Despite already suffering more than 330,000 layoffs since 2022, experts believe tech workers should brace for even more.
The tech industry has been laying off workers at a near-record pace, in some cases even going against long-standing corporate culture of not laying off employees. Despite the number of workers already impacted, according to Business Insider, analysts say there’s more to come, especially as companies continue monitoring the economy and their profitability.
“At a certain point decision-makers at these companies forgot that the harvest period of trend-busting growth and cheap money wouldn’t last forever,” Jamie MacEwan, senior media analyst at Enders Analysis, told Insider.
At least one analyst says Google is a prime candidate for additional layoffs, as the company still needs to refocus on its core business, much as Meta has been doing.
“It is reasonable to think that GOOGL could make similar cuts by pulling back on non-core roles while also leaning into core business drivers (Ads & AI), setting itself up to take share,” analysts at Jefferies wrote in a research note.
Similarly, Insider says Oppenheimer is singling out Amazon, saying “more layoffs are necessary” for the company to return to its past profitability.
Only time will tell if tech companies lay off more employees, but it certainly seems likely.