2023-03-20 14:24:36 ET
To put it lightly, the technology sector is going through a rough patch at the moment. Tough economic conditions have slowed down companies' growth rates over the last 18 months, which means they've had to carefully manage costs. That, unfortunately, has led to mass layoffs across the industry.
According to Layoffs.fyi, the tech sector slashed 161,411 jobs in 2022. But 2023 could be even worse, because over 139,000 tech workers have been laid off already -- and it's only March.
E-commerce giant Amazon (NASDAQ: AMZN) is among the organizations slimming down, after growing its workforce from 798,000 at the end of 2019 to 1.54 million by the end of 2022. It announced it would eliminate 18,000 jobs in January, and today, it revealed a further 9,000 cuts.
For further details see:
Amazon Cuts Jobs From Its Strongest Segments: Here's What It Means for the Stock