Tech layoffs in 2024: Deadspin folds, while Stash, Inscribe, and Meta decline in profits

• On March 13, fintech company Stash laid off about 80 people, or 25% of its workforce. The company has cut its workforce multiple times since the beginning of 2022.

• On March 8, AI-powered fraud detection software Inscribe.ai announced it would lay off 40% of its workforce.

• On March 6, Meta, which owns Facebook and Instagram, laid off less than 50 employees in a reorganization of Facebook Messenger.

• On March 3, sports media site Deadspin, owned by G/O Media (formerly Gawker Media), laid off its entire 11-person staff. The job cuts were part of the company’s sale to a new European digital media company called Lineup Publishing.

Tech companies have been laying off employees consistently since late 2022.

As of March 21, 219 technology companies have laid off 50,841 employees in 2024, according to layoffs.fyi, which tracks technology layoffs.

A total of 262,682 workers in the technology industry lost their jobs in 2023, compared to 164,969 in 2022. The number of layoffs in 2023 (1,186 total) also exceeded 2022, when 1,061 companies laid off employees in the technology industry; Total for 2020 and 2021.

Amazon laid off the most workers in 2023 (27,410), followed by Meta (21,000), Google (12,115), and Microsoft (11,158).

These job cuts are an unusual outlier in an otherwise robust employment environment. The unemployment rate has hovered between 3.4% and 3.9% since December 2021, according to data from the Bureau of Labor Statistics.

These job cuts are an unusual outlier in an otherwise robust employment environment. The unemployment rate has remained between 3.4% and 3.8% since February 2022, according to the bureau’s data.

And the St. Louis Fed says the turnover rate, a measure of worker confidence, has consistently been at its highest level this year in more than 20 years.

biggest technology dismissal An incident that occurred at a famous company. Here are some of the biggest layoffs in the tech industry for 2022 and beyond, starting with the most recent.

• On February 28, video game maker Electronic Arts announced it would cut 670 jobs, about 5% of its workforce.

• Sony Interactive Entertainment announced on February 27 that it will lay off 900 people, or approximately 8% of its workforce, as part of its business restructuring.

• On February 27, dating app Bumble announced it would lay off about 350 people, or about 30% of its workforce, as part of a restructuring plan.

• On February 26, Expedia Group announced that it would lay off 1,500 people, or about 8% of its workforce.

• Digital media company BuzzFeed announced on February 21 that it will cut 16% of its workforce as part of a rebranding effort. The job cuts come as the company sells Complex Networks, a media startup covering streetwear and pop culture, to e-commerce company Ntwrk at a discount.

• On February 15, takeout and food delivery app Toast announced that it would lay off 550 people, or 10% of its workforce, by the end of the fiscal year. The company’s 2023 financial report says the job cuts are an attempt to realign and improve “overall operating cost efficiency.”

• Cisco, a networking hardware and software technology company, announced on February 14 that it plans to lay off 5% of its workforce as part of a restructuring plan. The cuts will affect more than 4,000 workers worldwide.

• On February 8, online car-sharing service Getaround laid off 30% of its staff.

• Amazon announced on February 6 that it would lay off 440 employees.

• On February 6, electronic signature service DocuSign announced plans to cut 440 employees (about 6% of its workforce) in its sales and marketing departments as part of a restructuring plan.

• Snap, the company behind the social app Snapchat, announced on February 5 that it would lay off 500 people, or about 10% of its workforce.

• On February 5th, Uber’s alcohol delivery app Drizly is expected to shut down by the end of March, leaving all 168 employees unemployed.

• On February 2, biotechnology company Q Health announced it would cut 245 jobs, or about 30% of its workforce.

• Security software company Okta announced on February 1 that it will lay off 400 people, or about 7% of its workforce.

• On February 1, ubiquitous video conferencing company Zoom announced it would lay off 150 staffers, about 2% of its workforce.

• Online payment company PayPal announced on January 30 that it would lay off 2,500 people, or about 9% of its workforce.

• On January 30, financial services company Block laid off 1,000 people, or about 10% of its workforce.

• On January 29, robotics company iRobot laid off 350 people, or about 31% of its workforce.

• On January 26, software company Salesforce laid off 700 people, about 1% of its workforce.

• On January 25, Microsoft laid off 1,900 video game staff, approximately 9% of its video game workforce, following its acquisition of Activision Blizzard.

• On January 23, eBay laid off 1,000 people, or 9% of its workforce.

• On January 22nd, TikTok laid off 60 employees, mainly in sales and advertising departments.

• On January 19, e-commerce home furnishings company Wayfair laid off 1,650 people, or about 13% of its workforce.

• Google announced on January 16 that it will lay off hundreds of advertising sales staff.

• On January 11, social messaging startup Discord laid off about 170 people, or 17% of its workforce.

• On January 11, Amazon’s audiobook and podcast app Audible laid off more than 100 employees, about 5% of its workforce.

• On January 11, Google laid off approximately 1,000 employees.

• On January 9, video live streaming service Twitch laid off 500 people, or about 35% of its workforce.

• On January 9th, fashion rental company Rent the Runway laid off 37 people, or about 10% of its workforce.

• Virtual language tutoring app Duolingo laid off 10% of its contract workers during December due to hiring advances. AI technology It is expected to improve the efficiency of translation and content creation.

• On December 18, microinverter supplier Enphase Energy laid off 350 employees, about 10% of its workforce.

• On December 15, Intel, a technology and semiconductor manufacturing chip company, laid off 235 employees.

• On December 14, self-driving car subsidiary Cruise laid off 900 people, or about 24% of its workforce.

• On December 13, Etsy, an e-commerce company for sellers of handmade and vintage goods, laid off 11% of its workforce, or about 225 people.

• On December 4, music streaming giant Spotify announced that it would lay off 1,500 people, or about 17% of its workforce.

• On November 30th, Vox Media laid off 4% of its workforce. This will be the second round of layoffs in 2023, after cutting 7% of the workforce in January.

• Semiconductor company Qualcomm announced on November 28 that it will lay off 1,258 employees in December.

• On November 7th, hyperlocal social networking app Nextdoor laid off 25% of its staff.

• On November 3, NFT marketplace OpenSea announced it would lay off half of its staff.

• On October 12, semiconductor and software company Qualcomm laid off 1,258 employees, about 12% of its workforce.

• On October 16, music and audio distribution company Bandcamp announced that it had laid off 58 people, or about 50% of its workforce. Epic Games, Bandcamp’s parent company, announced in September that it would sell Bandcamp to B2B music platform Songtradr.

• LinkedIn, a Microsoft company, announced on October 16 that it would lay off 668 people, or about 3% of its workforce.

The bulk of the layoffs occurred in early 2023 and late 2022, including a mass layoff at tech company Accenture. Amazon; Meta, which owns Facebook and Instagram; Zoom Video Communications Inc.; Dell; Spotify; Google’s parent company Alphabet. Microsoft; and Twitter.

Other major companies are also laying off employees in 2023, including cryptocurrencies (Coinbase), e-commerce (Shopify), ridesharing (Lyft), online payments (Stripe), and labor management platforms (Asana). performs all services provided by. Online real estate brokerage (Redfin). The list goes on.

Roger Lee, creator of Layoffs.fyi, has been following layoffs in the tech industry since 2020, as startups started laying off employees at the beginning of the pandemic. According to Lee, the pandemic has created an opportunity for people to increasingly use the internet for work, shopping and socializing. In response, tech companies went on a hiring spree to meet consumer demand.

This increase in technology jobs began at the end of 2020 and continued into 2021. At the same time, Federal Reserve policy has lowered interest rates throughout 2021, allowing technology companies to raise capital and invest in growth, Lee said. However, both trends were reversed in early 2022.

The majority of layoffs in early 2022 will come from startups, Lee said. But from the end of 2022 to the beginning of 2023, he also started moving into bigger technologies. Lee also said that “big tech” layoffs, such as those seen at Meta and Twitter, “present a unique opportunity to hire talent that was previously impossible to attract.” He also said.

Note: This article was originally published on December 1, 2022 and included an interview with Roger Lee, creator of layoffs.fyi. This book has been updated regularly since its publication with new data and information about layoffs in the technology industry.