1,500 tech jobs lost in a month: Savage cuts to Facebook, Twitter and Amazon come as many companies also downsize
Tech giants cut more than 1,500 UK jobs in a month as investors say the sector faces a toll.
The savage cuts to Facebook, Twitter and Amazon come as many companies are also downsizing.
It is believed that more than 5,000 workers employed in the UK tech sector have been made redundant this year.
Axed: The brutal cuts to Facebook, Twitter and Amazon come as swathes of businesses also cut their workforces
Smaller companies such as car sales platform Cazoo, trading app Freetrade and buy-it-now company Klarna have also laid off staff.
Damien Steel, from the venture capital arm of Canadian pension titan OMERS, said investors were more cautious about the type of business they were funding.
“You have to be able to tell a story about how you’ll ever get to profitability,” he said.
“We tell the founders [of companies we invest in] it’s okay to be conservative.
“Where you needed enough money to last 18 months, we now say 36 months at least.”