After a race for growth in a boom market, many tech firms are now "consolidating", one of the key reasons there have been layoffs at a number of technology companies, analysts told CNA.
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In the United States, more than 35,000 workers have been retrenched in the last six months, according to Layoffs.fyi, a website tracking tech layoffs. But this is a small number compared to the total IT workforce there, said Associate Professor Damien Joseph from the Nanyang Business School's division of Information Technology Operations Management.
Big names in the US tech sector that have shed staff this year include Coinbase, Peloton, Netflix and Paypal.
In Singapore, Shopee is laying off some employees in its food delivery and online payment teams in Southeast Asia. It is also cutting staff in Mexico, Argentina and Chile, as well as a cross-border team supporting the Spanish market.
At one point, Singapore-based Sea Ltd Shopee's parent company was said to be Southeast Asias most valuable company, before its valuation collapsed after a US tech selloff. In recent months, Shopee has withdrawn from India and France, and is closing its early-stage pilot in Spain.
While Sea Ltd is one of the biggest losers in current market conditions, it's not the only one to suffer.
Tesla laid off its Singapore country manager Christopher Bousigues after chief executive Elon Musk warned he could cut 10 per cent of jobs worldwide due to fears of an upcoming recession.
