A year on from the the tech slowdown that led to a tsunami of cuts
Tech multinationals cut more than around 320,000 jobs globally from the end of 2022 to the third quarter of this year, with most of these lay-offs occurring in the first half of 2023. File picture: AP Photo/Nick Wass
The global tech sector prospered during the pandemic. Hiring boomed as remote work gained popularity and e-commerce benefitted from the mandatory closure of physical retail.
However, the industry was plagued by misfortune at the end of 2022 and throughout the first half of 2023. A high interest rate environment and inflationary pressures weighed on bloated companies.
