A fter a decade of strong growth, the local tech scene is suffering and the once-hot job market is cooling off.
Dozens of companies have reduced their workforces, ranging from the regional offices of the tech giants to startups that have been in business only a few years . Some of the cuts have come as online spending and digital activities that spiked in the early days of the pandemic have returned to earth . Companies that staffed up to meet the peak demand during COVID have found themselves over-staffed. The plummeting price of tech stocks has also put pressure on companies to tighten their belts.
About a year ago, the Globe started tracking the newest “unicorns,” startups valued at $1 billion or more . But in the new economic climate, the Globe is now tracking layoffs at tech companies in the region.
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