According to the latest data from layoffs tracking platform Layoffs.fyi, 105 technology companies in the United States have announced layoff plans so far this year, affecting 28,963 employees. In December 2023, the number of layoffs in the U.S. technology industry was 7,159. As a result, the number of layoffs in the technology industry increased by more than 300% month-on-month in January.
Wall Street is currently awash with news related to layoffs, restructuring, cost cutting, streamlining organizations, and improving efficiency. Companies announcing layoffs cited a variety of reasons.
The number of technology companies announcing layoffs has also increased from 57 in December 2023 to 105 in January 2024.
The three companies announcing the most layoffs so far this year are:
Paypal to lay off 2,500 employees. The move was an effort to "right-size" the business, according to a memo from CEO Alex Kreis to employees.
Microsoft is laying off 1,900 people. Phil Spencer, CEO of Microsoft's gaming division, said the layoffs are aimed at "minimizing areas of overlap."
Game engine giant Unity Software laid off 1,800 employees.