Tech companies are relieving workers of their duties as they look to combat the economic downturn that is shaking the sector. According to Layoffs.fyi, a platform that tracks job cuts in the industry, tech companies have laid off a total of 35,000 workers.

Tech companies are now reversing previous hiring plans. Established tech companies like Meta and Twitter have slowed or suspended hiring plans, while Netflix, Peloton and Robinhood are laying off workers.

Other companies affected include cryptocurrency exchange Coinbase, which plans to reduce its workforce by 18 per cent, privacy and marketing firm OneTrust, which has laid off 950 staff, Stitch Fix, ID.me, PolicyGenius and others.

While the sharp decline in cryptocurrencies has affected some of these companies, inflation and the ongoing crisis in Ukraine remain important factors for others.

“Many technology startups that saw tremendous growth in 2020, particularly in the real estate, financial and delivery sectors, are seeing a slowdown in users,” Andrew Challenger, senior vice president of outplacement firm Challenger, Gray & Chris, said in a statement.