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Tech industry cuts 32,000 jobs since January, but aggressively hiring for AI roles
- Snap is the latest example, announcing this week it is reducing its workforce by about 10 per cent, or around 540 employees
- Although economic factors are the main reason for tech lay-offs, firms are also shifting resources to focus on AI talent
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The tech industry has started 2024 with another wave of job cuts, paring back even further after widespread lay-offs last year.
So far, some 32,000 tech workers have lost their jobs this year, according to Layoffs.fyi, a start-up that has been tracking job cuts in the industry since the pandemic.
Snap became the latest example, announcing on Monday that it was reducing its workforce by about 10 per cent, or around 540 employees.
Earlier this month, software company Okta said it would eliminate 7 per cent of its staff to reduce costs, affecting about 400 employees. The list goes on, including Big Tech employers like Amazon.com, Salesforce and Facebook owner Meta Platforms.

This year, “tech companies are still trying to correct for their over-hiring during the pandemic surge, given that the high interest-rate environment and tech downturn have both lasted longer than initially expected”, Layoffs.fyi founder Roger Lee wrote in an email.
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