LinkedIn and AppLovin rejoin tech layoffs tracker in slightly calm year-end quarter
Are layoffs of engineers slowing down? Fewer U.S. tech companies have reported layoffs in recent weeks, and so far the number of layoffs in the fourth quarter is expected to be significantly lower than in the fourth quarter of last year.
That’s according to this layoff tracker’s analysis of the numbers. So far in the fourth quarter of 2024, layoffs by 53 US tech employers are reported to have affected at least 7,820 workers. Although not insignificant, this is a significant decrease compared to last year’s fourth quarter figures ending December 6, 2023, which included 147 companies and 17,397 affected employees.
We hope that the downward trend in layoffs will continue in the future.
Meanwhile, as of this writing, eight US tech companies have reported layoffs in the past few weeks, including one French company on the list. Ile-de-France-based Ubisoft has reported that it will close its XDefiant division, which will affect 143 employees in its San Francisco office. It is not clear when the layoffs will take place.
Professional networking site LinkedIn has rejoined the tracker after laying off an additional 202 employees in the past few weeks. The Sunnyvale, Calif.-based company has cut engineering and customer support positions from its payroll, The Information reported. And AppLovin, based in Palo Alto, Calif., announced 120 job cuts, ranging from vice presidents to directors to software engineers, marking the second tracker appearance this year.
New addition
The following companies were added to our tracker this week:
Technology sector cuts: U.S. companies to cut jobs in 2022, 2023, and 2024
In terms of numbers
Number of layoffs for week ending December 6, 2024: At least 692 people. Employees in the U.S. tech sector have been laid off or are scheduled for layoffs, according to a Crunchbase News tally.
2024: At least 95,425 workers at U.S.-based technology companies have lost their jobs so far this year, according to a Crunchbase News tally.
2023: More than 191,000 employees at U.S.-based technology companies (or technology companies with large U.S. workforces) are laid off in mass layoffs.
2022: More than 93,000 jobs eliminated from U.S. public and private technology companies
Companies with the most layoffs in 2023
methodology
This tracker includes layoffs implemented by companies based in the US or with a strong presence in the US and is updated at least weekly. It includes both start-ups and publicly traded high-tech companies. It also includes companies based elsewhere that have large teams within the United States. KlarnaEven if it’s unclear how much of the U.S. workforce is affected by layoffs.
Layoffs and employee numbers are best estimates based on reporting. We rely on media reports, our own reporting, social media posts, and layoff.fyia crowdsourcing database on engineer layoffs.
We’ve recently updated our layoffs tracker to reflect the latest layoffs companies have made. This allows us to track layoff trends quickly and accurately, so you may see changes in the latest numbers.
If the number of employees cannot be confirmed according to our criteria, we record it as ‘unclear’.
FAQ
What is dismissal?
A layoff can be a permanent termination of someone’s employment, usually for cost-cutting reasons, or a temporary layoff because there isn’t enough work to hire all employees. Layoffs at technology companies typically fall into the permanent category.
Mass layoffs are the reduction of a significant number of a company’s employees over a short period of time, often as a result of economic conditions.
Why do technology companies cut staff?
Technical layoffs increased from 2022 to 2023. Companies cite a variety of reasons for implementing layoffs.
While some companies, particularly those in the e-commerce space, have nearly doubled their workforce to meet consumer demand during stay-at-home orders due to the COVID-19 pandemic, the current economic climate I realized that it was excessive.
Major technology employers such as: sales force and google parent alphabet It noted that the recent job cuts followed several years of rapid hiring supported by rapid growth. From 2019 to 2022, some companies almost doubled the number of employees. Some large tech companies that have cut jobs have also cited falling stock prices, slowing sales and fears of an economic recession as reasons for their downsizing.
What were the biggest technology sector layoffs in 2023?
Amazon The 2023 figures show the highest number of job cuts, with 16,000 roles cut.
layoff alphabetis the parent company of. googlea total of about 12,000 cases. microsoftThe layoffs total approximately 10,000 workers. facebook parent metadismissal. with sales forcethese tech companies have made some of the biggest layoffs in the past two years, totaling tens of thousands of jobs.
While these numbers are alarming, as of early April 2023, these companies have collectively cut jobs. Only 8% of new hires made during the pandemic.
Many other venture-backed tech startups have also cut staff, pointing to a slowdown in venture capital funding and declining startup valuations as determining factors.
Will there be more layoffs?
What are the signs that a company is planning layoffs?
Signs that a company is likely to implement layoffs include:
Hiring, pay and promotion freezes: Payroll is the most important cost for most technology companies, and company leaders are often the first to try to contain costs. Companies may do this by pausing hiring for all but the most mission-critical roles and freezing promotions and raises for existing employees.
Red flags in a company’s financial performance: Companies that are suffering from declining revenues and profits, or that are simply not growing as fast as expected, are more likely to cut staff or implement other cost-cutting measures. Unfortunately, employees of many private start-ups do not know detailed financial information about their employers.
Restructuring a team or department: Companies sometimes merge or consolidate teams to streamline operations and reduce costs. The job cuts that result from these restructuring moves often result in layoffs. Companies may also increase their reliance on outsourced teams and contractors.
Increased internal communication: If management frequently communicates with employees about the company’s financial challenges, the need to optimize the workforce, reduce costs, increase productivity, etc., it could be a sign that downsizing is being considered. It may be showing. Start-up companies that received venture support are cash runway This is the amount of time the business can continue operating at its current cash burn rate without the need for new capital, and may also alert employees to the need to reduce cash burn.
Unexpected changes in company policy: Companies that suddenly require employees who have been working remotely to return to a physical office may be considering layoffs. Such policies are often used as a basis for firing workers who do not comply with new obligations. Similarly, unexpected organizational evaluations or employee performance audits outside of regular job reviews can also be a precursor to dismissal.
Reduced workload or project cancellation: Other signs that a company is facing financial difficulties that could lead to layoffs include a noticeable reduction in employee workloads or major projects being canceled or postponed.
Other cost-cutting measures: Companies often suspend or cancel employee perks and benefits, such as travel, catered meals, and education and health benefits, before taking large-scale cost-cutting measures such as layoffs. there is.
When will layoffs stop?
How many technical layoffs have you had recently?
Approximately 200,000 U.S. technology employees were laid off in 2023, according to the Tech Layoffs Tracker. That’s more than double An estimated 93,000 US technology workers will be laid off in 2022.
Is selling the company a good option to avoid layoffs?
What jobs will be eliminated as a result of technology layoffs?
Tech layoffs are affecting entire departments at many companies.
Massive layoffs from big tech companies was a software engineer. Startups are more likely to retain engineers than to make layoffs in their human resources, recruiting, marketing, or other departments.
google Reduce roles for sales, recruiting, product and engineering teams. Amazon Temporary layoffs include employment. AWS Cloud unit, social video platform convulsionsand in its advertising department. meta CEO mark zuckerberg The company’s recruiting department will be the first to make the cuts, he said.
Where can I read news about recent tech layoffs?
Follow all the tech layoff news here Track which companies are cutting staff using the layoff tracker above.
Where can I see layoffs from the past 24 hours?
This Crunchbase Tech Layoffs Tracker is updated weekly, if not more frequently, with the latest layoff information at U.S. tech employers.
Which companies are hiring for open technology jobs?
Many technology companies continue to hire for open positions despite attrition in this area. Click here for details Crunchbase Active Hire Filter We’ll also explain how to find companies with multiple job openings.
Crunchbase News also features startups that have recently received funding and are actively hiring in our weekly Who’s Hiring feature. Find all the news related to the job market here.
