The tech industry came back this year after facing staggering losses in 2023, with tracking sites reporting a 42% decrease in layoffs over the 12 months.

While the wave of layoffs from 2023 carried over into early 2024, the data suggests that this year was filled with fewer job cuts. The industry lost just over 151,000 jobs.

Most of the layoffs this year came from tech firms looking to restructure their companies to endure the fallout of 2023’s economic downturn. Intel kicked off the year by announcing it would cut around 15% of its workforce in January. Smaller layoffs from companies like Microsoft, YouTube, TikTok and Riot Games followed that month. 

April saw the second round of massive layoffs when Tesla announced it would lay off around 15% of its workforce. The month saw over 22,000 jobs cut from the industry. 

Another lull in cuts followed, with few companies announcing massive layoffs toward July. However, August saw over 26,000 tech workers lose their jobs as giants like Meta announced major restructuring plans. Still, the busy layoff months of August and April didn’t come close to reaching the amount of cuts the industry saw in January. 

The industry’s massive layoffs in 2023 were spurred on by high interest rates and low consumer spending. Tech leaders often justified the layoffs by claiming their companies needed to adjust to economic headwinds by restructuring. Additionally, billionaire Elon Musk may have inspired tech leaders to trim the fat in their businesses after he fired nearly 80% of Twitter’s staff. 

• Vaughn Cockayne can be reached at vcockayne@washingtontimes.com.