US companies fired 32k Tech employees in last 12 Months: Report

While last year was all about the hiring spree, this year brings with it the news of tech jobs being slashed and how! With the recession slowly closing in on the US, the speculations of the dot-com bubble 2.0 are all over the internet. As of late July, more than 32,000 IT employees faced the axe with many big-ticket companies including Amazon, Google, and Apple, and heavily funded startups like Meesho, laying people off. 

According to a Crunchbase News tally report, updated until the third week of July, the infamous layoffs at Netflix and companies like Shopify, Boosted Commerce and Outbrain contributed to major job losses in the US. Twitter alone sacked 30% of its talent acquisition team. TikTok too has been handing out pink slips citing company restructuring.

Companies that are not firing staff right away, have put a freeze on fresh hires, almost akin to a soft layoff. And this is only going to worsen in the months to come if speculations are to be believed.

Regarding the report’s methodology, Crunchbase said, “We’ve included both startups and publicly traded companies based in the US. We’ve also included companies based elsewhere with a sizable team in the United States, such as Klarna, even when it’s unclear how much of the US workforce has been affected by layoffs.”

The sources used by Crunchbase include Layoffs.fyi tracker, media reports and social media posts. According to Layoffs.fyi, in 2022 alone, at least 61k employees were laid off.  

Back home in India, the situation doesn't look good either. India’s edutech ecosystem is facing severe layoffs. Companies like Unacadmy, Vedantu and Byjus fired at least 2,200 employees this year. Startups like Meesho, Blinkit, Ola and MFine are also following suit.