Widespread Tech Layoffs Reaching Levels Not Seen Since Great Recession

The number of tech layoffs this year is reaching levels not seen since the "Great Recession" years of 2008-2009.

MarketWatch reports 60,000 tech workers have been laid off this year, which is approaching the 65,000 tech jobs lost annually in the 2008 to 2009 recession.

Outplacement firm Challenger, Gray & Christmas put the number of tech layoffs even higher, reporting 80,978 tech employees laid off this year.

And more tech layoffs are expected by the end of the year.

MarketWatch reports one of the leading causes for increased job cuts is that companies grew too fast and too much during the last two years.

Meta Platforms Inc. (META), the parent company of Facebook, Instagram, and WhatsApp, laid off 11,000 employees in November, roughly 13% of its workforce. CEO and founder Mark Zuckerberg said in a letter to employees, "I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I'm especially sorry to those impacted."

Meta's operating costs and expenses jumped 19% in 2022, and the company has seen a decrease in revenue. HP Inc. (HPQ) also announced in November it would be laying off 4,000 to 6,000 employees within the next three years after the company announced weak consumer and commercial computer sales in its fourth quarter.

Twitter infamously laid off half of its employees following its takeover by Elon Musk. It was recently reported that Musk, the world's richest man, has been terminating employees at such high rates that some are being accidentally laid off.

On Wednesday, CNN announced it's attempting to make $3 billion in cost cuts over the next two years, including personnel cuts. Warner Bros Discovery (WBD) owns CNN and has been dealing with layoffs and cost-cutting since the summer. In addition, Warner Bros. Discovery announced $2.3 billion in losses in its last financial quarter.

Also on Wednesday, crypto exchange Kraken announced it's laying off 30% of its employees.

Other companies laying off workers include DoorDash (DASH), Amazon (AMZN), Roku Inc. (ROKU), and Lyft Inc. (LYFT). DoorDash announced Wednesday it is laying off 1,250 employees.