The technological reckoning that began in 2022 and lasted until 2023 continues at the beginning of 2024. And while the losses in 2024 are not on that scale, they are still significant, driven by big names like Pixar, Google, Microsoft, Mozilla and TikTok. It remains to be seen whether this year's layoff trends follow those of last year, which saw layoffs slow in the summer before cuts began to ramp up once again into the winter.
Momentum for a tech sector rebound remains sluggish, barring bright spots within artificial intelligence and adjacent companies, resulting in tech companies continuing to cut their workforces and shifting from a growth mindset to one based on efficiency versus the stubbornness of market conditions.
But tracking these layoffs helps understand the impact on innovation, which companies are facing tough pressures, and who is available to hire for companies lucky to be growing right now. Unfortunately, it also serves as a reminder of the deeply human impact of layoffs and how risk profiles might evolve from there.
The final total of layoffs for 2023 ended up being 262.735. The technological layoffs made in 2023 were 59% higher than the 2022 total, according to tracker data. And 2024 is off to a rocky start despite falling short of the peak of last year's first quarter cuts.
