Tech industry layoffs unfolding at faster rate than at any time during COVID-19 pandemic: report

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Tech companies across industries saw more than 150,000 layoffs in 2022 -- up from the 80,000 layoffs from March to December of 2020 as larger Meta and Amazon slash their workforce.

Despite layoffs drastically slowing in 2021, tech companies in 2022 began to rapidly cut positions once again amid rising interest rates and a slowing economy.Meta, formerly Facebook, corporate headquarters is seen in Menlo Park, California on Nov. 9, 2022.

The online tracker counted nearly 100 healthcare-related tech companies terminated an estimated 11,000 employees in 2022. Whilerapidly grew amid the onset of online learning and school shutdowns in 2020, companies in the same sector in 2022 cut more than 8,000 jobs. With the lockdowns and travel restrictions of 2020 came massive layoffs for travel-related tech industries in 2020. However, as the world reopened and travel resumed, travel companies in the tech sector were among the areas the least impacted by layoffs in 2022.

 

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