KUALA LUMPUR (Dec 24): More than 91,000 workers in the US tech sector have been laid off in mass job cuts so far in 2022.

In a report on Friday (Dec 23), Crunchbase, which tracks trends, investments and news of global companies from start-ups to the Fortune 1000, said tech companies as big as Netflix have slashed jobs this year, with some citing the effects of the Covid-19 pandemic and others pointing to overhiring during periods of rapid growth.

It said Robinhood, Glossier and Better are just a few of the tech companies that have notably trimmed their headcount in 2022.

Crunchbase said the public markets have been hit hard in 2022, and that’s trickled down to the private markets.

It said inflation concerns, rising interest rates and geopolitical issues have all contributed to a roller-coaster stock market.

The firm said startups — especially those that benefited from a pandemic boom that’s starting to cool — are feeling the pressure too.

Valuations, particularly at the late stage, have started to dip, and startups say it’s much more difficult to raise new funding in this environment, it said.