November 2022 was a dark month for employment in the technology sector. According to data from trueup.io, almost 60,000 layoffs were recorded that month. 

After a hiring spree during the pandemic, technology companies reversed course in 2022, initiating a wave of layoffs that, as of November, has totaled some 210,000 job cuts. 

The deterioration of the global economy, with rising interest rates and contracting economic growth, led to a decline in advertising investment and greater uncertainty among companies, and therefore less investment in technological solutions. The crisis surrounding cryptocurrencies has also hit many companies in the sector.  In November, layoffs at large corporations were notable: Meta/Facebook, Amazon, and Twitter collectively laid off nearly 30,000 employees that month.

We can see the evolution and magnitude of layoffs in this comprehensive chart from Visualcapitalist.

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