The tech industry had a rough start to 2024. Technology companies worldwide saw a significant reduction in their workforce in the first quarter of 2024, with over 57 thousand employees being laid off. By the second quarter, layoffs impacted more than 43 thousand tech employees. In the final quarter of the year around 12 thousand employees were laid off. Layoffs impacting all global tech giants Layoffs in the global market escalated dramatically in the first quarter of 2023, when the sector saw a staggering record high of 167.6 thousand employees losing their jobs. Major tech giants such as Google, Microsoft, Meta, and IBM all contributed to this figure during this quarter. Amazon, in particular, conducted the most rounds of layoffs with the highest number of employees laid off among global tech giants. Industries most affected include the consumer, hardware, food, and healthcare sectors. Notable companies that have laid off a significant number of staff include Flink, Booking.com, Uber, PayPal, LinkedIn, and Peloton, among others. Overhiring led the trend, but will AI keep it going? Layoffs in the technology sector started following an overhiring spree during the COVID-19 pandemic. Initially, companies expanded their workforce to meet increased demand for digital services during lockdowns. However, as lockdowns ended, economic uncertainties persisted and companies reevaluated their strategies, layoffs became inevitable, resulting in a record number of 263 thousand laid off employees in the global tech sector by trhe end of 2022. Moreover, it is still unclear how advancements in artificial intelligence (AI) will impact layoff trends in the tech sector. AI-driven automation can replace manual tasks leading to workforce redundancies. Whether through chatbots handling customer inquiries or predictive algorithms optimizing supply chains, the pursuit of efficiency and cost savings may result in more tech industry layoffs in the future.

As of January 2024, the tech startup with the most layoffs was Amazon, with over 27 thousand layoffs, across five separate rounds of layoffs. It was followed by Meta and Google with around 21 thousand and 12 thousand job cuts announced respectively.

Layoffs in in the technology industry

Overall, layoffs across all industries began in 2020 due to the outbreak of the coronavirus (COVID-19) pandemic, with tech layoffs increasing in 2022. In the first quarter of 2023 alone, more than 167 thousand employees had been fired worldwide, a record number of job cuts in a single quarter and more than all of the layoffs announced in 2022 combined, marking a harsh start to of 2023 for the tech sector. From retail to finance and education, all sectors are suffering from this widespread downsizing. However, retail tech startups were hit the most, with almost 29 thousand layoffs announced as of September 2023. Most job losses happened in the United States, where tech giants like Amazon, Meta, and Google are based.

Reasons behind increasing tech layoffs

Layoffs in the technology sector started with the COVID-19 pandemic in 2020 when entire cities were in lockdown and mobility was restricted. Although restrictions loosened up in 2021, events such as the Russia-Ukraine war, the downturn in Chinese production, and rising inflation had a significant impact on the tech industry and continue to represent major concerns for tech companies. As a consequence, companies across the world have yet to overcome all economic challenges, examples of which are rising material and labor costs, as well as decreasing profit margins. To address such difficulties, tech companies have appointed business plans. For instance, in the United States, tech firms planned to focus more on consumer retention, automating software, and cutting operating expenses.

In July 2024, it was announced that Redbox would lay off 1,000 employees, the second-highest number of terminations in the media industry so far. The largest layoff announcement so far was that of Spotify, when the streaming giant declared in December 2023 that it would let 1,500 employees go, making this the biggest media industry layoff case since 2020. SiriusXM’s layoff of 475 people in March 2023 ranked fourth on that list. Spotify’s layoffs in the grand scheme of things While Spotify’s employment changes were notable in the media world, put in perspective, the numbers seem modest. For example, compared to the layoffs in the tech industry, where Amazon announced in 2022 and 2023 the termination of 18,000 employees, Spotify’s 1,500 may seem a less drastic move. However, as it is, Spotify’s number of employees already decreased by 15 percent between 2021 and 2022, so the addition of over a dozen hundred dismissals indicates larger reorganization in the company. It is a significant move on the side of the streaming giant which for years boasted growing revenues as well as an expanding workforce. Layoffs in the media - the bigger picture Other media companies did not escape the trend of layoffs that started plaguing the United States in 2022. However, over the decades the sector has experienced a few dark periods in terms of employment losses. When the economy suffers, a popular cost-cutting solution is workforce restructuring, as payroll is always one of the biggest overheads for businesses to grapple with. The spikes in media industry job losses are commonly tied to recessions (e.g. in 2001 and 2008). In 2020, the culprit was the coronavirus pandemic. The most recent layoffs, though not as radical as the previous ones, are a result of numerous mergers and acquisitions, combined with economic factors, and a general shift to digital platforms.

In 2024, the gaming sector experienced a significant number of layoffs because of post-COVID industry contraction which has led to studio consolidation and ultimately, an estimated 14,800 video gaming employees losing their jobs. Additionally, 2023 had also not been kind to the industry, as already 10,500 game developers lost their jobs during industry layoffs during the year.

In 2023, Brazil was the country where the most companies experienced the most cybersecurity layoffs, as highlighted by nearly ** percent of respondents. Mexico ranked second, with ** percent of organizations having laid off cybersecurity staff in the past 12 months. On the other hand, only ** percent of respondents working in Hong Kong reported cyber layoffs in 2023.

Dataset

This dataset was created by Injamul Hoque

Released under MIT

Contents

In a February 2023 survey, 33 percent of business leaders in the United States said that usage of ChatGPT will definitely cause more layoffs by the end of 2023. A further 26 percent said it would probably be the case. Additionally, 32 percent of the respondents estimated the usage of ChatGPT to definitely cause more layoffs within the next five years.

In 2024, the tech sector experienced a significant number of layoffs, with the hardware industry hit the hardest with over **** thousand employees laid off that year. Close behind was the transportation sector, which witnessed over ** thousand layoffs. In general, over a third of all tech layoffs in 2024 occurred during the first quarter, with the number of laid-off tech employees decreasing quarter-on-quarter for the remainder of the year.

United States - Layoffs and Discharges: Leisure and Hospitality was 221.00000 Level in Thous. in April of 2025, according to the United States Federal Reserve. Historically, United States - Layoffs and Discharges: Leisure and Hospitality reached a record high of 5094.00000 in March of 2020 and a record low of 107.00000 in February of 2023. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Layoffs and Discharges: Leisure and Hospitality - last updated from the United States Federal Reserve on June of 2025.

United States - Layoffs and Discharges: Leisure and Hospitality was 1.30000 Rate in April of 2025, according to the United States Federal Reserve. Historically, United States - Layoffs and Discharges: Leisure and Hospitality reached a record high of 32.40000 in March of 2020 and a record low of 0.70000 in February of 2023. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Layoffs and Discharges: Leisure and Hospitality - last updated from the United States Federal Reserve on June of 2025.

In 2024, over 25,000 job losses were accounted for in the U.S. media industry, down by 30 percent compared to a year prior. The media industry in the United States has been deeply impacted by the pandemic and the following inflation, as well as the introduction of Generative AI technologies, resulting in an increasing number of layoffs. While about 10,000 job cuts in media were reported in 2019, that value had tripled the following year.

United States - Layoffs and Discharges: Accommodation and Food Services was 1.00000 Rate in April of 2025, according to the United States Federal Reserve. Historically, United States - Layoffs and Discharges: Accommodation and Food Services reached a record high of 33.40000 in March of 2020 and a record low of 0.60000 in February of 2023. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Layoffs and Discharges: Accommodation and Food Services - last updated from the United States Federal Reserve on July of 2025.

Virginia had 263,000 job openings in September 2023, compared to 264,000 openings in August.The ratio of unemployed persons per job opening in Virginia was 0.4 in September. The ratio has been less than 1.0 in Virginia since January 2021. Nationwide, 40 states and the District of Columbia had ratios in September that were lower than the national ratio of 0.7 unemployed persons per job opening; 7 states had ratios that were higher than the national ratio, and 3 states had ratios equal to the national measure.In September, Virginia had 163,000 hires and 145,000 separations, compared to 154,000 hires and 158,000 separations in August.Over the 12 months ending in September, hires have averaged 172,000 per month and separations have averaged 163,000 per month. These averages include workers who may have been hired and separated more than once during the year.Among the September separations in Virginia, 100,000 were quits and 40,000 were layoffs and discharges, compared to 108,000 quits and 40,000 layoffs and discharges in August.Over the last 12 months, quits averaged 111,000 per month, ranging from 95,000 to 134,000. Layoffs and discharges have averaged 44,000 per month, ranging from 33,000 to 59,000.

This analysis presents a rigorous exploration of financial data, incorporating a diverse range of statistical features. By providing a robust foundation, it facilitates advanced research and innovative modeling techniques within the field of finance.

Analyzing the Potential Effects of Layoffs on Verizon Stock

Financial data:

• Historical daily stock prices (open, high, low, close, volume)

• Fundamental data (e.g., market capitalization, price to earnings P/E ratio, dividend yield, earnings per share EPS, price to earnings growth, debt-to-equity ratio, price-to-book ratio, current ratio, free cash flow, projected earnings growth, return on equity, dividend payout ratio, price to sales ratio, credit rating)

• Technical indicators (e.g., moving averages, RSI, MACD, average directional index, aroon oscillator, stochastic oscillator, on-balance volume, accumulation/distribution A/D line, parabolic SAR indicator, bollinger bands indicators, fibonacci, williams percent range, commodity channel index)

Machine learning features:

• Feature engineering based on financial data and technical indicators

• Sentiment analysis data from social media and news articles

• Macroeconomic data (e.g., GDP, unemployment rate, interest rates, consumer spending, building permits, consumer confidence, inflation, producer price index, money supply, home sales, retail sales, bond yields)

Potential Applications:

• Stock price prediction

• Portfolio optimization

• Algorithmic trading

• Market sentiment analysis

• Risk management

Use Cases:

• Researchers investigating the effectiveness of machine learning in stock market prediction

• Analysts developing quantitative trading Buy/Sell strategies

• Individuals interested in building their own stock market prediction models

• Students learning about machine learning and financial applications

Additional Notes:

• The dataset may include different levels of granularity (e.g., daily, hourly)

• Data cleaning and preprocessing are essential before model training

• Regular updates are recommended to maintain the accuracy and relevance of the data

This table provides insight into the number of people receiving benefits under the Unemployment Insurance Act (WW), adjusted for seasonal influences. This only concerns layoff unemployment. The data are broken down into the following characteristics: - gender; - age; - migration background; - region. The figures relate to the last day of the reporting month. The table contains confidence margins because the figures are subject to a degree of uncertainty. Data available from: January 2013. No figures for labor market regions are available for 2013. Status of the figures: The figures from January 2013 are further provisional, with the exception of the last three months, which are provisional. The compilation of data for StatLine tables containing breakdowns by personal characteristics is always based on the most recent data from the Personal Records Database (BRP). Because different StatLine tables are updated at different times, it is possible that a different version of the BRP is used for one table than for another table. This may result in limited differences compared to other tables with the same population. In that case, the most recently published figures are the most accurate. Changes as of July 31, 2023: - the figures of February 2023 have become more provisional. - added are the provisional figures of May 2023. When will new figures be available? New figures will come in August 2023.

In February 2025, the number of job losers and persons who completed temporary jobs in the United States stood at about 3.3 million and is used when analyzing non-seasonal trends. The monthly unemployment rate can be found here.

Colombia Financial Stock: Assets: FC: LM: Layoffs & Voluntary Pension Funds data was reported at 23.330 COP bn in Sep 2024. This stayed constant from the previous number of 23.330 COP bn for Jun 2024. Colombia Financial Stock: Assets: FC: LM: Layoffs & Voluntary Pension Funds data is updated quarterly, averaging 23.330 COP bn from Mar 2016 (Median) to Sep 2024, with 20 observations. The data reached an all-time high of 24,490.806 COP bn in Sep 2017 and a record low of 0.000 COP bn in Sep 2023. Colombia Financial Stock: Assets: FC: LM: Layoffs & Voluntary Pension Funds data remains active status in CEIC and is reported by Bank of the Republic of Colombia. The data is categorized under Global Database’s Colombia – Table CO.AB004: SNA 2008: Financial Accounts: Financial Corporations: Stock.

Increased use of in-store retail channels, rising inflation, and supply chain crises are slowing down e-commerce growth. Several companies operating in this sector have had to downsize and have announced layoffs throughout 2023. The biggest of these, Amazon, laid off 9,000 employees in March 2023 and 8,000 two months earlier, representing the largest layoff together with Shopify, which laid off 2,300 employees in May 2023.

In 2023, more than half of Polish respondents stated that the implementation of new technologies had not resulted in job cuts in the last three years.

Colombia Financial Flow: Liabilities: NFC: LM: Layoffs & Voluntary Pension Funds data was reported at 144.107 COP bn in Sep 2024. This records an increase from the previous number of 119.660 COP bn for Jun 2024. Colombia Financial Flow: Liabilities: NFC: LM: Layoffs & Voluntary Pension Funds data is updated quarterly, averaging 87.951 COP bn from Mar 2016 (Median) to Sep 2024, with 35 observations. The data reached an all-time high of 579.399 COP bn in Sep 2023 and a record low of -2,033.559 COP bn in Mar 2024. Colombia Financial Flow: Liabilities: NFC: LM: Layoffs & Voluntary Pension Funds data remains active status in CEIC and is reported by Bank of the Republic of Colombia. The data is categorized under Global Database’s Colombia – Table CO.AB001: SNA 2008: Financial Accounts: Non Financial Corporations: Flow.