Thousands of layoffs in the tech sector, compounded by hiring freezes and a slowdown in hiring, highlight the abrupt shift in fortunes over the past several months as a result of rampant inflation, fear of stagflation and recession, supply-chain interruptions, the war in Ukraine, an ailing stock market and other red-alert economic factors.
The latest blows came Tuesday, when Coinbase Global Inc. COIN, 1.82% announced an 18% layoff of about 1,100 people and real-estate brokerage Redfin Corp. RDFN, 1.53% said it would reduce head count by about 470 people, or 6% of its workforce.
“Everybody needs to batten down the hatches. We are in stormy, stormy seas with choppy weather on the horizon,” media titan Jeffrey Katzenberg, a board member and investor in cybersecurity startup Aura, told MarketWatch.
In recent weeks, a broad cross-section of companies across all sectors have announced layoffs or plans to limit hiring amid the economic crucible. In addition to Coinbase and Redfin, Peloton Interactive Inc. PTON, 3.64%, PayPal Holdings Inc. PYPL, 2.38%, Tesla Inc. TSLA, -0.29%, Carvana Co. CVNA, 0.38% and others said they intend to slash staff. At the same time, some of tech’s biggest players — Facebook parent company Meta Platforms Inc. META, 1.07%, Intel Corp.’s INTC, 0.54% client-computing group, Microsoft Corp. MSFT, -3.49%, Uber Technologies Inc. UBER, 2.22% and Lyft Inc. LYFT, 2.83% — are slowing down or freezing hires.
All told, at least 15,000 tech-related jobs have been or will be eliminated, according to Layoffs .fyi, a website that tracks job cuts at startups.
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