The tech sector witnessed a significant increase in job losses in August, with over 27,000 employees affected. Major tech firms, including Intel, IBM, and Cisco, along with more than 40 smaller startups, announced substantial layoffs. So far this year, the industry has seen over 136,000 tech professionals laid off across 422 companies. Intel cuts 15,000 jobs On Thursday, Intel announced in a memo to its employees that it will be cutting 15,000 jobs, representing more than 15 per cent of its total workforce. This decision is part of a broader strategy to reduce spending by $10 billion by 2025, following a poor earnings report and outlook for the second quarter. Chief Executive Officer (CEO) Pat Gelsinger attributed the company’s revenue growth issues to high expenses and narrow profit margins, despite Intel’s historical dominance in the CPU chip market over the past 25 years. Cisco to lay off around 6,000 employees IBM lays off 1,000 employees IBM is closing its research and development facilities in China, leading to the layoff of more than 1,000 staff, according to Yicai, a Chinese media source. The decision comes as IBM faces a drop in IT hardware demand and struggles with its expansion efforts in China, a market that once offered considerable promise and a strong business foundation outside the US. GoPro lays off 140 employees Apple lays off 100 employees Dell cuts jobs in sales teams ShareChat cuts 5% of jobs Tech layoffs 2023 Amazon laid off around 16,000 employees, while Microsoft laid off about 10,000 employees. Meta (Facebook's parent company) had cut the jobs of over 10,000 employees, and SAP had laid off 8,000 employees. In July 2024, the tech sector experienced continued layoff trends, resulting in over 8,000 job losses across 34 tech companies. This rose the total number of layoffs for the year to 124,517 across 384 companies worldwide.
Cisco Systems is cutting its global workforce by approximately 7 per cent, affecting around 6,000 employees, as it shifts focus towards high-growth areas like artificial intelligence (AI) and cybersecurity. This marks Cisco's second major round of layoffs this year.
CEO Chuck Robbins remains positive about a potential rebound in demand for Cisco’s networking solutions. The company is redirecting its efforts towards emerging technologies, having pledged $1 billion for investments in AI startups and recently acquiring the cybersecurity firm Splunk for $28 billion.
GoPro, a leading producer of action cameras, has announced a restructuring strategy that will cut its workforce by roughly 15 per cent, equating to around 140 jobs. This downsizing is expected to be completed by the end of 2024.
Apple has recently laid off around 100 employees from its services division, affecting teams related to the Apple Books app and Apple Bookstore. The reductions also included engineering positions. This move is part of Apple's strategic shift towards prioritising AI initiatives, leading to a de-emphasis on Apple Books.
Earlier this year, Apple cut around 600 jobs in its Special Projects Group due to the discontinuation of certain projects. Additionally, in January, the company disbanded a 121-member AI team in San Diego.
Dell Technologies is restructuring its sales teams and introducing a new group dedicated to AI. According to a memo from sales leaders Bill Scannell and John Byrne, Dell is enhancing efficiency by simplifying its management structure and reallocating its investments. The company has laid off 12,500 employees, or 10 per cent of its global workforce.
ShareChat, a social media firm based in Bengaluru, reduced its workforce by around 5 per cent, which equates to around 30-40 employees, following a bi-annual performance evaluation conducted in August 2024.
Lay offs in major IT companies rose by 15 per cent in 2023 over the previous year. More than 1,150 tech companies fired over 260,000 people in 2023, according to data from Layoffs.fyi.
In response to declining demand, a major manufacturing company has decided to reduce its workforce in India. The layoffs are part of a broader strategy to align production with market conditions. Hundreds of employees are set to lose their jobs, raising concerns about the economic impact on local communities. The company is providing exit packages and support to help affected employees transition.
The automotive sector in India is experiencing significant layoffs as companies grapple with a market downturn and supply chain issues. Several major manufacturers have announced workforce reductions. Employees affected by these layoffs are being offered severance packages and career support services. The industry is facing multiple challenges, including declining sales and increased operational costs.
The tech sector witnessed a significant increase in job losses in August, with over 27,000 employees affected. Major tech firms, including Intel, IBM, and Cisco, along with more than 40 smaller startups, announced substantial layoffs. So far this year, the industry has seen over 136,000 tech professionals laid off across 422 companies. Intel cuts 15,000 jobs On Thursday, Intel announced in a memo to its employees that it...
The tech industry continues to face massive layoffs in 2024, with over 1,30,000 IT employees losing their jobs so far. Over 1,30,000 IT employees have lost their jobs in 2024 due to ongoing tech layoffs Cisco, Intel, Microsoft, among the top companies who announced workforce reductions Economic challenges are driving these job cuts The tech industry, which was shaken by mass layoffs at the start of 2023, has continued to experience rounds of...
Ride-sharing company Ola has laid off 20% of its employees as it struggles with cash burn and aims to streamline its business operations. These layoffs are part of an organisational restructuring to ensure long-term sustainability and profitability.
A major Indian bank has announced a significant downsizing of its workforce as it accelerates its digital transformation efforts. The move is aimed at reducing operational costs and enhancing service efficiency. Affected employees have expressed concerns over job security and future employment prospects. The bank plans to provide support through financial compensation and retraining programs.
A leading pharmaceutical firm has announced layoffs in its Indian operations as it looks to cut costs and improve profitability. The decision comes amid increasing market pressures and competition. The layoffs will affect employees across different roles, with the company pledging to offer severance pay and reemployment assistance. This move reflects broader challenges faced by the pharmaceutical industry.
Cognizant's India operations have laid off 6,000 employees as the company pivots towards more digital and software services. This move is part of Cognizant's broader strategy to focus on high-margin sectors and reduce dependency on traditional IT services.
Facing severe financial difficulties, a leading telecom operator has initiated layoffs impacting its Indian operations. The decision comes as part of cost-cutting measures aimed at stabilizing the company's finances. Hundreds of employees across various functions have been let go, raising concerns about the sector's stability. The company is offering severance packages and job placement assistance to ease the transition.
Infosys recently revealed plans to lay off approximately 10,000 employees. The decision comes amidst global economic headwinds and increased automation of services. The company aims to reduce operational costs and focus on upskilling remaining employees to align with their digital transformation strategy.