Tech Layoffs Declining in 2024 But Hardware Industry and Amazon Still Seeing Major Cuts
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Layoffs in the tech sector have declined in 2024 compared to 2023, with 249 companies laying off 59,285 employees so far versus 1,192 companies laying off 263,180 employees in 2023.
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Amazon has played a major role in tech sector layoffs, with 27,000 layoffs between November 2022 and March 2023 compared to 21,214 layoffs across the entire retail industry within tech in 2022.
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The hardware industry has seen the most layoffs within tech so far in 2024, followed by retail and consumer sectors. In 2023, retail, consumer, and hardware led layoffs.
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Quarterly trends show tech layoffs decreasing steadily in 2024 versus peaking in Q1 2023 at 167,574 employees laid off across 585 companies.
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Though overall tech layoffs are declining in 2024, specific industries like hardware and companies like Amazon continue to substantially impact layoff numbers.