Tech industry job cuts come rapidly and in big numbers

News Summary

  • Spotify reported in its latest annual report that it had about 6,600 employees, which implies that 400 jobs are being axed.SAP: Germany-based SAP, Europe’s biggest software company, said it it cutting up to 3,000 jobs worldwide, or about 2.5% of its workforce, after a shop drop in profits.
  • Here’s a look at some of the companies that have announced layoffs so far.August 2022Snap: The parent company of social media platform Snapchat said that it was letting go of 20% of its staff.
  • Large and small tech companies went on a hiring spree in over the past several years due to a demand for their products, software and services surged with millions of people working remotely.
  • PayPal: The digital payments company says it will trim about 7% of its total workforce, or about 2,000 full-time workers, as it contends with a challenging environment.
  • However, even with all of the layoffs announced in recent weeks, most tech companies are still vastly larger than they were three years ago.
  • In just the past month there have been nearly 50,000 job cuts across the technology sector.
In just the past month there have been nearly 50,000 job cuts across the technology sector. Large and small tech companies went on a hiring spree in over the past several years due to a demand for th [+2456 chars]