made 229 redundancies in June, which was to be expected, considering he had told Bloomberg just a few weeks prior that he would be cutting staff by up to 10%.

The job losses affected salaried employees, most of which were purportedly data annotation specialists.

June 24th

Netflix

Job losses: 300 staff

Netflix saw its subscriber base start to dip for the first time in 2022, as fierce competition from the likes of Disney+, and a much-publicized crackdown on password sharing caught up with the company.

Slowed revenue growth was blamed for the job losses in June, which amounted to 300, and followed the loss of 150 employees in May.

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May 23rd

Klarna

Job losses: around 750 staff

Swedish fintech company Klarna cut a huge 750 staff in May, representing 10% of its workforce, and did so via a pre-recorded message.

Co-founder Sebastian Siemiatkowski stated that the announcement was the “hardest one to date,” and that the world “was a very different world than the one we are in today” when the company made its 2022 plans last year.

May 11th

Carvana

Job losses: 2,500 staff

Carvana has had a rocky 2022, with a $506 million loss in the first quarter. In an effort to cut back on expenses, the company dropped 2,500 members of staff in May, some of which were told via a video call.

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May 5th

Cameo

Job losses: 87 staff

With redundancies in May, Cameo let go of just under a quarter of its total workforce. The company placed the blame on expanding too rapidly and overestimating its market in a post-pandemic world.

CEO Steven Galanis told staff: “To support both fan and talent demand during the pandemic lockdowns, Cameo’s headcount exploded from just over 100 to nearly 400. We hired a lot of people quickly, and market conditions have rapidly changed since then. Accordingly, we have right sized the business to best reflect the new realities.”

April 28th

Netflix

Job losses: 150 staff

In May, Netflix let go of 150 staff, including 25 from its fan site Tudum, which launched in December. The site was designed to give Netflix subscribers a behind-the-scenes look at the streaming giant’s shows and driven by an editorial team.

April 26th

Robinhood

Job losses: around 300 staff

In April, Robinhood CEO stated that the company had cut 9% of the company’s staff, amounting to around 300 people.

April 19th

Better.com

Job losses: between 1,200 to 1,500 staff

In December 2021, Better.com canned 900 employees, and in doing so hit the headlines, thanks to the way it delivered the message — through a very impersonal Zoom call.

April saw the third round of redundancies at the troubled company in less than six months, with an additional 1,200 to 1,500 employees being made redundant.

March 9th

Better.com

Job losses: 3,100 staff

Following on from the 900 staff fired in December over Zoom, Better.com let go of another 3,100 members of staff across both the US and India.

Why Are We Seeing So Many Big Tech Layoffs?

There’s no doubt that the layoffs in tech have been coming thick and fast over the past year, with barely any of the big tech companies unaffected (although Apple has managed to dodge the bullet…for now).

There are a few key reasons why we’re seeing so many big tech layoffs:

• Over hiring
• Economic uncertainty
• Investor pressure
• Artificial Intelligence

Over hiring

Tech companies hired big during the pandemic. With a vast majority of the world stuck at home, the demand for tech was never higher, and tech companies were innovating hard to keep us communicating with each other, as well as entertained. We were spending more time online than ever before, and to keep up with demand, tech companies needed more people.

With the pandemic over, the reliance on tech has subsided slightly, and with that, many tech companies have felt the need to prune their staff.

Economic uncertainty

Take a look at any press statement put out by big tech companies that have made layoffs, and you’ll spot some allusion to the global economy somewhere. It’s an inescapable fact that consumer’s spending power has dwindled in the last year, with demands for tech services and products declining with it.

The cost of living has hit many hard, and multiple factors such as inflation and the war in the Ukraine severely affecting the global economy. While the US isn’t officially in a recession, many financial experts suspect it’s more a case of when, rather than if.

Investor pressure

It only takes one big tech firm to make layoffs to start a domino effect among other companies. When investors see competitors making cuts, they’ll demand the same too. Like it or not, job cuts are a quick way to make substantial savings for companies, and keep investors happy.

When a company like Twitter cuts a huge swathe of its workforce, and still remains operational for a much lower cost, investors are bound to sit up and take note. While it may stifle innovation or affect the services being offered in the long term, the short term is a shot in the arm for share prices.

Artificial intelligence

It’s perhaps a little early to cite this as a main reason for big tech layoffs, but the huge boom in AI use has certainly cast a shadow over the big tech workforce. Recently Goldman Sachs predicted that a massive 300 million roles could be automated, and there is mounting evidence of AI replacing jobs in multiple corners of the business world.

In fact, some big tech companies have openly cited AI in their layoff statements. Dropbox dedicated a lot of space to AI in its most recent layoff communication, which must have been small comfort to the 500 workers who lost their jobs.

How Can My Business Avoid Redundancies?

If you’re concerned about performance at your company, tech solutions may be able to help optimize your workflow, maximize performance and save you money on a monthly basis. This could help reduce the need for redundancies in some situations.

Solutions to streamline project management, improve communications (enabling staff to work efficiently from anywhere, and reducing office costs) and defend against cyberattacks that could majorly disrupt your plans, start from just a few dollars a month. Some are even free. Now is the time for smart investments that lead to the biggest ROIs. See our guides below, for more information.

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