Benzinga
Published Jan 31, 2024 19:40
Updated Jan 31, 2024 20:40
Tech Layoffs Up Over 300% Month-Over-Month In January: 3 Companies With The Most Employees Laid Off So Far In 2024
Benzinga - by Surbhi Jain, .
After a noticeable declining trend in tech layoffs during the second half of 2023, the trend appears to be reversing. The number of employees laid off in the tech sector increased by 304% in January 2024 as compared to December 2023.
Restructuring, cost-cutting, leaner organization, efficiency — many reasons have been quoted, as Wall Street has abounded with layoffs-related news.
According to Layoffs.fyi data, a total of 105 companies have laid off 28,963 employees so far in 2024. The number of tech sector employees laid off in December 2023 was 7,159. Hence, January recorded a month-over-month increase of over 300% in number of employees laid off in the tech sector.
The number of tech companies that laid off also increased from 57 in December 2023 to 105 in January 2024.
Some notable tech layoffs that created a buzz on Wall Street so far in 2024 included:
Here’s what Reddit/ors had to say about these layoffs:
CommentGet The AppJoin the millions of people who stay on top of global financial markets with Investing.com.Download Nowbyu/DesmondMilesDant from discussion
inwallstreetbets
CommentGet The AppJoin the millions of people who stay on top of global financial markets with Investing.com.Download Nowbyu/DesmondMilesDant from discussion
inwallstreetbets
Now Read: Big Tech Announces Another Round of Job Cuts As It Continues Its Expensive Efforts To Turn GenAI Into Business Magic
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read the original article on Benzinga
Written By: Benzinga
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.