In January-February alone, 417 tech companies laid off more than 1.2 million workers

The year 2023 will be the worst year for tech workers as 417 companies worldwide have laid off more than 1.2 lakh workers in just two months.

In comparison, 1,046 tech companies — from Big Tech to startups — laid off more than 1.61 lakh workers in 2022, according to data from layoff tracking site Layoffs.fyi.

In January alone, nearly 1 lakh tech workers lost jobs globally, dominated by companies like Amazon, Microsoft, Google, Salesforce and others.

In total, nearly 3 lakh tech workers have now lost their jobs in 2022 and up to February this year.

As more and more Big Tech companies continue to lay off workers, they cited several reasons for the move: overstaffing, uncertain global macroeconomic conditions, strong tailwinds from the Covid-19 pandemic, and more.

According to reports, Meta (formerly Facebook) is poised for another big round of layoffs — similar to the one it announced last November — as early as next month once performance bonuses are paid out.

Meta reportedly gave thousands of employees “sub-par ratings” in a latest round of performance reviews, paving the way for more layoffs at the company.

Swedish telecom equipment maker Ericsson is laying off about 8 percent of its workforce, about 8,500 employees, to cut costs amid ongoing global macroeconomic conditions.

Global consulting firm McKinsey & Co is reportedly planning to cut about 2,000 jobs in one of its largest layoffs.

Another major consulting firm, KPMG, is laying off 2 percent of its workforce, which will impact about 700 employees in the US, following a “sharp slowdown in its consulting business.”

Cloud infrastructure provider DigitalOcean is laying off about 11 percent of its workforce, or nearly 200 employees.

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(This story has not been edited by News18 staff and was published from a syndicated news agency feed)