Tech companies around the world are rapidly reducing their workforce, causing fear among employees about the threat of layoffs. In the first five months of 2026, more than 93,000 people lost their jobs in 106 companies. Over the past few weeks, SaaS company Freshworks and cryptocurrency exchange Coinbase have faced strong employee protests. Many companies cite Artificial Intelligence (AI) and automation as the main reason behind these layoffs, which are making their teams more productive. Indian IT services companies like Infosys, Tata Consultancy Services, HCLTech, Wipro and Tech Mahindra are expected to lay off between 6,981 to 12,718 employees by 2026.
According to the report, job recruitment technology company Layoffs.fyi estimates that 124,201 people will lose their jobs by 2025. More than 80,000 jobs were lost in US-based companies, followed by Australian companies, where 3,800 jobs were lost. Most of these employees worked at 23 companies such as Epic Games, Meta, Vimeo and Pinterest, where a total of 14,705 jobs were lost. In the financial sector too, a total of 5,097 jobs were lost in 17 companies.
New jobs account for 11% of workforce
According to *Economic Times*, Software-as-a-service (SaaS) company Freshworks has announced 11% layoffs worldwide. The company wants to expand its AI operations, so it is hiring 500 employees for this work. Coinbase is cutting 14% of its total workforce.
CEO Brian Armstrong said Coinbase will reduce 14 percent of its workforce. He cited the reason for this decision as the ongoing turmoil in the crypto market and the increasing use of AI in workplaces. These layoffs were a result of the company’s lag in quarterly operating performance, despite the company’s revenue growth and continued growth due to restructuring and operations.
Meta will cut thousands of jobs
Mark Zuckerberg-led Meta Platforms announced plans to cut 8,000 jobs this month—about 10 percent of its global workforce. More layoffs are expected in the second half of the year, according to Reuters. Layoffs.fyi reported that Facebook and Instagram cut headcount by 2% in January, resulting in about 1,500 employees being laid off.
Snapchat is also facing job cuts
Photo-sharing social media platform Snapchat has announced plans to lay off 1,000 employees—about 16% of its workforce—and lay off more than 300 employees.
Oracle has also eliminated thousands of jobs
In April, Oracle announced it would hire 30,000 new employees, 10,000 of which would be in India. These cuts have been made primarily in technology-related roles, as the company reevaluates its AI-based investments.
Oracle Financial Services Software has laid off about 1,000 employees—or about 10 percent of its workforce. Overall, Oracle’s employment in India has grown by approximately 20%, with approximately 50,000 employees. As of May 2025, the company had a total of 162,000 employees worldwide.