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Business pundits and analyst investors have hit the airwaves to try and explain why so many jobs in the tech industry have been lost. The consensus is that this is a correction to the wave of hirings done during the pandemic. Back then there was a need to invest in technological solutions to address working from home and technical alternatives to systems that otherwise would not be needed if there was no pandemic. Tech companies needed to hire more people because their businesses were in greater demand. The extra money that went their way resulted with more bodies hired.
But by 2022 the business cycle began to return to "normal". People left their homes without masks and the pre-pandemic daily routine was slowly, but surely, coming back to life. This also meant the projected increase in revenue for tech companies either slowed or was revised with a lower number. For some, revenues began to reverse.