The dream of landing a "dream job" in Big Tech is fading as layoffs continue to hit the technology sector, despite the impressive profits reported by giants like Alphabet and Microsoft.

Layoffs.fyi, a platform that tracks layoffs in the tech industry, recorded more than 263,000 job losses in 2023 alone. As of April, there have been over 75,000 job cuts in the tech industry in 2024.

"Instead of rewarding the growth these tech companies have been pursuing for years, they are now rewarding profit," said Jeff Shulman of the Foster School of Business at the University of Washington. "Layoffs continue, and the public has gotten used to them. Unfortunately, it seems layoffs are becoming the new normal," he told CNBC.

Despite ongoing mass layoffs in the tech sector, the labor market still appears robust. The US economy added 303,000 jobs in March, significantly above the Dow Jones estimate of 200,000, with unemployment dropping to 3.8%.

According to Handshake, a popular free job-posting site for students and graduates, tech layoffs have pushed young workers to seek other opportunities. The share of job applications from tech students to internet and software companies fell by over 30% between November 2021 and September 2023.

"Part of the reason this is happening is that stability is such a crucial factor in students' decisions about the types of jobs they apply for and accept," said Christine Cruzvergara, Chief Education Strategy Officer at Handshake. "They see headlines about layoffs in Big Tech, making them feel less secure."

Mass layoffs have eroded the allure of the tech industry, leading workers to question whether landing a job in tech is still considered a "dream job."

"For those pursuing a dream job in tech, I think you should keep your options open and stay realistic," said Eric Tolotti, a senior partner engineer at Snowflake, who was laid off from Microsoft in 2023. "Don't focus solely on one company or feel like you must join that one company just because it's the dream."