Xerox Holdings Corp. has once again brought tech layoffs into the spotlight with its recent announcement of plans to cut 15% of its workforce. As the printer and copier maker implements a new operating model and organizational structure, it is expected to eliminate over 3,000 positions based on employee numbers disclosed in recent filings.
This news comes amid a wave of job cuts across the tech industry. In 2023 alone, several major companies, including Meta Platforms Inc., Amazon.com Inc., and Microsoft Corp., revealed their own layoff plans. According to data compiled by Layoffs.fyi, a website that tracks layoffs, there were 1,183 tech companies that let go of 261,997 employees globally in 2022. This marked a significant increase from 2022, when 1,064 companies laid off 164,969 workers.
The growing concern over layoffs is evident in internet searches as well. Phrases like "Massive layoffs are coming in 2024" and "Tech layoffs" have experienced a surge in popularity, with searches increasing by more than 5,000% and over 2,500%, respectively, in the past week.
Following the announcement, Xerox shares experienced a decline of 12.2%, outpacing the S&P 500 index's decline of 0.8% during Wednesday's trading session.
The consistent wave of tech layoffs highlights the uncertain state of the industry in recent years. Companies are continuously reassessing their strategies and structures in response to changing market dynamics.
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