Mass Layoffs In The Tech Industry Are Up 68%
Jobs cuts in the tech industry have soared 68% year-over-year through June, according to new data from Challenger, Gray, and Christmas, and losses are on pace for their biggest jump since 2009.
The largest cuts came from H-P, which slashed 16,000. CEO Meg Whitman has said the company remains in turnaround mode as they work to streamline across their broad portfolio, which encompasses computing, networking, storage and software.
In total there will have been 48,402 jobs lost through June. That doesn't include Microsoft's recent July announcement that it would axe 18,000 positions. John A. Challenger, chief executive officer of Challenger, Gray & Christmas says the cuts do not necessarily bode ill for the industry.
"Oddly, the rise in technology sector job cuts is occurring at a time when the economy is finally starting to regain some of its former glory. However, increased job cutting is not always a sign of an industry in decline."
Here's Challenger, Gray's table by company. Most of the cuts are in legacy tech giants:
And by sector and year:
