Nearly 24,000 tech workers were laid off earlier this year, the latest being the creator of Snapchat

MidLand, Jakarta – At the end of last year many companies and… to boot technology that terminates the employment relationship or Layoffs. Meanwhile, earlier this year, the firestorm of layoffs continued and occurred at the tech company that makes Snap Snapchatthat is, as many as 500 workers were fired.

The 500 workers laid off by Snap represent 10% of its total workforce. The decision was to make the company more efficient and remain agile. The trend of layoffs at tech companies like Snapchat is nothing new. Starting with Discord, Okta, Zoom and Microsoft have also laid off their employees since the end of last year.

Quoted from Gizmochina, nearly 24,000 tech workers were laid off in January 2024. One of the biggest contributors to this layoff trend are big tech companies, like Discord which laid off 17% of its employees or the equivalent of 150 workers, and Microsoft laid off 1,900 workers in the gaming section. These two companies will both make layoffs in January 2024, ahead of Snapchat.

“In fact, the tech sector suffered nearly 24,000 layoffs this January,” the Gizmochina report states. This estimate was derived from the results of calculations for several large and small technology companies that have laid off their employees.

The phenomenon of layoffs in technology companies is actually not the first time this year, because for several years already, layoffs of workers in the technology sector have been widespread, due to corporate survival strategies and policies.

Announcement

Snapchat CEO Evan Spiegel discussed his firings with the Senate Judiciary Committee. In addition to laying off 500 employees, Evan claims that Snap has managed to increase its revenues from digital advertising and has started buying back shares worth $500 million, or 7.8 trillion rupees.

However, Snap’s stock price is still below its initial public offering price. This condition again shows that the company is going through difficult times and is finding a suitable strategy for the future technological landscape.

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