Tech Layoffs Continue Unabated in 2026 with Major Companies Cutting Thousands
The tech industry has been hit hard by layoffs in 2026, with many major companies cutting staff. The trend started in 2022 and continued through 2025, with companies such as X, Tesla, Shopify, Microsoft, and Netflix all making redundancies.
In July 2026, Monday.com announced it would be cutting 20% of its workforce, around 600 employees, due to a restructuring plan. The company's co-founder Eran Zinman stated the move was not made to reduce costs or replace people with AI, but rather to support a leaner operating model.
Other notable companies that have laid off staff in 2026 include Sprout Social, Patreon, Verizon, Lucid Motors, Rackspace, Robinhood, Ubisoft, Microsoft, Hailo, GitLab, Amdocs, Groupon, Wix, Intuit, Meta, GM, Cloudflare, PayPal, Shopify, and Amazon.
The reasons for the layoffs vary, but many companies are citing rapid industry changes, a shift towards AI, and a need to cut costs. Some companies, such as Monday.com, are undergoing restructuring plans to support their growth strategies.