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

After a marathon hiring spree during the pandemic, technology companies went into reverse gear in 2022, initiating a wave of layoffs that, as of November, totals some 210,000. 

The deterioration of the global economy, with increasing interest rate hikes and contraction in economic growth, translated into a drop in advertising investment and greater uncertainty for companies and, therefore, less investment in technological solutions. The crisis surrounding cryptocurrencies has also hit many companies in the sector. In November, layoffs in large corporations were notorious: Meta/Facebook, Amazon and Twiter together laid off almost 30,000 employees that month..

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

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