More than 171,000 tech-sector employees have lost their jobs since the start of 2023

Cheetah Net Supply Chain Service Inc

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Company profile

Cheetah Net Supply Chain Service Inc. is a supplier of parallel-import vehicles in the United States to be sold in the People’s Republic of China (PRC) market. The Company and its wholly owned subsidiaries are primarily engaged in the parallel-import vehicle dealership business. In the PRC, parallel-import vehicles refer to those purchased by dealers directly from overseas markets and imported for sale through channels other than brand manufacturers’ official distribution systems. The Company purchases automobiles, primarily luxury brands such as Mercedes, BMW, Porsche, Lexus, and Bentley, from the U.S. market and resells them to its customers, including both U.S. and PRC parallel-import car dealers. The Company holds 100% of the equity interests in the subsidiaries, such as Allen-Boy International LLC, Canaan International LLC, Pacific Consulting LLC, Canaan Limousine LLC, Entour Solutions LLC, Spirit Solutions LLC, and Cheetah Net Logistics LLC.

More than 171,000 tech-sector employees have lost their jobs since the start of 2023

9:22 am ET April 19, 2023 (MarketWatch) Print

By James Rogers

This year has already surpassed 2022 for global tech redundancies

More than 171,000 global technology-sector employees have been laid off since the start of 2023, according to data compiled by the website Layoffs.fyi.

The website's tally of 2023 global tech layoffs has gone up more than sixfold since mid-January.

Related: Electronic Arts becomes latest tech-sector company to announce layoffs

The data show that 2023 has surpassed 2022 for global tech redundancies, with 596 tech companies laying off 171,308 employees since the start of the year. Last year, 1,024 tech companies laid off a total of 154,336 employees, according to Layoffs.fyi.

Last month, Electronic Arts Inc. (EA) announced its intention to slash 6% of its workforce as the videogame publisher looks to cut costs. Streaming-media company Roku Inc. (ROKU) also disclosed that it would lay off 200 employees as part of a cost-cutting plan.

Also read:Elon Musk: Twitter is operating at break-even and could turn profitable 'in a matter of months'

A host of tech companies, including Amazon.com Inc. (AMZN), Palantir Technologies Inc. (PLTR), Twilio Inc. (TWLO), DocuSign Inc. (DOCU), Salesforce Inc. (CRM), SAP (SAP.XE), Zoom Video Communications Inc. (ZM), eBay Inc. (EBAY), Dell Technologies Inc. (DELL), PayPal Holdings Inc. (PYPL), International Business Machines Corp. (IBM), Intel Corp. (INTC), Microsoft Corp. (MSFT), Spotify Technology (SPOT) and Google parent Alphabet Inc. (GOOGL)(GOOGL) have announced job cuts in 2023.

Since Elon Musk took control of Twitter last year, the San Francisco-based company has also made significant layoffs. Last week Musk described laying off almost 6,500 people, or 80% of the company's workforce, as "painful" and "one of the hardest things" he has had to do. Twitter's headcount now stands at 1,500 people, according to Musk.

Additional reporting by Anviksha Patel.

-James Rogers

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

April 19, 2023 09:22 ET (13:22 GMT)