Dotcom job cuts reach monthly record
The number of US dotcom layoffs reached a record high in April, according to new figures that contradict claims that the internet sector fall-out is slowing down.
LONDON (Brand Republic) - The number of US dotcom layoffs reached a record high in April, according to new figures that contradict claims that the internet sector fall-out is slowing down.
The figures, released by US recruitment firm Challenger, Gray & Christmas, show that job cuts in the sector leapt 84% to 17,554 in April. This beat the previous record of 12,828 in January.
The total number of internet job cuts in the US since the beginning of the year stands at 51,564, compared with less than 1,000 in the same period last year.
April’s figures were inflated by an increase in redundancies at internet ventures owned by established companies, whereas at the beginning of the dotcom downturn internet pure-players were the worst hit.
Internet technology and financial services companies faired badly in April, with online financial service companies seeing the biggest proportionate increase in job losses.
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