The tech industry has been hit hard during this economic slowdown. Here’s a list of the layoffs hammering the tech sector this year.
The San Francisco Bay Area, home to tech giants such as Meta and Cisco, has taken the brunt of layoffs in 2022.The tech industry has enjoyed seemingly unstoppable growth over the last five years, but in 2022 it finally hit an immovable object: a slowing worldwide economy.
Tech companies big and small have eliminated tens of thousands of jobs this year, as executives cited inflation, rising interest rates and lower sales in digital advertising as all putting pressure on their financial outlooks. The breadth of the layoffs has been breathtaking, affecting every part of the tech sector from farming robots and cryptocurrency to social media and semi-autonomous vehicles.
The tech industry has been hit harder than other sectors during this economic slowdown. In a count of layoffs at companies who cut more than 100 people this year, NBC News estimated about 89,000 people have lost their jobs. This count doesn’t include jobs lost at smaller tech firms, though, which seems to have pushed the number of tech company layoffs this year to more than 137,000, according toHere’s a list of the layoffs hammering the tech sector this year — with more than a month still to go before the calendar turns.
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