October Sees Lowest Number of Job Cuts.

According to recent data, the tech industry has witnessed a decline in layoffs for the second consecutive month. October saw 30 companies lay off 3,080 employees which is a major drop from September’s 3,941 job cuts. This trend suggests a stabilisation in the tech job market.

When it comes to notable layoffs,  several major tech companies reduced their workforce in October. Dropbox, a US-based cloud storage solution provider, laid off 527 employees which is approximately 20% of its workforce.

Kraken, a cryptocurrency exchange company cut 400 jobs and about 15% of its staff. TikTok also laid off hundreds of employees globally mainly from Malaysia, as part of its shift towards AI-powered content moderation.

It was said that the layoffs affected various sectors including crypto, consumer, finance, and healthcare. Companies like Miro, dYdX, and ConsenSys also made significant staff cuts. The layoffs primarily impacted the SF Bay Area and New York, major tech hubs.

Throughout the year, traditional tech fields like software, hardware, and social media have been most affected by layoffs.

Also, read| Microsoft Lays Off Over 650 Employees From Xbox Gaming Division

According to The Indian Express, the decline in layoffs is a positive sign for the tech industry. The layoffs. fyi data indicates a steady decrease in job cuts since the peak in January, February, and April and the experts predict that if this trend continues the tech industry may witness a stabilisation in the job market.

In September, Microsoft’s gaming division laid off approximately 650 employees as Xbox chief Phil Spencer announced in an internal memo. This decision was made to align the team’s structure after a recent acquisition and to manage the business for long-term success.

Early In August, Apple Inc. laid off 100 jobs in its Apple Books app and Apple Bookstore, reducing the service division’s workforce. This includes furloughing engineers and other service teams such as the employees in Apple News.

According to Reuters, one of the world’s top electronic makers Samsung Electronics is planning to cut down its workforce to 30%  in some divisions. It was said that the brand has instructed its subsidiaries worldwide to dwindle sales and marketing staff strength furloughing 15% of employees from the departments.

Also, read| Samsung Electronics Prepares For A Global Job Cut: Report