The tech industry has enjoyed seemingly unstoppable growth over the past five years, but in 2022 it finally hit an immovable object: a slowing worldwide economy.
Tech companies big and small have eliminated tens of thousands of jobs this year as executives cite inflation, rising interest rates and lower sales in digital advertising as all putting pressure on their financial outlooks.
The breadth of the layoffs has been breathtaking, affecting every part of the tech sector from farming robots and cryptocurrency to social media and semi-autonomous vehicles.
The tech industry has been hit harder than other sectors during this economic slowdown. In a count of layoffs at companies that cut more than 100 people this year, it is estimated about 89,000 people have lost their jobs.
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