San Francisco: Companies fear a new economic crisis and lay off employees. There is a massive impact in the cryptocurrency space. June was the month with the highest tech layoffs so far in 2022. That was the conclusion of an analysis by Crunchbase, which was published on June 7, 2022. After that, there were at least 75 reports from US tech companies laying off staff. At least 143 US tech firms have laid off more than 24,000 employees so far this year.
Layoffs spiked in May as at least 35 US-based tech companies cut their workforces. That number more than doubled to 74 companies in June in Crunchbase's Tech Layoffs Tracker.
SMS marketing startup Postscript laid off 43 employees just a week after announcing a new $65 million round of funding. Chief Executive Officer Alex Beller tweeted that the round closed in the first quarter of 2022 and "the economic landscape has radically changed" since then .
Netflix is laying off 450 employees
Others cited cost control ahead of a possible recession as a reason for layoffs. At Netflix, the second round of cuts took place in June with 450 layoffs. Major video game developers Unity Technologies and Niantic Labs also laid-off employees, as did a number of crypto companies including Gemini, Coinbase and Blockfi. At the same time , Wireless, one of the pioneers of Open RAN mobile communications technology , laid off around 80 percent of its employees.
Ten companies have announced layoffs so far in July, including Outschool, Celsius and Teleport.