News JVTech Which tech giant laid off the most in 2022? This graph tells us everything!
After three years of growth, 2022 has put a net stop to all this good period for Tech companies. Result: waves of layoffs in spades at Meta, Amazon and Twitter. But who fired the most in 2022?
2022 or the end of El Dorado for the Tech giants
2022 was a tipping point for the big tech industry. After years of growth and expansion, some of the biggest companies in the world have run into the mundane problems that beset every small business in the world. Rising raw material prices, inflation, balance sheets that don’t balance, projects that fail and also personnel that need to be reduced.
Only, sometimes periods of success come to an end. Today, big tech companies face a problem that other industries have faced in the past: normality, or rather, crisis. And nothing better sums up the state of impasse in which the sector finds itself than the wave of layoffs announced by all the major companies during the previous financial year.. The latest to join this trend was Amazon, with over 18,000 layoffs announced for the first quarter of 2023.
Layoffs, do you want them? Here’s !
120,000 is the approximate number of professionals who lost their jobs in 2022 in the United States. Most of these layoffs were announced in November, when Meta (11,000), Amazon (10,000) and Twitter (3,700, or about 50% of the workforce) have made clean cuts in their teams. The slowdown in subscriptions and e-commerce has taken its toll on Amazon; procrastination over advertising and metaverses has caused and will continue to cause problems at Meta; while Elon Musk’s chaotic entry marked a turning point for Twitter.
Photo credit: Visual Capitalist
Same You’re here (3,500 employees in June) did not escape the “dismissal rule”. Apple has also done so, but at the cost of not hiring new workers during this year 2023. Googlemeanwhile, labeled 10,000 employees as “poor performers” – it does not bode well for the future of these people. This Visual Capitalist chart helps to understand the extent of the phenomenon: tech layoffs accounted for a large share of all U.S. layoffs in 2022.
The reasons for these bleedings are multiple.. An inefficient company that was never profitable and only enjoyed enormous financial viability thanks to the support of investors (Twitter) with skyrocketing interest rates and runaway inflation. A company embarking on a major transition to a faltering metaverse (Meta). Overall, you have to understand that the big technology companies wanted to do everything in a very short time. (autonomous cars, virtual reality headsets, advertisements, software, …) and that the crisis has finally caught up with them – at least momentarily.
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