Main image of article One Year Later, Tech Layoffs Have Declined Considerably

In November 2022, massive layoffs were starting to sweep the tech industry, as startups imploded and tech giants decided to radically reduce their headcount. Twelve months later, the number of layoffs (and tech companies laying off workers) has significantly declined—a solid sign that the tech industry remains robust despite widespread economic uncertainty. What a difference a year makes.

Layoffs.fyi, which crowdsources layoff information, has updated its monthly breakdown of tech industry cutbacks. Here’s the latest:

(Yes, crowdsourcing isn’t always the most scientific method of data collection. However, numerous publications and websites rely on layoffs.fyi’s data, and they update quickly, so we’re inclined to trust their results.)

Some of the biggest companies unleashing layoffs in November included Unity (which maintains a popular platform for video-game development), VMware, Viasat, Splunk, and Amazon. But again, this is a far cry from 12 months ago, when Amazon laid off 10,000 workers, Meta cut 11,000, Cisco reduced its headcount by 4,100, and Twitter (newly purchased by Elon Musk) eliminated 3,700 roles—and that was before companies such as Google and Meta made similarly massive headcount adjustments at the start of 2023.

What drove last year’s explosive layoffs? During the pandemic, homebound consumers and all-remote companies radically boosted their use of cloud-based apps and services, generating massive revenues for a range of tech companies, which then used that money to hire thousands of tech workers. But when offices opened back up and executives feared a potential recession, customers pulled back on their spending, driving those tech companies to reduce headcount and projects to get costs under control again.

Some of that cost-cutting continues—Spotify just cut 17 percent of its workforce, claiming a slower economy and rising interest rates. However, the current tech unemployment rate stands at a historically low 2.1 percent, according to U.S. Bureau of Labor Statistics (BLS) data analyzed by CompTIA. For those tech pros with the right mix of skills and experience (especially in cutting-edge arenas such as generative A.I.), opportunities abound.