Tech Layoffs 2023: 97,000 Job Cuts Last Year, 63% Started Their Own Companies

Tech companies let go over 97,000 employees in 2022, forcing–or inspiring–many of the laid-off workers to start their own companies.

According to a report from placement services firm Challenger, Gray & Christmas, the 2022 figure marked a 649% increase from the roughly 13,000 tech industry job cuts in 2021. This makes the technology sector the leading industry in job cuts, followed by the automotive sector, which cut 31,000 workers last year.

"The overall economy is still creating jobs, though employers appear to be actively planning for a downturn. Hiring has slowed as companies take a cautious approach entering 2023," Andrew Challenger, senior vice president of Challenger, Gray & Christmas, said.

Various tech giants continued their layoff spree this year, with Microsoft cutting 10,000 workers, Google cutting 12,000 jobs, and Amazon letting go of 18,000 employees, among others, according to layoff tracker Layoffs.fyi.