The technology sector faced massive layoffs at companies such as Meta, PayPal, Intuit, and Cloudflare, with the number of jobs slashed exceeding 1,00,000 in just five months, NDTV Profit reported. Meta laid off 8,000 employees, while PayPal eliminated 4,760 from its workforce. Cisco announced 4,000 job cuts, comprising almost 5% of its global workforce, in early May.