In the world of startups, we’re witnessing a resurgence of tech layoffs. Last month, Alex mentioned that layoffs in the tech sector were a thing of the past. However, that statement seems to have jinxed it. Despite signs of economic recovery and predictions of avoiding a recession, tech companies are still letting go of employees.
Tech Industry Layoffs Have Returned Aggressively
For instance, in October, Nokia announced it would be reducing its workforce by 14,000 employees, mainly due to a 69% drop in profits during the previous quarter. Other major tech players, such as Qualcomm, Qualtrics, and LinkedIn, have also revealed substantial layoffs. Experts attribute this to the slow recovery of the economy, as well as a shift in investor focus from growth to efficiency, prompting cost-cutting measures, including layoffs. These trends, along with tighter budgets and extended sales cycles, could continue to affect the tech sector well into 2024. Ron has the complete details on TC+.
Product Hunt has reduced its staff, letting go of around 60% of its team, which includes employees in design, product, and sales roles. They made these cuts for “strategic reasons.
Stack Overflow, a developer community site owned by Prosus, is cutting 28% of its workforce as it strives for profitability. The company hasn’t revealed the exact number of affected employees. AI appears to be at the heart of this move.
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