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Though technology companies announced massive layoffs last year, 2023 is looking much worse, as tech giants including Amazon, Microsoft, Google, IBM, SAP, Salesforce, and Facebook parent company Alphabet announce sweeping jobs cuts.

The problem: Big Tech went on a hiring binge during the pandemic when lockdowns sparked a tech buying spree to support remote work and an uptick in e-commerce, and now they face revenue declines.

It’s not only tech giants who are conducting layoffs. Smaller tech firms were also caught up in pandemic-generated hypergrowth and are now suffering the consequences.

Although global IT spending is forecast to rise in 2023, with enterprise software and IT services experiencing the greatest growth, the overall increase is expected to be modest, with data center systems and communications services growing by less than 1%, according to market research firm Gartner. Meanwhile hardware sales are forecast to decline.

Continuing supply chain issues, inflation, and the war in Ukraine are also having an impact on both business and consumer spending, leading to fears of recession.

According to data compiled by Layoffs.fyi, the online tracker keeping tabs on job losses in the technology sector, tech compaies have laid off 101,657 workers in the first six weeks of the — equivalent to 64% of total tech company layoffs for all of 2022.

Copyright © 2023 IDG Communications, Inc.

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